Trucking and logistics provider Forward Air increased revenue the first quarter of the year but income fell compared to the same time in 2013.
Operating revenue for the Tennessee-based company increased 21.2% to $171.6 million from $141.6 million for the same quarter in 2013 ,while net income was $10.2 million compared to $10.9 million in the prior-year quarter.
Income per diluted share for the first quarter of 2014 was 33 cents compared with 36 cents in the prior-year quarter.
“Our core airport-to-airport business has continued to see good volume growth and, with the impact of our March general rate increase, our improved yield should be a positive contributor going forward,” said Bruce A. Campbell, chairman, president, and CEO. “Our Forward Air Inc. results also include the results of Central States Trucking, which we acquired in early February. CST had approximately $900,000 of operating income for the quarter which was essentially offset by deal related costs resulting in a neutral impact on its profitability for the quarter.”
The company’s pool distribution services Forward Air Solutions turned a $800,000 million loss in first quarter of 2013 into a break-even this year, while Campall said it Total Quality operation, which offers maximum security and temperature-controlled services to the pharmaceutical and life science industries ”were partially muted by weather-related difficulties.”
“We were encouraged by the 90% operating ratio that TQI delivered in March and believe that it is more indicative of our expected results for the balance of 2014,”Campbell said.
Looking ahead to the second quarter Forward Air says it expects revenues will increase in the range of 22% to 27% over the comparable 2013 period. Included in that range of revenue growth is the approximately 12% growth that is a result of the purchase of Central State Trucking.
The company expects income per diluted share to be between 53 cents and 57 cents per share, compared to 454 cents per share in the second quarter of 2013.
More financial details are on the Forward Air website.