Forward Air posts higher 4Q, full-year revenue, income

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Forward Air

Forward Air Corp. on Wednesday, Feb. 8 announced that operating revenue for the fourth quarter ended Dec. 31 increased 11.2 percent to $148.2 million from $133.3 million for the same quarter in 2010. Income from operations was $23.6 million compared with $18.7 million, an increase of 26.2 percent. As a percent of operating revenue, income from operations increased to 15.9 percent from 14.0 percent.

Operating revenue for the year ended Dec. 31 increased 10.8 percent to $536.4 million from $483.9 million for the year ended Dec. 31, 2010. Income from operations was $77.1 million compared with $53.7 million. The company’s net income was $47.2 million compared with $32.0 million.

“We are pleased to announce that a solid fourth quarter completed a record breaking performance year for 2011,” said Bruce Campbell, chairman, president and chief executive officer of Greeneville, Tenn.-based Forward Air. “Strong demand for our service offerings produced record-breaking operating revenue, operating income and earnings per share. While not a record, our 85.6 percent operating ratio for 2011 was an impressive 330 basis points improvement over 2010.”