Mark Szakonyi, Associate Editor | Jul 20, 2012 12:06PM EDT
Forward Air profit in the second quarter jumped 23.2 percent year-over-year to $24.4 million, as airport-to-airport volume rose 5.4 percent in the same period.
The Greenville, Tenn.-based company’s revenue rose 12.2 percent to $148.3 million in the same period. Airport-to-airport revenue expanded 12 percent year-over-year to $102.5 million, while logistics business increased 17.3 percent to $21.1 million.
“Our recent positive yield trends did moderate during the quarter as we passed the June anniversary of our 2011 general rate increase and experienced a reduction in the benefit derived from net fuel surcharges as a result of lower diesel prices, “ President and CEO Bruce Campbell said.
He said the company will implement its 2012 general rate increase Sept. 2, providing about a 3 percent monthly benefit to airport-to-airport revenue. Forward’s airport-to-airport yield, a measure of pricing, increased 6.3 percent.
The company is projecting third quarter revenue will expand 10 percent to 14 percent from the 2011 period.
Contact Mark Szakonyi at mszakonyi@joc.com and follow him on Twitter @szakonyi_joc.