Business
Forward Air Corporation Reports Fourth Quarter 2021 Results
Reports all-time quarterly record revenue, net income and net income per diluted share Guides strong first quarter revenue and net income per diluted share
About this update from Forward Air Corporation
[{"type":"text","content":"\nReports all-time quarterly record revenue, net income and net income per diluted share\n\nGuides strong first quarter revenue and net income per diluted share\n\nAnnounces 14% dividend increase\n\n GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and twelve months ended December 31, 2021 as presented in the tables below on a continuing operations basis (Pool Distribution was previously reported as a discontinued operation).\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220209006084/en/Forward Air Corporation Reports Fourth Quarter 2021 Results (Photo: Business Wire)\nTom Schmitt, Chairman, President and CEO, commenting on fourth quarter results from continuing operations, said, “Our fourth quarter reported revenue, net income and net income per diluted share represent the best quarterly financial performance in Forward history and each set all-time quarterly records. With higher quality freight in our network, our less-than-truckload line of business reported record levels in weight per shipment and revenue per shipment for the fourth quarter. Our solid growth strategies combined with continued strong demand for our services drove our record fourth quarter revenue growth of 31%, which came in above the high end of our guidance range of 23% to 27%. Our record reported net income per diluted share of $1.40 exceeded the high end of our $1.25 to $1.29 guidance range.”\n\nMr. Schmitt continued, “We anticipate solid performance in the first quarter of 2022 with volumes expected to exceed the same period of 2021. For the month of January, our revenue per shipment increased 54.8%, weight per shipment increased 33.0% and tonnage increased 10.7% year-over-year. Based on the continued precision execution of our strategic priorities, at this moment, we are ahead of pace toward our previously announced full year 2023 targets.”\n\nIn closing, Mr. Schmitt said, “We achieved record-breaking annual performance in 2021. I would like to thank our employees and independent contractors for their remarkable efforts to serve our customers and their valuable contribution to this important milestone for Forward.”\n\nRegarding the Company’s first quarter 2022 continuing operatio...