Forward Air Corp. on Wednesday, Oct. 20, reported revenue, operating income and net income for the third quarter and nine months ended Sept. 30. For the quarter, operating revenue increased 17.8 percent to $121.5 million from $103.1 million for the same quarter in 2009. Income from operations was $15.5 million compared with $6.7 million. As a percent of operating revenue, income from operations increased to 12.8 percent from 6.5 percent. Net income increased to $8.9 million from $3.8 million.
For the nine months, operating revenue increased 17.1 percent to $350.6 million from $299.4 million for the same period in 2009. Income from operations was $35.1 million compared with $6.5 million. As a percent of operating revenue, income from operations increased to 10.0 percent from 2.2 percent. Net income was $20.2 million compared to $3.5 million.
“We were encouraged that our airport-to-airport tonnages in the third quarter and thus far into the fourth quarter resemble what we typically experience in a normal operating environment,” said Bruce Campbell, chairman, president and chief executive officer of Greeneville, Tenn.-based Forward Air. “After a midsummer lull, volumes for the balance of the quarter and into October steadily increased in a peak-like fashion. While this gives us cause for optimism, we will monitor our tonnage trends closely in order to be ready to react in the event of a premature pull-back.”
Rodney Bell, senior vice president and chief financial officer, said the company anticipates fourth-quarter revenues will increase in the range of 12 percent to 17 percent over the comparable 2009 period.
