Forward Air Q3 2022 Earnings Report
Key Takeaways
Forward Air Corporation reported a record-breaking third quarter in 2022, with revenue, net income, and net income per diluted share reaching all-time highs. The company's focus on higher quality freight and collaboration with customers led to strong financial performance.
Reported revenue, net income, and net income per diluted share represent the best third quarter financial performance in the Company’s history and each set all-time third quarter records.
Net income per diluted share of $1.93 exceeded the high end of the guidance range of $1.88 to $1.92.
Third quarter revenue growth of 22% came within the guidance range of 20% to 24%.
The company expects the fourth quarter to be more profitable than the third quarter, and 2023 net income per diluted share to be higher than 2022 net income per diluted share.
Forward Air
Forward Air
Forward Air Revenue by Segment
Forward Guidance
The Company expects year-over-year revenue growth of 7% to 11% and net income per diluted share to be between $1.98 to $2.02 for the fourth quarter of 2022.
Positive Outlook
- Year-over-year revenue growth will be 7% to 11%.
- Net income per diluted share to be between $1.98 to $2.02.
- The fourth quarter to be more profitable than the third quarter.
- 2023 net income per diluted share to be higher than 2022 net income per diluted share.
- Collaboration with customers on selecting, handling, and pricing higher quality freight led to strong third quarter financial performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income