Forward Air Provides Mid-Quarter Update on Third Quarter 2023 Performance
September 07 2023 - 4:44PM
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 2023. Weight per shipment increased 7.8%,
revenue per shipment excluding fuel increased 0.9% and pounds per
day decreased 3.0% over the same period last year. While pounds per
day for July decreased by 5.9%, it improved in August as pounds per
day were relatively flat over the same period last year.
Tom Schmitt, Chairman, President and Chief Executive Officer of
Forward Air commented: "In the month of August, we started seeing
positive momentum in volumes. In the first few days of September,
we are seeing a continuation of the increase in volumes.”
Mr. Schmitt further stated: “We believe our Grow Forward
initiative, a focus on high value freight, is continuing to gain
traction. Our freight quality continues to improve as reflected in
the 7.8% increase in weight per shipment through August 2023 over
the same period last year. Similarly, our revenue quality remains
at top levels as our revenue per ton mile excluding fuel increased
2.2% and our revenue per shipment excluding fuel increased 0.9% for
the quarter-to-date period through August 2023 over the same period
last year.”
The Company’s expectations regarding the Company’s performance
in the third 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 third 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230907776648/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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