Forward Air Corp. on Wednesday, April 21, reported results for the quarter ended March 31. Operating revenue increased 10.8 percent to $107.0 million from $96.6 million for the first quarter of 2009. Income from operations was $6.1 million compared with a $5.0 million loss. As a percent of operating revenue, income from operations increased to 5.7 percent. Net income increased by $6.5 million to $3.4 million from a $3.1 million net loss.
“We are pleased to report that the trends of improved freight volumes and resulting profitability we experienced in the fourth quarter of 2009 continued throughout the first quarter of 2010,” said Bruce A. Campbell, chairman, president and chief executive officer of the Greeneville, Tenn.-based company. . These continuing trends provide further encouragement that we have entered a period of sustained recovery.”
Campbell said the company’s airport-to-airport network, Forward Air Complete pickup and delivery and TLX expedited truckload brokerage all were solid contributors within its Forward Air Inc. business segment. “Our Forward Air Solutions pool distribution segment, while posting a loss for the first quarter, on the strength of better volumes did generate a profit in March,” he said. “Since the first quarter is traditionally the weakest period, we are hopeful this may be a sign that the consumer is finally returning to retail sales.”