Forward Air Corporation Reports Third Quarter 2020 Results

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[{"type":"text","content":"\nReports record third quarter revenue\n\nReports year over year increase in LTL tonnage\n\nAnnounces 16.7% 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 nine months ended September 30, 2020 as presented in the tables below on a continuing operations basis (Pool Distribution is being reported as a discontinued operation).\n\nTom Schmitt, Chairman, President and CEO, commenting on the Company's third quarter results said, “During the third quarter our teams did a great job of continuing to restore volumes in response to COVID-19. To support our efforts to grow our fleet and enhance our network capabilities, we implemented several pricing actions during the back half of the quarter which will drive continued improvements in our operational performance and shipment-level profitability.”\n\n\n\nContinuing Operations\n\n\n\n \n\n\n\nThree months ended\n\n\n\n\n\n(in thousands, except per share data)\n\n\n\n \n\n\n\nSeptember 30, 2020 1\n\n\n\n \n\n\n\nSeptember 30, 2019\n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\nPercent Change\n\n\n\n\n\nOperating revenue\n\n\n\n \n\n\n\n$\n\n\n\n331,997\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n313,683\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n18,314\n\n\n\n \n\n\n\n \n\n\n\n5.8\n\n\n\n%\n\n\n\n\n\nIncome from operations\n\n\n\n \n\n\n\n$\n\n\n\n23,510\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n29,186\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(5,676\n\n\n\n)\n\n\n\n \n\n\n\n(19.4\n\n\n\n)%\n\n\n\n\n\nOperating margin\n\n\n\n \n\n\n\n7.1\n\n\n\n%\n\n\n\n \n\n\n\n9.3\n\n\n\n%\n\n\n\n \n\n\n\n(220) bps\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n\n\n\n16,992\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n21,054\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(4,062\n\n\n\n)\n\n\n\n \n\n\n\n(19.3\n\n\n\n)%\n\n\n\n\n\nNet income per diluted share\n\n\n\n \n\n\n\n$\n\n\n\n0.61\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.74\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.13\n\n\n\n)\n\n\n\n \n\n\n\n(17.6\n\n\n\n)%\n\n\n\n\n\nCash provided by operating activities\n\n\n\n \n\n\n\n$\n\n\n\n20,564\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n43,553\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(22,989\n\n\n\n)\n\n\n\n \n\n\n\n(52.8\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNon-GAAP Financial Measu...

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