Reports record fourth quarter
revenue
Reaches agreement in principle for sale of
Pool Distribution
Announces acquisition of Proficient
Transport to bolster Intermodal Drayage offering
Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”,
“our”, or “us”) today reported financial results for the three and
twelve months ended December 31, 2020 as presented in the tables
below on a continuing operations basis (Pool Distribution is being
reported as a discontinued operation).
Tom Schmitt, Chairman, President and CEO, commenting on fourth
quarter results from continuing operations said, “Our growth
strategies drove our record fourth quarter revenue, which came in
at the high end of our guidance range. Our business momentum
improved during the quarter, and through November we were ahead of
our internal forecasts. However, as previously disclosed, a
December cyber attack temporarily interrupted our operations and
impacted our results. Also, considering our strong growth in Final
Mile – which has exceeded our expectations – we recorded an
increase to an earn-out liability related to a prior acquisition.
Excluding the impacts of these two discrete events, we would have
exceeded the high end of our net income per diluted share guidance
range.”
“Our organic growth has continued into the first quarter”, said
Mr. Schmitt. “Through January, our LTL tonnage is up 10.9% and our
LTL shipments are up 14.4% year-over-year, which will become even
more accretive following our February 1st general rate increase.
Volumes in our other modes have also started the year strong.”
“As we drive organic growth, we are also improving our inorganic
growth momentum”, continued Mr. Schmitt. “During the fourth
quarter, we closed our previously announced acquisitions of CLW
Delivery and Value Logistics, which contributed to our Final Mile
and Intermodal results. And today we are pleased to announce an
agreement in principle to sell the Pool Distribution business to
Ten Oaks Group, which is expected to close in the next two weeks
for total consideration of $20 million, consisting of an $8 million
upfront cash payment and up to a $12 million earn-out. We are also
thrilled to announce that we entered into an agreement to purchase
substantially all the assets of Proficient Transport for
approximately $15 million. Proficient will strengthen our
Intermodal footprint in key Midwest and Southern markets and is
expected to contribute $23 million of revenue and $3 million of
EBITDA on an annualized basis.”
In closing, Mr. Schmitt said, “As we end 2020, we want to
welcome CLW Delivery, Value Logistics and Proficient Transport to
the Forward Air family. I would also like to thank our employees
and independent contractors for their remarkable efforts to serve
our customers during such a difficult year.”
Regarding the Company’s first quarter 2021 continuing operations
guidance, Michael J. Morris, CFO, said, “We expect first quarter
year-over-year revenue growth of 11% to 15%. We expect net income
per diluted share to be between $0.55 to $0.59, which includes
approximately $0.07 of professional fees related to cyber security
and shareholder engagement activities (which will be recorded in
Other Operations). This compares to $0.41 in the first quarter of
2020.”
Continuing Operations
Three months ended
(in thousands, except per share data)
December 31,
2020
December 31,
2019
Change
Percent
Change
Operating revenue
$
350,341
$
319,656
$
30,685
9.6%
Income from operations
$
20,726
$
30,456
$
(9,730)
(31.9)%
Operating margin
5.9
%
9.5
%
(360)
bps
Net income from continuing operations
$
15,133
$
22,336
$
(7,203)
(32.2)%
Net income per diluted share
$
0.55
$
0.79
$
(0.24)
(30.4)%
Cash provided by operating activities
$
14,473
$
39,706
$
(25,233)
(63.5)%
Non-GAAP Financial Measures: 1
EBITDA
$
29,929
$
39,320
$
(9,391)
(23.9)%
Free cash flow
$
11,642
$
39,450
$
(27,808)
(70.5)%
Continuing Operations
Twelve months ended
(in thousands, except per share data)
December 31,
2020
December 31,
2019
Change
Percent
Change
Operating revenue
$
1,269,573
$
1,215,187
$
54,386
4.5
%
Income from operations
$
73,924
$
112,416
$
(38,492)
(34.2)
%
Operating margin
5.8
%
9.3
%
(350)
bps
Net income from continuing operations
$
52,767
$
82,322
$
(29,555)
(35.9)
%
Net income per diluted share
$
1.89
$
2.87
$
(0.98)
(34.1)
%
Cash provided by operating activities
$
94,966
$
145,074
$
(50,108)
(34.5)
%
Non-GAAP Financial Measures: 1
EBITDA
$
111,046
$
148,809
$
(37,763)
(25.4)
%
Free cash flow
$
77,111
$
125,728
$
(48,617)
(38.7)
%
1 EBITDA and free cash flow are non-GAAP
financial measures and reconciliations of these non-GAAP financial
measures are provided in the below financial tables.
