Forward Air Corporation (NASDAQ:FWRD) today reported results for the fourth quarter and year ended December 31, 2012.
Operating revenue for the quarter ended December 31, 2012 increased 4.9% to $155.5 million from $148.2 million for the same quarter in 2011. Income from operations was $24.0 million, compared with $23.6 million for the fourth quarter of 2011, an increase of 1.7%. Net income per diluted share for the fourth quarter of 2012 was $0.54 compared with $0.50 in the same quarter of 2011, an increase of 8.0%.
Operating revenue for the year ended December 31, 2012 increased 8.9% to $584.4 million from $536.4 million for the year ended December 31, 2011. Income from operations was $83.5 million, compared with $77.1 million in 2011. Net income per diluted share for the year ended December 31, 2012 was $1.78 compared with $1.60 in 2011.
Bruce A. Campbell, Chairman, President and CEO, said, “Overall, we achieved the fourth quarter Forward Air, Inc. operating segment results that we anticipated.” Commenting on the Forward Air Solutions business segment, Mr. Campbell said, “Over the course of 2012, we made good progress within our Solutions service offering. In the fourth quarter, we grew revenue 12.5% primarily on revenues from newly-won business. While the profitability from our new business wins is initially offset by the start-up costs associated with any new business launch, we are encouraged by how robust our new business pipeline looks for the first quarter.”In closing, Mr. Campbell said, “As always, I would like to acknowledge our employees and independent contractors. Their contributions were critical to our delivering another solid year for Forward Air and continued value to our shareholders.” In commenting on the Company’s guidance for the first quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate our first quarter 2013 revenues will increase in the range of 5% to 8% over the comparable 2012 period, and we expect income per diluted share to be between $0.36 and $0.40 per share. This compares to $0.35 per share in the first quarter of 2012.”
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