Net income at Forward Air in the first quarter soared 30.6 percent to nearly $10.3 million, as the air freight trucker saw an increase in demand for its core services along with its logistics management offerings.
The Greenville, Tenn.-based company’s operating revenue rose 14.1 percent to $137.1 million in the same period, as airport-to-airport revenue, roughly two-thirds of Forward’s business, grew 10.3 percent. Logistics services revenue jumped 29.2 percent year-over-year to $21.3 million.
Airport-to-airport tonnage rose 5.4 percent year-over-year in the same period. Forward’s line-haul shipments per week increased 11.4 percent, although the average line-haul shipment shrank 5.4 percent in tonnage.
Forward’s airport-to-airport yield, a measure of pricing, increased 4.7 percent, or 3.5 percent excluding fuel surcharge revenue.
The company is projecting second quarter 2012 revenue will expand 8 percent to 12 percent from the 2011 period, and earnings to grow 43 to 47 cents per diluted share.