Forward Air Corp. said its third-quarter net income slipped from a year ago, while revenue improved.
Net income fell to $12.3 million, or 41 cents a share, from $12.9 million, or 44 cents, a year ago and revenue rose 5.7% to $143.5 million.
Logistics revenue rose to $20.9 million, from $18.4 million a year ago, the company said in a statement.
Late last month, Forward Air projected earnings of 39 to 41 cents per share, compared with an originally forecast 47 and 51 cents, citing “inconsistent” tonnage in August.
Chairman and CEO Bruce Campbell said that since then, it has “continued to experience choppiness in our daily tonnage numbers but there were some signs of firming last week. With limited visibility and realizing that one week certainly doesn't make a trend, we remain cautiously optimistic that volumes will continue to improve.”
The carrier projects fourth-quarter earnings per share of 48 to 52 cents a share, in line with the year-ago period.
Forward Air, a contractor to the air cargo industry, is ranked No. 46 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
