Business
Forward Air Provides Mid-Quarter Update on Third 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 August 2023. Weight per shipment increased 7.8%, revenue per shipment excluding fuel increased 0.9% and pounds per day decreased 3.0% over the same period last year. While pounds per day for July decreased by 5.9%, it improved in August as pounds per day were relatively flat over the same period last year.\n\n\nTom Schmitt, Chairman, President and Chief Executive Officer of Forward Air commented: \"In the month of August, we started seeing positive momentum in volumes. In the first few days of September, we are seeing a continuation of the increase in volumes.”\n\n\nMr. Schmitt further stated: “We believe our Grow Forward initiative, a focus on high value freight, is continuing to gain traction. Our freight quality continues to improve as reflected in the 7.8% increase in weight per shipment through August 2023 over the same period last year. Similarly, our revenue quality remains at top levels as our revenue per ton mile excluding fuel increased 2.2% and our revenue per shipment excluding fuel increased 0.9% for the quarter-to-date period through August 2023 over the same period last year.”\n\n\nThe Company’s expectations regarding the Company’s performance in the third 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\n\nAbout Forward Air Corporation\n\n\nForward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload (“LTL”) services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer final mile services, including delivery of heavy-bulky freight, truckload brokerage services, including dedicated fleet services; and intermodal, first-and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. We are more than a tr...