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Forward Air Provides Mid-Quarter Update on Second Quarter 2023 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 May 2023. Shipments per day decreased 12.0%, pounds per day decreased 7.9%, revenue per hundredweight excluding fuel decreased 6.3%, while weight per shipment increased 4.7% over the same period last year.\n\n\nTom Schmitt, Chairman, President and Chief Executive Officer of Forward Air commented: \"We experienced softer than anticipated demand in April resulting in decreased pounds per day of 9.4% over the same period last year. As we progressed through the month of May we saw improving momentum in volumes as our pounds per day decreased to 6.4%, an improvement from April, over the same period last year. For the first few days in June, we are continuing to see an increase in volumes. However, even with some early signs of an improving freight environment, we believe the softer demand will continue to be a headwind through the reminder of the second quarter.”\n\n\nMr. Schmitt further stated: “Notwithstanding the current freight recession, we believe our Grow Forward initiative, a focus on high value freight, is working as planned. Our freight quality continues to improve as reflected in the 4.7% increase in weight per shipment and 10.2% increase in weight per piece for the quarter-to-date period through May 2023 over the same period last year. Similarly, our revenue quality remains at top levels. Compared to a robust freight environment in the prior year, our revenue per ton mile excluding fuel increased 2.1% for the quarter-to-date period through May 2023 over the same period last year. As our length of haul continues to shorten, a decrease of 8.4% for the quarter-to-date period through May 2023 over the same period last year, we believe revenue per ton mile excluding fuel more meaningfully captures the value of a move. With our continued focus on revenue quality, we achieved a record revenue per ton mile excluding fuel for the quarter-to-date period through May 2023.”\n\n\nThe Company’s expectations regarding the Company’s performance in the second 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 wh...