Business
Forward Air Corporation Reports Fourth Quarter 2019 Results
Reports record fourth quarter and full year revenue, cash flow from operations and free cash flow Creates new Expedited Freight segment to reflect continued
About this update from Forward Air Corporation
[{"type":"text","content":"\nReports record fourth quarter and full year revenue, cash flow from operations and free cash flow\n\n\nCreates new Expedited Freight segment to reflect continued integration of the Company’s Expedited LTL, Truckload and Final Mile operations\n\n GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ:FWRD) today reported financial results for the three and twelve months ended December 31, 2019.\n\n\nRevenue for the three months ended December 31, 2019 increased 7.0% to $381.5 million from $356.6 million for the same period of 2018. Income from operations was $32.9 million compared to $35.0 million in the prior year period. Net income during the three months ended December 31, 2019 was $24.2 million compared to $27.7 million in the same period of 2018. Net income per diluted share for the three months ended December 31, 2019 was $0.85 compared to $0.95 in the same period of 2018.\n\n\nRevenue for the year ended December 31, 2019 increased 6.8% to $1,410.4 million from $1,320.9 million for the same period in 2018. Income from operations was $118.8 million compared to $122.0 million in the prior year. Net income during the period was $87.1 million compared to $92.1 million in the same period of 2018. Net income per diluted share was $3.04 for the year ended December 31, 2019 compared to $3.12 in the same period of 2018.\n\n\nFor the three months ended December 31, 2019, the Company generated $43.7 million of cash flow from operations compared to $38.7 million for the same period of 2018. For the year ended December 31, 2019, the Company generated $161.5 million of cash flow from operations compared to $152.6 million for the same period of 2018.\n\n\nEarnings before interest, taxes, depreciation and amortization (\"EBITDA\") was $42.9 million for the three months ended December 31, 2019 compared to $45.9 million for the same period of 2018. Free cash flow was $41.4 million for the three months ended December 31, 2019 compared to $31.8 million for the same period of 2018.\n\n\nEBITDA was $160.9 million for the year ended December 31, 2019 compared to $164.2 million for the same period of 2018. Free cash flow was $134.1 million for the year ended December 31, 2019 compared to $117.3 million in the same period of 2018.\n\n\nEBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP ...