Forward Air Provides Mid-Quarter Update on Fourth Quarter 2022 Performance
December 08 2022 - 9:09AM
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 November 2022. Shipments per day increased 2.4%,
revenue per hundredweight increased 14.7%, while pounds per day
decreased 11.9% and weight per shipment decreased 14.0% over the
same period last year.
Tom Schmitt, Chairman, President and Chief Executive Officer of
Forward Air commented: "Our focus on high-value freight, operated
in an efficient operating environment, priced accordingly and
offered to an increasing customer set is getting traction. The
effectiveness of initiatives to bring our live events business
back, sell to customers who do not use value-added intermediaries
and, most of all, enable our core customers who know us best to win
more high-value freight, stand out as evidenced by the increase in
the number of shipments we handled during the period.
At the same time, our customers and we are experiencing what we
believe is a temporary but significant softening in the freight
environment, with shipments significantly lighter due to 20% fewer
pieces per shipment.
We continue investing in our service, which is leading the
industry with best on-time performance and lowest damages crucial
for time-sensitive, high-value freight. To continue funding our
investments in support of our customers, we are announcing a
General Rate Increase of 5.9% effective February 6, 2023. Finally,
we continue to be laser-focused on our Grow Forward initiatives
that include building out our terminal footprint organically and
in-organically, and as a result, we expect that these initiatives
will outweigh the tremendous short-term headwinds, and we reiterate
our expectation in a record 2022 and our target to top it in
2023."
The Company’s expectations regarding the Company’s performance
in the fourth quarter and in any future period 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 fourth quarter of 2022 and fiscal year 2023. 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
fourth 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/20221208005611/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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