Business
Forward Air Corporation Reports Second Quarter 2021 Results
Reports highest ever monthly net income in the month of June Reports highest revenue and operating income for a quarter Guides record third quarter revenue
About this update from Forward Air Corporation
[{"type":"text","content":"\nReports highest ever monthly net income in the month of June\n\nReports highest revenue and operating income for a quarter \n\nGuides record third quarter revenue and net income per diluted share \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 six months ended June 30, 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/20210729006180/en/Forward Air Corporation reports highest revenue and operating income for a quarter. (Photo: Business Wire)\nTom Schmitt, Chairman, President and CEO, commenting on second quarter results from continuing operations said, “Business momentum continued during the quarter culminating in the highest net income for the month of June. Our focus on our two rock star segments, Expedited Freight and Intermodal, as well as solid revenue management, drove our second quarter revenue, which exceeded the high end of our guidance range. Surgical collaboration with customers on selecting, handling, and pricing freight led to the highest operating income for a quarter. Net income per diluted share of $1.11 exceeded the high end of our $0.96 to $1.00 guidance range. I am very encouraged that in our second quarter we are better than in pre-pandemic 2019’s second quarter: better consolidated operating margins now. And bigger - our operating revenues are up almost 40% year-over-year. Additionally, we are working to bring back our customer’s events business in late 2021 and 2022.”\n\nMr. Schmitt continued, “We expect volumes in the third quarter 2021 to significantly exceed volumes for the same period of 2020. Through July, our volumes were strong year-over-year. We are guiding to a record third quarter revenue and net income per diluted share despite the impact of an investment in operational enhancements and to a lesser extent the typical slowdown in volumes in the third quarter as compared to the second quarter.”\n\nIn closing, Mr. Schmitt said, “In the second quarter, we achieved the highest revenue and operating income for a quarter in the history of the Company. I would like to thank all of our...