Forward Air Provides Update on January 2024 Performance
February 05 2024 - 8:38AM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (“Forward”) today
provided the following LTL Expedited Freight operating statistics
for January 2024.
During this period, weight per shipment increased 9.8%, pounds
per day also increased 9.2% compared to the same period last year.
Finally, revenue per ton mile increased 1.9% over the same period
last year, excluding fuel.
Tom Schmitt, Chairman and Chief Executive Officer of Forward,
commented: "We continue to improve on the three metrics that matter
most to us – increasing tonnage, refining freight quality and
maximizing revenue per shipment. We have executed the first phase
of the operational synergies ahead of schedule, folding Omni
linehaul into the Forward Air network, which led to higher than 20
percent year over year pounds per day increase in the most recent
week. We look forward to updating the market on a comprehensive
plan and key milestones in the weeks ahead.”
About Forward Air
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload 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 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.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to Forward’s expectations
regarding (i) its ability to continue to improve its key
operational metrics and (ii) the risk that Forward may be unable to
achieve the expected strategic, financial and other benefits of the
acquisition of Omni Logistics, LLC, including the realization of
expected synergies within the expected time-frames or at all. 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 Forward’s future performance 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/20240205866299/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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