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Jun 30, 2023
Forward Air Q2 2023 Earnings Report
Forward Air's Q2 2023 performance was impacted by weaker-than-expected demand in the intermodal and truckload brokerage services, but saw positive momentum in less-than-truckload services.
Key Takeaways
Forward Air Corporation reported a decline in revenue and net income for Q2 2023 due to challenging market conditions in intermodal and truckload brokerage. However, the company saw positive momentum in less-than-truckload services and is focused on revenue growth strategies and network expansion.
Weaker demand in intermodal and truckload brokerage services impacted Q2 results.
Net income per diluted share was $0.76, and adjusted net income per diluted share was $0.91, below the guidance range.
Less-than-truckload service showed positive momentum with sequential improvement in pounds per day.
On-time performance was 99%, and the cargo claims ratio was 0.1%.
Forward Air
Forward Air
Forward Air Revenue by Segment
Revenue by Segment
Expedited Freight Revenue
CapyFin.comIntermodal Revenue
CapyFin.com Forward Guidance
The Company expects year-over-year revenue to decline 11% to 21% and adjusted net income per diluted share in the range of $1.12 to $1.16 for Q3 2023.
Challenges Ahead
- Year-over-year revenue is expected to decline 11% to 21%.
- Adjusted net income per diluted share is expected to be in the range of $1.12 to $1.16, compared to $1.93 in Q3 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income