Forward Air Provides Mid-Quarter Update on Fourth Quarter 2023 Performance
December 06 2023 - 4:08PM
Business Wire
Forward 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 2023. Weight per shipment increased 11.0%,
revenue per shipment excluding fuel increased 2.6% and pounds per
day increased 5.5%, all over the same period last year.
Tom Schmitt, Chairman, President and Chief Executive Officer of
Forward Air commented, "We continue to grow our LTL tonnage, and
focus on high quality freight, as reflected in the increased weight
per shipment. At the same time, we are making sure we are getting
paid more per shipment. This all reflects our Grow Forward strategy
of focusing our best-in-class service on high value freight,
operating in a cleansed network, and pricing appropriately.
Similarly, our revenue quality remains at top levels as our revenue
per ton mile excluding fuel increased 1.8% and our revenue per
shipment excluding fuel increased 2.6% for the quarter-to-date
period through November over the same period last year.”
The Company’s expectations regarding its 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.
About Forward Air Corporation
Forward 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 transportation company. Forward is a single resource
for your shipping needs. 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 expectations
regarding (i) its performance for the fourth quarter of 2023, (ii)
volumes in 2023 and (iii) performance of the Company’s initiatives.
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 in 2023
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231206413406/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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