On February 2, 2021, our Board of Directors declared a quarterly
cash dividend of $0.21 per share of common stock. The dividend is
payable to shareholders of record at the close of business on March
4, 2021 and is expected to be paid on March 19, 2021.
This quarterly dividend is made pursuant to a cash dividend
policy approved by the Board of Directors, which anticipates a
total annual dividend of $0.84 for the full year 2021, payable in
quarterly increments of $0.21 per share of common stock. The actual
declaration of future cash dividends, and the establishment of
record and payment dates, is subject to final determination by the
Board of Directors each quarter after its review of the Company’s
financial performance.
On April 23, 2020, the Board approved a strategy to divest of
the Pool Distribution business (“Pool”). Accordingly, the results
of operations and cash flows for Pool have been presented as a
discontinued operation and have been excluded from continuing
operations in this press release for all periods presented. In
addition, Pool assets and liabilities are reflected as “held for
sale” on the Consolidated Balance Sheets in this press release.
Review of Financial Results
Forward Air will hold a conference call to discuss fourth
quarter 2020 results on Friday, February 12, 2021 at 9:00 a.m. EST.
The Company’s conference call will be available online on the
Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844)
867-6169, Access Code: 6464581.
A replay of the conference call will be available on the
Investor Relations portion of the Company’s website at www.forwardaircorp.com, which the Company will use
as a primary mechanism to communicate with investors. Investors are
urged to monitor the Investor Relations portion of the Company’s
website to easily find or navigate to current and pertinent
information about the Company.
About Forward Air Corporation
Forward Air is a leading asset-light freight and logistics
company that provides services across the United States and Canada.
We provide expedited less-than-truckload (“LTL”) services,
including local pick-up and delivery, shipment
consolidation/deconsolidation, warehousing, and customs brokerage
by utilizing a comprehensive national network of terminals; final
mile services, including delivery of heavy-bulky freight; truckload
brokerage services, including dedicated fleet services,
high-security and temperature-controlled logistics services;
intermodal first-and last-mile high-value drayage services both to
and from seaports and railheads, dedicated contract and Container
Freight Station warehouse and handling services; and pool
distribution services, including high-frequency handling and
distribution of time sensitive product to numerous destinations
within a specific geographic region. For more information, visit
our website at www.forwardaircorp.com.
Forward Air
Corporation
Consolidated Statements of
Comprehensive Income
(In thousands, except per
share data)
(Unaudited)
Three months ended
Year ended
December 31, 2020
December 31,
2019
December 31,
2020
December 31, 2019
(As Adjusted)
(As Adjusted)
Operating revenue:
Expedited Freight
$
299,500
$
265,879
$
1,072,301
$
1,000,934
Intermodal
51,767
54,710
199,603
217,711
Eliminations and other operations
(926)
(933)
(2,331)
(3,458)
Operating revenue
350,341
319,656
1,269,573
1,215,187
Operating expenses:
Purchased transportation
184,943
159,857
650,664
586,140
Salaries, wages and employee benefits
70,527
65,671
270,785
258,001
Operating leases
17,122
16,231
69,720
63,092
Depreciation and amortization
9,206
8,863
37,125
36,394
Insurance and claims
8,475
9,457
34,912
38,733
Fuel expense
2,919
4,540
12,166
17,759
Other operating expenses
36,423
24,581
120,277
102,652
Total operating expenses
329,615
289,200
1,195,649
1,102,771
Income (loss) from continuing
operations
Expedited Freight
20,872
27,418
71,266
103,640
Intermodal
3,428
5,354
16,391
23,679
Other operations
(3,574)
(2,316)
(13,733)
(14,903)
Income from continuing operations
20,726
30,456
73,924
112,416
Other expense:
Interest expense
(1,206)
(795)
(4,561)
(2,711)
Other, net
(3)
1
(3)
(1)
Total other expense
(1,209)
(794)
(4,564)
(2,712)
Income before income taxes
19,517
29,662
69,360
109,704
Income tax expense
4,384
7,326
16,593
27,382
Net income from continuing operations
15,133
22,336
52,767
82,322
(Loss) income from discontinued operation,
net of tax 1
(19,576)
1,832
(29,034)
4,777
Net (loss) income and comprehensive (loss)
income
$
(4,443)
$
24,168
$
23,733
$
87,099
Net income per share:
Basic net income (loss) per
share:
Continuing operations
$
0.55
$
0.79
$
1.90
$
2.89
Discontinued operation 1
(0.72)
0.07
(1.05)
0.17
Net (loss) income per share 2
$
(0.17)
$
0.86
$
0.84
$
3.06
Diluted net income (loss) per
share:
Continuing operations
$
0.55
$
0.79
$
1.89
$
2.87
Discontinued operation 1
(0.72)
0.07
(1.05)
0.17
Net (loss) income per share 2
$
(0.17)
$
0.85
$
0.84
$
3.04
Dividends per share:
$
0.21
$
0.18
$
0.75
$
0.72
1 2020 loss amounts include the impact of
a $21.2 million after-tax non-cash impairment charge to reflect the
estimated fair value of Pool Distribution’s net assets.
