Forward Air Profit Soars in First Quarter

Forward Air Profit Soars in First Quarter

Forward Air more than doubled its profit in the first quarter, raising net income 132.4 percent year-over-year to $7.9 million.

The company's revenue increased 12.3 percent to $120.2 million.

Low inventory levels and tightening truck capacity gave the expedited airport-to-airport trucker a boost, said Bruce A. Campbell, chairman, president and CEO.

The carrier is building on momentum gained in 2010, when it reported a 227 percent increase in profit for the full year and $483.9 million in revenue.

In the first quarter, Forward's airport-to-airport sales increased 15.9 percent from a year ago to $82.2 million.

Airport-to-airport tonnage increased 5.8 percent, with average weekly pounds up 4.1 percent. Forward's line-haul shipments per week increased 3.1 percent.

Forward's airport-to-airport yield, a measure of pricing, increased 9.4 percent from a year ago, or 6.4 percent excluding fuel surcharge revenue.

The Greenville, Tenn.-based carrier's logistics revenue increased 19.1 percent to $16.5 million.

The company's pool distribution revenue dropped 7.3 percent to $15.2 million.

Contact William B. Cassidy at wcassidy@joc.com