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Forward Air’s 2Q Income Improves

10/19/2011 4:30:00 PM
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Forward Air Corp. said late Wednesday its third-quarter net income rose to $12.9 million, or 44 cents per share, from $8.9 million, or 31 cents, a year ago.

Revenue rose 11.7 % to $135.7 million, the carrier said in a statement, while operating income rose to $20.3 million, from $15.5 million.

The earnings exceeded the company’s previous guidance of 38 to 42 cents per share.

Airport-to-airport revenue rose to $93 million, from $81.8 million, while logistics revenue rose to $18.4 million, from $16.8 million.

Fourth-quarter revenue will increase in the range of 10% to 14% over the comparable 2010 period, with per-share income between 47 and 51 cents per share, up from 41 cents a year ago, the company said.

Forward Air, a contractor to the air cargo industry, is ranked No. 46 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Emil Estafanous, CPA, CFF, CGMA