Forward Air Corporation (NASDAQ:FWRD) today reported revenue, operating income, net income and diluted earnings per share for the third quarter and nine months ended September 30, 2012.
Operating revenue for the quarter ended September 30, 2012 increased 5.7% to $143.5 million from $135.7 million for the same quarter in 2011. Income from operations was $19.6 million, compared with $20.3 million in the prior-year quarter. As a percent of operating revenue, income from operations was 13.7%, compared with 15.0% in the same quarter last year. Net income during the period decreased to $12.3 million from $12.9 million in the prior-year quarter. Income per diluted share for the third quarter of 2012 was $0.41 compared with $0.44 in the prior-year quarter.
Operating revenue for the nine months ended September 30, 2012 increased 10.5% to $428.9 million from $388.1 million for the same period in 2011. Income from operations was $59.5 million, compared with $53.5 million in the prior-year period. As a percent of operating revenue, income from operations increased to 13.9% for the first nine months of 2012 from 13.8% for the same period in 2011. Net income during the period was $36.7 million compared to $32.8 million in the prior-year period. Income per diluted share from operations for the first nine months of 2012 was $1.24 compared with $1.11 in the prior-year period.
Bruce A. Campbell, Chairman, President, and CEO, commenting on the third quarter said, “On September 24 th, we disclosed that, in large part due to macroeconomic issues, our airport-to-airport volumes had fallen off to the point that we needed to revise our guidance for the third quarter. Since that announcement, we have continued to experience choppiness in our daily tonnage numbers but there were some signs of firming last week. With limited visibility and realizing that one week certainly doesn't make a trend, we remain cautiously optimistic that volumes will continue to improve.”Commenting further, Mr. Campbell said, “Our operations group will continue to monitor our volumes and freight flows and will dynamically adjust to fluctuations in network volumes to effectively control our costs.”
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