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Forward Air Corporation (NASDAQ:FWRD) today reported results for the fourth quarter and year ended December 31, 2011.
Operating revenue for the quarter ended December 31, 2011 increased 11.2% to $148.2 million from $133.3 million for the same quarter in 2010. Income from operations was $23.6 million, compared with $18.7 million for the fourth quarter of 2010, an increase of 26.2%. As a percent of operating revenue, income from operations increased to 15.9% for the fourth quarter of 2011 from 14.0% in the same quarter of 2010. Net income per diluted share for the fourth quarter of 2011 was $0.50 compared with $0.41 in the same quarter of 2010, an increase of 22.0%.
Operating revenue for the year ended December 31, 2011 increased 10.8% to $536.4 million from $483.9 million for the year ended December 31, 2010. Income from operations was $77.1 million, compared with $53.7 million in 2010. The Company's net income for the year ended December 31, 2011, was $47.2 million, compared with $32.0 million in 2010. Net income per diluted share for the year ended December 31, 2011 was $1.60 compared with $1.10 in 2010.
Bruce A. Campbell, Chairman, President and CEO, said, “We are pleased to announce that a solid fourth quarter completed a record breaking performance year for 2011. Strong demand for our service offerings produced record breaking operating revenue, operating income and earnings per share. While not a record, our 85.6% operating ratio for 2011 was an impressive 330 basis points improvement over 2010.”
Commenting further, Mr. Campbell said, “With the benefit of the Forward Air business model, which continues to exhibit ample operating leverage, a solid pricing environment and current inventory and shipping trends that favor our expedited time-definite service offerings, our team is anxious to deliver even better results to our shareholders in 2012.”