Forward Air says 4Q net income up 88%

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Forward Air

Forward Air Corp. on Monday, Feb. 14, reported that operating revenue for the fourth quarter ended Dec. 31 increased 13.0 percent to $133.3 million from $118.0 million for the same quarter in 2009. Income from operations was $18.7 million compared with $12.1 million, an increase of 54.5 percent. Net income increased by $5.5 million, or 88.0 percent, to $11.8 million from $6.3 million.

For the year, operating revenue increased 15.9 percent to $483.9 million from $417.4 million for the year ended Dec. 31, 2009. Income from operations was $53.7 million compared with $18.6 million. Net income was $32.0 million compared with $9.8 million.

“Solid demand for our airport-to-airport service, along with strong pricing, delivered outstanding results for the fourth quarter,” says Bruce Campbell, chairman, president and chief executive officer. “We were most encouraged by the continued positive leverage of our business model, which produced a 370 basis point improvement as compared to the fourth quarter of 2009. The resulting 86.0 percent operating ratio is our best operating performance since the third quarter of 2008. We are pleased with our continued progress toward attaining the returns and margins our shareholders have come to expect from Forward Air.”

Campbell said the company also was encouraged by the fourth-quarter performance of its Forward Air Solutions segment. “With a continued firming of the economy, further success penetrating complementary industry verticals and ongoing cost control initiatives, we expect this segment to be a profitable contributor in 2011,” he said. “We expect that improving macroeconomic trends, as well as positive trends specific to Forward Air, will continue throughout 2011.”