2 Rounding may impact summation of
amounts.
Expedited Freight Segment
Information
(In millions)
(Unaudited)
Three months ended
December 31,
Percent of
December 31,
Percent of
Percent
2020 1
Revenue
2019
Revenue
Change
Change
(As Adjusted)
Operating revenue:
Network 2
$
170.0
56.8
%
$
172.1
64.7
%
$
(2.1)
(1.2)
%
Truckload
54.8
18.3
52.5
19.8
2.3
4.4
Final Mile
66.3
22.1
34.2
12.9
32.1
93.9
Other
8.4
2.8
7.0
2.6
1.4
20.0
Total operating revenue
299.5
100.0
265.8
100.0
33.7
12.7
Operating expenses:
Purchased transportation
167.2
55.8
141.1
53.1
26.1
18.5
Salaries, wages and employee benefits
58.4
19.5
51.8
19.5
6.6
12.7
Operating leases
13.3
4.4
12.0
4.5
1.3
10.8
Depreciation and amortization
6.8
2.3
6.2
2.4
0.6
9.7
Insurance and claims
5.9
2.0
6.6
2.5
(0.7)
(10.6)
Fuel expense
1.7
0.6
2.5
0.9
(0.8)
(32.0)
Other operating expenses
25.3
8.4
18.2
6.8
7.1
39.0
Total operating expenses
278.6
93.0
238.4
89.7
40.2
16.9
Income from operations
$
20.9
7.0
%
$
27.4
10.3
%
$
(6.5)
(23.7)
%
1 Includes revenues and operating expenses
from the acquisition of Linn Star which was acquired in January
2020. Linn Star results are not included in the prior period.
2 Network revenue is comprised of all
revenue, including linehaul, pickup and/or delivery, and fuel
surcharge revenue, excluding accessorial, Truckload and Final Mile
revenue.
Expedited Freight Operating
Statistics
Three months ended
December 31,
December 31,
Percent
2020
2019
Change
(As Adjusted)
Business days
64
64
—
%
Tonnage 1,2
Total pounds
641,370
642,092
(0.1)
Pounds per day
10,021
10,033
(0.1)
Shipments 1,2
Total shipments
1,052
1,069
(1.6)
Shipments per day
16.4
16.7
(1.8)
Weight per shipment
610
601
1.5
Revenue per hundredweight 3
$
26.65
$
27.02
(1.4)
Revenue per hundredweight, excluding fuel
3
$
23.23
$
22.72
2.2
Revenue per shipment 3
$
162
$
164
(1.2)
Revenue per shipment, excluding fuel 3
$
141
$
139
1.4
Network revenue from door-to-door
shipments
as a percentage of network revenue 3,4
46.6
%
41.1
%
13.4
Network gross margin 5
49.6
%
53.8
%
(7.8)
%
1 In thousands.
2 Excludes accessorial, full truckload and
final mile products.
3 Includes intercompany revenue between
the Network and Truckload revenue streams.
4 Door-to-door shipments include all
shipments with a pickup and/or delivery.
5 Network revenue less Network purchased
transportation as a percentage of Network revenue.
