Forward Air Provides Mid-Quarter Update on Second Quarter 2022 Performance
June 08 2022 - 4:24PM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company,”
“Forward,” “we,” “our,” or “us”), today provided the following key
Expedited Freight Operating Statistics for the quarter-to-date
period through May 2022. Revenue per shipment increased 40.7%,
weight per shipment increased 15.4% and pounds per day increased
0.4% over the same period last year.
Tom Schmitt, Chairman, President, and Chief Executive Officer of
Forward, commented, “We remain focused on the selection of
higher-quality freight in our network. Second quarter of the prior
year was the peak period for unpalletized, loose freight. We
cleansed our network of inefficient freight to ensure that we keep
our commitment to customers for their most sensitive freight, to
the point where we now have the same tonnage as last year at much
higher-quality levels. We continue to add higher-quality tonnage,
which, .based on our performance through May, gives me the
confidence that we will exceed the top end of our Q2 net income per
diluted share guidance of $1.59 to $1.63.”
The Company’s expectations regarding the Company’s performance
in the Second Quarter and in any future quarter are based on
information available at the time of this release, and are subject
to changing conditions, many of which are outside of the Company’s
control.
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) 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. In
addition, we offer final mile services, including delivery of
heavy-bulky freight, truckload brokerage services, including
dedicated fleet services; and 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. We are more than a transportation
company. As a single resource for your shipping needs, Forward is
your supply chain partner. For more information, visit our website
at www.forwardaircorp.com.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to the Company’s performance for
the second quarter of 2022. Such statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and are based on management’s belief or
interpretation of information currently available. These statements
and assumptions involve certain risks and uncertainties including
that the Company’s performance in the second quarter of 2022 is
worse than anticipated. Actual events may also differ from these
expectations as a result of the risks identified from time to time
in our filings with the Securities and Exchange Commission. We
assume no duty to update these statements as of any future
date.
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version on businesswire.com: https://www.businesswire.com/news/home/20220608006148/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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