Forward Air Corp. on Thursday, April 19, reported operating revenue for the quarter ended March 31 increased 14.1 percent to $137.1 million from $120.2 million for the same quarter in 2011. Income from operations was $16.8 million compared with $13.3 million; as a percent of operating revenue, income from operations increased to 12.3 percent from 11.1 percent. Net income increased to $10.3 million from $7.9 million.
“Our team delivered another solid operating performance,” said Bruce Campbell, chairman, president and chief executive officer of the Greeneville, Tenn.-based company. “Within our Forward Air Inc. business segment, we continued to experience strong demand for our airport-to-airport service offering, which was nicely complemented by considerable revenue growth from both our Logistics group, as well as from our Forward Air Complete pickup-and-delivery product.”
Campbell said the company’s Forward Air Solutions business segment showed year-over-year improvement and generated a small profit in March. “As we exit the historically most challenging quarter for this service offering, we anticipate continued improvement in our year-over-year results as a number of key initiatives, begun in the first quarter, are completed and fully implemented,” he said.