Intermodal Segment
Information
(In millions)
(Unaudited)
Three months ended
December 31,
Percent of
December 31,
Percent of
Percent
2020 1
Revenue
2019
Revenue
Change
Change
Operating revenue
$
51.8
100.0
%
$
54.7
100.0
%
$
(2.9)
(5.3)
%
Operating expenses:
Purchased transportation
18.4
35.6
19.3
35.3
(0.9)
(4.7)
Salaries, wages and employee benefits
12.4
23.9
13.6
24.9
(1.2)
(8.8)
Operating leases
3.9
7.5
4.2
7.7
(0.3)
(7.1)
Depreciation and amortization
2.4
4.6
2.7
4.9
(0.3)
(11.1)
Insurance and claims
2.1
4.1
1.7
3.1
0.4
23.5
Fuel expense
1.2
2.3
2.1
3.8
(0.9)
(42.9)
Other operating expenses
8.0
15.4
5.8
10.6
2.2
37.9
Total operating expenses
48.4
93.4
49.4
90.3
(1.0)
(2.0)
Income from operations
$
3.4
6.6
%
$
5.3
9.7
%
$
(1.9)
(35.8)
%
1 Includes revenues and operating expenses
from the acquisition of OST, which was acquired in July 2019 and
partially included in the prior period.
Intermodal Operating
Statistics
Three months ended
December 31,
December 31,
Percent
2020
2019
Change
Drayage shipments
75,500
77,906
(3.1)
%
Drayage revenue per shipment
$
583
$
603
(3.3)
Number of locations
24
21
14.3
%
Forward Air
Corporation
Consolidated Balance
Sheets
(In thousands)
(Unaudited)
December 31,
2020
December 31,
2019
Assets
Current assets:
Cash and cash equivalents
$
40,254
$
64,749
Accounts receivable, net
156,490
136,214
Other current assets
31,780
20,403
Current assets held for sale
21,002
14,952
Total current assets
249,526
236,318
Property and equipment
380,519
373,571
Less accumulated depreciation and
amortization
190,652
180,815
Net property and equipment
189,867
192,756
Operating lease right-of-use assets
123,338
105,170
Goodwill
244,982
215,699
Other acquired intangibles, net of
accumulated amortization
145,032
124,857
Other assets
41,926
39,374
Noncurrent assets held for sale
53,097
76,704
Total assets
$
1,047,768
$
990,878
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
38,369
$
25,411
Accrued expenses
55,413
44,152
Current portion of contingent
consideration
6,865
5,320
Current portion of debt and finance lease
obligations
1,801
1,421
Current portion of operating lease
liabilities
43,680
35,886
Current liabilities held for sale
25,924
24,974
Total current liabilities
172,052
137,164
Debt and finance lease obligations, less
current portion
117,408
72,249
Operating lease liabilities, less current
portion
80,346
69,678
Other long-term liabilities
54,129
56,448
Deferred income taxes
41,929
41,214
Noncurrent liabilities held for sale
34,575
36,943
Shareholders’ equity:
Common stock
273
279
Additional paid-in capital
242,916
226,869
Retained earnings
304,140
350,034
Total shareholders’ equity
547,329
577,182
Total liabilities and shareholders’
equity
$
1,047,768
$
990,878
Forward Air
Corporation
Consolidated Statements of
Cash Flows
(In thousands)
(Unaudited)
Three months ended
December 31,
2020
December 31,
2019
Operating activities:
Net income from continuing operations
$
15,133
$
22,336
Adjustments to reconcile net income of
continuing operations to net cash
provided by operating activities of
continuing operations:
Depreciation and amortization
9,206
8,863
Change in fair value of earn-out
liability
2,588
(923)
Share-based compensation expense
2,596
2,727
Other
(127)
(103)
Provision for revenue adjustments
1,779
1,100
Deferred income tax provision
(2,976)
1,208
Changes in operating assets and
liabilities, net of effects from purchase of acquired
companies:
Accounts receivable
(5,304)
4,431
Other current and noncurrent assets
(12,236)
4,732
Accounts payable and accrued expenses
3,814
(4,665)
Net cash provided by operating activities
of continuing operations
14,473
39,706
Investing activities:
Proceeds from sale of property and
equipment
998
968
Purchases of property and equipment
(3,829)
(1,224)
Purchase of businesses, net of cash
acquired
(7,720)
—
Net cash used in investing activities of
continuing operations
(10,551)
(256)
Financing activities:
Repayments of finance lease
obligations
(364)
(418)
Proceeds from issuance of common stock
upon stock option exercises
2,336
1,987
Payments of dividends to stockholders
(5,778)
(5,073)
Repurchases of common stock
—
(8,298)
Common stock issued under employee stock
purchase plan
370
353
Payment of minimum tax withholdings on
share-based awards
(64)
—
(Distributions to) contributions from
subsidiary held for sale
(3,158)
1,924
