Forward Air's Net Income Rises 24%
Forward Air Corp. increased net income to $17.2 million, Inc., a 24% improvement, helped by primarily increased freight volume.
Forward Air, Greeneville, Tennessee, said revenue increased 21% to $193.9 million. Net income in the year-earlier period was $13.8 million. Profit per share rose to 55 cents from 45 cents.
The Forward Air unit, which includes airport-to-airport trucking as well as intermodal drayage, raised profit excluding interest and taxes nearly 15% to $25.2 million. That result included a $2.3 million contribution from Central States Trucking, an intermodal drayage firm acquired a year ago.
In addition, the company forecast that earnings in the third quarter would range from 57 cents to 61 cents per share, an improvement of around 30%, driven by revenue growth of 18% to 22% over last year’s third quarter.
The TQL pharmaceutical services business boosted profit excluding interest and taxes to $1.4 million from $800,000 and the company’s pool distribution business provided $1 million by reversing a $200,000 loss in the 2013 period.
Forward Air is No. 46 on Transport Topics Top 100 For-Hire Carriers in the U.S. and Canada.
