Business
Forward Air Corporation Reports First Quarter 2020 Results
Reports record first quarter revenue Enhances liquidity and cost-control measures in response to COVID-19 GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air
About this update from Forward Air Corporation
[{"type":"text","content":"\nReports record first quarter revenue\n\n\nEnhances liquidity and cost-control measures in response to COVID-19\n\n GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ:FWRD) today reported financial results for the three months ended March 31, 2020.\n\n\nRevenue for the three months ended March 31, 2020 increased 6.5% to $342.5 million from $321.5 million for the same period in 2019. Income from operations was $11.7 million compared to $24.7 million in the prior year period. Net income during the three months ended March 31, 2020 was $8.4 million compared to $18.4 million for the same period in 2019. Net income per diluted share for the three months ended March 31, 2020 was $0.30 compared to $0.64 in the prior year period.\n\n\nFor the three months ended March 31, 2020, the Company generated $29.2 million of cash flow from operations compared to $41.5 million for the same period in 2019.\n\n\nEarnings before interest, taxes, depreciation and amortization (\"EBITDA\") was $22.3 million for the three months ended March 31, 2020 compared to $35.6 million for the same period in 2019. Free cash flow was $26.7 million for the three months ended March 31, 2020 compared to $37.8 million in the prior year period.\n\n\nEBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the attached financial tables.\n\n\nTom Schmitt, Chairman, President and CEO, commenting on first quarter results said, \"Our record first quarter revenue was driven by our recent Final Mile and Intermodal acquisitions, which are reflected in our first quarter results. However, COVID-19 has been a perfect storm - globalization at its darkest - that has impacted all of our modes given our networks’ exposure to non-essential freight with heavy ties to air and ocean freight from Asia and the retail mall business. Volumes fell sharply in March and April. The signs of a slow recovery are emerging as we enter May, but visibility is limited. We are responding by flexing our asset-light model, and greatly enhancing cost reduction programs that were already in force. We are also executing key strategic initiatives that we believe will enable us to emerge from this episode as a stronger competitor, including evaluating our strategic options for Pool Distribution, which we will discuss ...