Forward Air Q1 2023 Earnings Report
Key Takeaways
Forward Air Corporation reported a decrease in revenue by 9% due to softer than anticipated demand, but net income per diluted share of $1.37 exceeded the high end of the guidance range. Revenue quality continues to improve as revenue per ton mile increased for both airport-to-airport and door-to-door services. The company is targeting a net income per diluted share of $6.20 to $6.60 for the full year 2023.
Net income per diluted share of $1.37 exceeded the high end of the $1.30 to $1.34 guidance range.
Revenue declined by 9%, falling below the guidance range of minus 4% to plus 2%.
Revenue per ton mile excluding fuel increased 2.5% for airport-to-airport and 4% for door-to-door.
The company is targeting net income per diluted share of $6.20 to $6.60 for the full year 2023.
Forward Air
Forward Air
Forward Air Revenue by Segment
Forward Guidance
The company expects year-over-year revenue to decline 7% to 17% and net income per diluted share in the range of $1.28 to $1.32 for the second quarter of 2023.
Challenges Ahead
- Year-over-year revenue is expected to decline 7% to 17%.
- Net income per diluted share is expected to be in the range of $1.28 to $1.32.
Revenue & Expenses
Visualization of income flow from segment revenue to net income