Forward Air reports higher 2Q earnings

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Forward Air

Forward Air Corp. on Wednesday, July 20, said operating revenue for the quarter ended June 30 increased 8.3 percent to $132.2 million from $122.1 million for the same quarter in 2010. Income from operations was $19.9 million compared with $13.5 million. As a percent of operating revenue, income from operations increased to 15.1 percent from 11.1 percent. Net income increased to $12.0 million from $7.9 million.

Operating revenue for the six months ended June 30 increased 10.2 percent to $252.4 million from $229.1 million for the same period in 2010. Income from operations was $33.2 million compared with $19.6 million. As a percent of operating revenue, income from operations increased to 13.1 percent from 8.6 percent. Net income was $19.8 million compared to $11.3 million.

“We are pleased to announce that the hard work and dedication of our employees and independent contractors has once again produced outstanding quarterly results,” said Bruce Campbell, chairman, president and chief executive officer of the Greeneville, Tenn.-based company. “In our core airport-to-airport business, our yield remained strong, which was driven in part by our June 6 general rate increase along with continued pricing discipline. Our tonnage volumes, while positive each month of the quarter, saw some periodic softness. This softness, which we view as a function of the macroeconomic environment, appears to be persisting somewhat into the third quarter.”