Net cash used in financing activities of
continuing operations
(6,658)
(9,525)
(Decrease) increase in cash and cash
equivalents of continuing operations
(2,736)
29,925
Cash from discontinued
operation:
Net cash (used in) provided by operating
activities of discontinued operation
(2,764)
4,039
Net cash used in investing activities of
discontinued operation
(394)
(2,115)
Net cash provided by (used in) financing
activities of discontinued operation
3,158
(1,924)
(Decrease) increase in cash and cash
equivalents
(2,736)
29,925
Cash and cash equivalents at beginning of
period of continuing operations
42,990
34,824
Cash at beginning of period of
discontinued operation
—
—
(Decrease) increase in cash and cash
equivalents
(2,736)
29,925
Cash at beginning of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
40,254
$
64,749
Forward Air
Corporation
Consolidated Statements of
Cash Flows
(In thousands)
(Unaudited)
Year ended
December 31,
2020
December 31,
2019
Operating activities:
Net income from continuing operations
$
52,767
$
82,322
Adjustments to reconcile net income of
continuing operations to net cash
provided by operating activities of
continuing operations:
Depreciation and amortization
37,125
36,394
Change in fair value of earn-out
liability
379
(33)
Share-based compensation expense
10,448
11,263
Other
587
1,497
Provision for revenue adjustments
4,751
3,339
Deferred income tax provision
1,341
7,089
Changes in operating assets and
liabilities, net of effects from the purchase of
acquired companies:
Accounts receivable
(25,740)
653
Other current and noncurrent assets
(10,983)
(4,662)
Accounts payable and accrued expenses
24,291
7,212
Net cash provided by operating activities
of continuing operations
94,966
145,074
Investing activities:
Proceeds from sale of property and
equipment
2,413
2,661
Purchases of property and equipment
(20,268)
(22,007)
Purchase of businesses, net of cash
acquired
(63,651)
(39,000)
Net cash used in investing activities of
continuing operations
(81,506)
(58,346)
Financing activities:
Repayments of finance lease
obligations
(893)
(946)
Proceeds from senior credit facility
65,000
20,000
Repayments of senior credit facility
(20,000)
—
Proceeds from issuance of common stock
upon stock option exercises
4,237
4,050
Payment of earn-out liability
(5,284)
—
Payments of dividends to stockholders
(20,868)
(20,494)
Repurchases of common stock
(45,248)
(56,204)
Common stock issued under employee stock
purchase plan
664
614
Payment of minimum tax withholdings on
share-based awards
(3,508)
(3,032)
(Distributions to) contributions from
subsidiary held for sale
(12,055)
8,376
Net cash used in financing activities of
continuing operations
(37,955)
(47,636)
Net (decrease) increase in cash of
continuing operations
(24,495)
39,092
Cash from discontinued
operation:
Net cash (used in) provided by operating
activities of discontinued operation
(10,854)
13,945
Net cash used in investing activities of
discontinued operation
(1,201)
(5,569)
Net cash provided by (used in) financing
activities of discontinued operation
12,055
(8,376)
(Decrease) increase in cash and cash
equivalents
(24,495)
39,092
Cash and cash equivalents at beginning of
period of continuing operations
64,749
25,657
Cash at beginning of period of
discontinued operation
—
—
(Decrease) increase in cash and cash
equivalents
(24,495)
39,092
Less: cash at beginning of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
40,254
$
64,749
Forward Air Corporation Reconciliation of Non-GAAP Financial
Measures
In this press release, the Company uses non-GAAP financial
measures that are derived on the basis of methodologies other than
in accordance with GAAP. The Company believes that meaningful
analysis of its financial performance in 2020 and 2019 requires an
understanding of the factors underlying that performance, including
an understanding of items that are non-operational. Management uses
these non-GAAP financial measures in making financial, operating,
compensation and planning decisions as well as evaluating the
Company’s performance.
For the three and twelve months ended December 31, 2020 and
2019, this press release contains the following non-GAAP financial
measures: earnings before interest, taxes, depreciation and
amortization (“EBITDA”) and free cash flow. All non-GAAP financial
measures are presented on a continuing operations basis.
