An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Forward Air Corporation (NASDAQ: FWRD) reported a strong mid-quarter update for October 2021, highlighting a 16% year-over-year increase in pounds per day and a 33% rise in weight per shipment. Revenue metrics also saw significant growth, with a 11% boost in revenue per hundredweight and a remarkable 52% increase in revenue per shipment. CEO Tom Schmitt expressed optimism for the fourth quarter, noting a strong demand for their services and improved freight quality in their network, suggesting a promising outlook for the company's performance.
Positive
16% increase in pounds per day year-over-year.
33% growth in weight per shipment compared to last year.
11% rise in revenue per hundredweight.
52% increase in revenue per shipment.
Negative
None.
GREENEVILLE, Tenn.--(BUSINESS WIRE)--
Forward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”), is providing a mid-quarter update on key Expedited Freight Operating Statistics for the month of October 2021. Year-over-year pounds per day increased 16%, weight per shipment increased 33%, revenue per hundredweight increased 11%, and revenue per shipment increased 52%.
“October results look terrific and showcase the ongoing momentum that resulted from continued strong demand for our services and our surgical collaboration with customers on selecting, handling and pricing freight,” says Tom Schmitt, Chairman, President, and Chief Executive Officer of Forward Air. “Our volumes were strong year-over-year with higher quality freight in the network. We are excited with the better-than-expected strong performance. With these positive trends Forward’s run rate for the Fourth Quarter looks promising.”
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light freight and logistics company that provides services across the United States and Canada. 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 transportation company. As a single resource for your shipping needs, Forward is your supply chain partner. For more information, visit our website at www.forwardaircorp.com.
This press release may contain statements that might be considered as forward-looking statements or predictions of future operations including with respect to the Company’s performance and run rate in the fourth quarter of 2021. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including that the Company’s performance and run rate in the fourth quarter of 2021 is worse than anticipated. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date.
What were Forward Air's operating statistics for October 2021?
In October 2021, Forward Air reported a 16% increase in pounds per day, 33% increase in weight per shipment, 11% rise in revenue per hundredweight, and a 52% increase in revenue per shipment.
What is Forward Air's future outlook for the fourth quarter of 2021?
Forward Air's CEO, Tom Schmitt, indicated a positive outlook for the fourth quarter, driven by strong demand and better-than-expected performance.
How did Forward Air's revenue metrics change year-over-year?
Forward Air's revenue metrics showed significant growth, with an 11% increase in revenue per hundredweight and a 52% increase in revenue per shipment year-over-year.
