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Forward Air operating profit decline in 2Q2013 and 1H2013

19-Jul-2013 9:29 AM

Forward Air revenue up 8% – financial highlights:

  • Three months ended 30-Jun-2013:
    • Total operating revenue: USD159.8 million, +7.7% year-on-year;
      • Airport-to-airport: USD97.1 million, -5.2%;
      • Logistics: USD31.9 million, +51.2%;
    • Total operating costs: USD137.3 million, +9.6%;
    • Operating profit: USD22.5 million, -2.5%;
    • Net profit: USD13.8 million, -2.4%;
  • Six months ended 30-Jun-2013:
    • Total operating revenue: USD301.4 million, +5.6%;
      • Airport-to-airport: USD187.5 million, -2.9%;
      • Logistics: USD54.9 million, +29.4%;
    • Total operating costs: USD263.1 million, +7.1%;
    • Operating profit: USD38.3 million, -4.0%;
    • Net profit: USD24.7 million, +1.0%;
    • Total assets: USD468.2 million;
    • Cash and cash equivalents: USD81.1 million;
    • Total liabilities: USD64.4 million. [more - original PR]

Forward Air: “We anticipate that our third quarter 2013 revenues will increase in the range of 10% to 15% over the comparable 2012 period. We estimate that approximately 8% of that growth will result from the TQI acquisition. We expect income per diluted share to be between USD0.43 and USD0.46 per share. This compares to USD0.41 per share in the third quarter of 2012,” Rodney Bell, SVP and CFO. Source: Company statement, 18-Jul-2013.