The Company believes that EBITDA from continuing operations
improves comparability from period to period by removing the impact
of its capital structure (interest and financing expenses), asset
base (depreciation and amortization) and tax impacts. The Company
believes that free cash flow from continuing operations is an
important measure of its ability to repay maturing debt or fund
other uses of capital that it believes will enhance stockholder
value.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the Company’s financial results prepared
in accordance with GAAP. Non-GAAP financial information does not
represent a comprehensive basis of accounting. As required by the
Securities and Exchange Act of 1933 and the rules and regulations
promulgated thereunder, the Company has included, for the periods
indicated, a reconciliation of the non-GAAP financial measure to
the most directly comparable GAAP financial measure.
The following is a reconciliation of net income from continuing
operations to EBITDA from continuing operations for the three and
twelve months ended December 31, 2020 and 2019 (in thousands):
Three months ended
Twelve months ended
Continuing Operations
December 31,
2020
December 31,
2019
December 31,
2020
December 31,
2019
Net income
$
15,133
$
22,336
$
52,767
$
82,322
Interest expense
1,206
795
4,561
2,711
Income tax expense
4,384
7,326
16,593
27,382
Depreciation and amortization
9,206
8,863
37,125
36,394
EBITDA
$
29,929
$
39,320
$
111,046
$
148,809
The following is a reconciliation of net cash provided by
operating activities of continuing operations to free cash flow
from continuing operations for the three and twelve months ended
December 31, 2020 and 2019 (in thousands):
Three months ended
Twelve months ended
Continuing Operations
December 31,
2020
December 31,
2019
December 31,
2020
December 31,
2019
Net cash provided by operating
activities
$
14,473
$
39,706
$
94,966
$
145,074
Proceeds from sale of property and
equipment
998
968
2,413
2,661
Purchases of property and equipment
(3,829)
(1,224)
(20,268)
(22,007)
Free cash flow
$
11,642
$
39,450
$
77,111
$
125,728
The following information is provided to supplement this press
release.
Three months ended
Actual - Continuing Operations
December 31, 2020
Net income from continuing operations
$
15,133
Income allocated to participating
securities
(106)
Numerator for diluted net income per
share
$
15,027
Weighted-average shares
outstanding-diluted
27,372
Diluted net income per share
$
0.55
Projected
Full year 2021
Projected tax rate - continuing
operations
25.5
%
Projected purchases of property and
equipment, net of
proceeds from sale of property and
equipment1
$
44,000
1 Includes $23,500 for the Columbus, Ohio
hub expansion
Projected - Continuing
Operations
December 31, 2021
Projected weighted-average shares
outstanding-diluted
27,000
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,”
“expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”
and similar references to future periods. Forward-looking
statements included in this press release relate to the expected
organic growth and future performance of the Company, expected 2021
guidance, including first quarterly 2021 revenue growth, first
quarter 2021 net income per diluted share, full year 2021 projected
tax rate, fully diluted share count (before consideration of future
share repurchase), projected capital expenditures, the future
declaration of dividends and the quarterly and full year 2021
anticipated dividends per share, the expected consideration
received from and the timing of closing of the pending sale of the
Company’s Pool Distribution business, and the growth of the
Company’s Intermodal business following the acquisition of
Proficient Transport.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. The following is a list of
factors, among others, that could cause actual results to differ
materially from those contemplated by the forward-looking
statements: prolonged impact of COVID-19 and actions taken to
mitigate those impacts, economic factors such as recessions,
inflation, higher interest rates and downturns in customer business
cycles, the creditworthiness of our customers and their ability to
pay for services rendered, more limited liquidity than expected
which limits our ability to make key investments, the availability
and compensation of qualified independent owner-operators and
freight handlers as well as contracted, third-party carriers needed
to serve our customers’ transportation needs, the inability of our
information systems to handle an increased volume of freight moving
through our network, the occurrence of cybersecurity risks and
events, changes in fuel prices, our inability to maintain our
historical growth rate because of a decreased volume of freight or
decreased average revenue per pound of freight moving through our
network, loss of a major customer, increasing competition and
pricing pressure, our ability to secure terminal facilities in
desirable locations at reasonable rates, our inability to
successfully integrate acquisitions, claims for property damage,
personal injuries or workers’ compensation, enforcement of and
changes in governmental regulations, environmental and tax matters,
insurance matters, the handling of hazardous materials and the
risks described in our Annual Report on Form 10-K for the year
ended December 31, 2019.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210211005953/en/
Forward Air Corporation Michael J. Morris, 404-362-8933
mmorris@forwardair.com
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