Forward Air Provides Mid-Quarter Update on Second Quarter 2023 Performance
June 06 2023 - 9:00AM
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 2023. Shipments per day decreased 12.0%, pounds
per day decreased 7.9%, revenue per hundredweight excluding fuel
decreased 6.3%, while weight per shipment increased 4.7% over the
same period last year.
Tom Schmitt, Chairman, President and Chief Executive Officer of
Forward Air commented: "We experienced softer than anticipated
demand in April resulting in decreased pounds per day of 9.4% over
the same period last year. As we progressed through the month of
May we saw improving momentum in volumes as our pounds per day
decreased to 6.4%, an improvement from April, over the same period
last year. For the first few days in June, we are continuing to see
an increase in volumes. However, even with some early signs of an
improving freight environment, we believe the softer demand will
continue to be a headwind through the reminder of the second
quarter.”
Mr. Schmitt further stated: “Notwithstanding the current freight
recession, we believe our Grow Forward initiative, a focus on high
value freight, is working as planned. Our freight quality continues
to improve as reflected in the 4.7% increase in weight per shipment
and 10.2% increase in weight per piece for the quarter-to-date
period through May 2023 over the same period last year. Similarly,
our revenue quality remains at top levels. Compared to a robust
freight environment in the prior year, our revenue per ton mile
excluding fuel increased 2.1% for the quarter-to-date period
through May 2023 over the same period last year. As our length of
haul continues to shorten, a decrease of 8.4% for the
quarter-to-date period through May 2023 over the same period last
year, we believe revenue per ton mile excluding fuel more
meaningfully captures the value of a move. With our continued focus
on revenue quality, we achieved a record revenue per ton mile
excluding fuel for the quarter-to-date period through May
2023.”
The Company’s expectations regarding the Company’s performance
in the second 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, Canada and Mexico. 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 expectations
regarding (i) its performance for the second quarter of 2023, (ii)
volumes in 2023 and (iii) performance of the Company’s initiatives.
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 2023
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230606005734/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
Forward Air (NASDAQ:FWRD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Forward Air (NASDAQ:FWRD)
Historical Stock Chart
From Jul 2023 to Jul 2024