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Sep 30, 2021
Forward Air Q3 2021 Earnings Report
Reported record quarterly income from operations and net income per diluted share.
Key Takeaways
Forward Air Corporation reported strong Q3 2021 results, achieving record quarterly income from operations of $42.5 million and net income per diluted share of $1.12. The company's revenue grew by 26% year-over-year, driven by strategic freight management and strong operating margin expansion in the Expedited Freight segment.
Achieved highest ever monthly net income for the month of September.
Reported record quarterly income from operations of $42.5 million.
Net income per diluted share reached a record $1.12.
Completed a process of cleansing inefficient freight and replacing with higher quality freight.
Forward Air
Forward Air
Forward Air Revenue by Segment
Revenue by Segment
Expedited Freight Revenue
CapyFin.comIntermodal Revenue
CapyFin.com Forward Guidance
The Company’s fourth quarter 2021 continuing operations guidance expects year-over-year revenue growth of 23% to 27% and net income per diluted share to be between $1.25 to $1.29.
Positive Outlook
- Year-over-year revenue growth will be 23% to 27%
- Net income per diluted share to be between $1.25 to $1.29
- Volumes in the fourth quarter 2021 to exceed volumes for the same period of 2020.
- Momentum is expected to continue into 2022 and 2023.
- Full year 2023 targets include revenue of $2.0 billion to $2.6 billion and net income per diluted share of $6.30 to $6.70.
Challenges Ahead
- Economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles
- The COVID-19 pandemic
- Ability to manage our growth and ability to grow, in part, through acquisitions, while being able to successfully integrate such acquisitions
- Ability to secure terminal facilities in desirable locations at reasonable rates
- More limited liquidity than expected which limits our ability to make key investments
Revenue & Expenses
Visualization of income flow from segment revenue to net income