Forward Air Provides Mid-Quarter Update on Third Quarter 2022 Performance
September 12 2022 - 9:33AM
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 August 2022. Revenue per shipment increased 16.0%,
weight per shipment decreased 3.2%, pounds per day increased 3.1%
and shipments per day increased 6.5% over the same period last
year.
Tom Schmitt, Chairman, President, and Chief Executive Officer of
Forward, commented, “In July of the prior year, we completed a
process to cleanse inefficient freight from our network. We have
more than fully replaced the inefficient freight with higher
quality freight in the network as evidenced by the positive trend
in August with an increase of 5.2% pounds per day and 13.8%
shipments per day. As we replaced lower quality freight with higher
quality freight in our network, we executed upon our strategy to
penetrate the highly profitable, more traditional air freight,
which by nature has a lighter weight per shipment. Throughout the
third quarter, we continued with our pricing initiative to work
more closely with our customers to appropriately price the freight
in our network as reflected by our strong revenue per shipment and
revenue per hundredweight, which increased 19.8% for the
quarter-to-date period through August 2022.”
The Company’s expectations regarding the Company’s performance
in the third 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 is a leading asset-light provider of transportation
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. Forward is a single resource for your shipping needs. 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 third 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 third 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/20220912005660/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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