Forward Air Corp. reported record revenue, operating income and net income for the third quarter and nine months ended Sept 30.
Operating revenue for the quarter increased 24.2 percent to $121.5 million from $97.8 million for the same quarter in 2007. Income from operations was $19.3 million compared with $16.9 million, an increase of 14.2 percent. As a percent of operating revenue, income from operations decreased to 15.9 percent from 17.3 percent. Net income increased by $1.3 million, or 12.5 percent, to $12.1 million from $10.8 million.
Operating revenue for the nine-month period increased 26.1 percent to $351.0 million from $278.3 million for the same period in 2007. Income from operations was $56.2 million compared with $51.1 million, an increase of 10.2 percent. As a percent of operating revenue, income from operations decreased to 16.0 percent from 18.4 percent. Net income increased 5.2 percent to $34.2 million from $32.5 million.
“Our people’s ability to react to the mid-quarter industrywide decline in freight makes this performance truly extraordinary,” said Bruce Campbell, chairman, president and chief executive officer of Greeneville, Tenn.-based Forward Air. “Outside of the slowing in our core airport-to-airport business, we continued to see impressive results from our TLX truckload brokerage and our Forward Air Complete door-to-door delivery groups.”
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