Forward Air Profit Up for 2013, Dips Slightly in Fourth Quarter
February 11, 2014
Photo: Evan Lockridge
Trucking company Forward Air has reported financial results showing a small increase in net income and revenue for all of last year while profit during the final three months of 2013 was close to that from a year earlier.
Net income during the fourth quarter of 2013 was $15.6 million compared to $16 million a year earlier. Net income per share during the period was 50 cents compared with 54 cents.
Operating revenue increased 16.5% to $181.1 million from $155.5 million for the same quarter in 2012.
For all of last year net income was $54.5 million compared to $52.7 million in 2012. Net income per share for the year was $1.77 compared with $1.78 a year earlier
Operating revenue during the same time increased 11.7% to $652.5 million from $584.4 million.
"Without a doubt, the fourth quarter of 2013 proved to be more challenging than we anticipated,” said Bruce A. Campbell, chairman, president and CEO. “Like all of the transports, we have continuously fought weather related issues. From the middle of November up until this past week, weather has been an issue in one or more of our operating regions. While there is only so much we can do to mitigate the impact of weather, we do have plans in place to address the opportunities that are specific to our company."
The company also announced a stock repurchase authorization for up to two million shares and the cancellation of its 2007 share repurchase authorization.
Tennessee-based Forward Air recently completed its purchase of Central States Trucking and Central States Logistics for $95.6 million
Forward Air has three divisions with a trucking company serving the air cargo industry, while another provides pool distribution services. Its third provides technology and monitoring services to customers.
More information is on the Forward Air website.