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Forward Air Provides Mid-Quarter Update on Fourth Quarter 2022 Performance
GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today provided the following
About this update from Forward Air Corporation
[{"type":"text","content":" GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today provided the following key Expedited Freight Operating statistics for the quarter-to-date period through November 2022. Shipments per day increased 2.4%, revenue per hundredweight increased 14.7%, while pounds per day decreased 11.9% and weight per shipment decreased 14.0% over the same period last year.\n\nTom Schmitt, Chairman, President and Chief Executive Officer of Forward Air commented: \"Our focus on high-value freight, operated in an efficient operating environment, priced accordingly and offered to an increasing customer set is getting traction. The effectiveness of initiatives to bring our live events business back, sell to customers who do not use value-added intermediaries and, most of all, enable our core customers who know us best to win more high-value freight, stand out as evidenced by the increase in the number of shipments we handled during the period.\n\nAt the same time, our customers and we are experiencing what we believe is a temporary but significant softening in the freight environment, with shipments significantly lighter due to 20% fewer pieces per shipment.\n\nWe continue investing in our service, which is leading the industry with best on-time performance and lowest damages crucial for time-sensitive, high-value freight. To continue funding our investments in support of our customers, we are announcing a General Rate Increase of 5.9% effective February 6, 2023. Finally, we continue to be laser-focused on our Grow Forward initiatives that include building out our terminal footprint organically and in-organically, and as a result, we expect that these initiatives will outweigh the tremendous short-term headwinds, and we reiterate our expectation in a record 2022 and our target to top it in 2023.\"\n\nThe Company’s expectations regarding the Company’s performance in the fourth quarter and in any future period are based on information available at the time of this release, and are subject to changing conditions, many of which are outside of the Company’s control.\n\nAbout Forward Air Corporation\n\nForward Air is a leading asset-light provider of transportation services across the United States and Canada. We provide expedited less-than-truckload (“LTL”) services, includin...