Forward Air Announces 2023 General Rate Increase
December 08 2022 - 8:00AM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) today announced a 5.9 percent general rate increase
(GRI) on any shipments tendered on or after February 6, 2023.
The Company believes the rate changes will enable it to continue
investing in service enhancement as operating costs have risen by
double digit percentages in 2022 for many in the freight
transportation industry. Factors necessitating the GRI include
increased costs in real estate, equipment, cost per mile and
economic inflation.
As an expedited carrier, the Forward operates on demand without
the long lead times that traditional carriers require. Forward
remains committed to providing best-in-class, premium expedited
service to its customers.
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 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 expected growth and future
performance of the Company and the ability of the Company to make
necessary adjustments that will allow it to continue providing
world-class service to its customers. 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 rate changes will not be enough to mitigate
higher operating costs and that the Company is not able to achieve
its planned growth and expansion. 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. You should consider the forward-looking statement
contained herein in light of such risks. 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/20221208005273/en/
Justin Moss - Forward Air JMoss@forwardair.com 404.362.8933
Forward Air (NASDAQ:FWRD)
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