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Sep 30, 2023
Forward Air Q3 2023 Earnings Report
Forward Air reported a decline in revenue due to weak demand for intermodal and truckload brokerage services, but experienced strong momentum in LTL volumes and growth with LTL freight forwarders and direct shippers.
Key Takeaways
Forward Air Corporation reported a 19% decrease in revenue for Q3 2023, with net income per diluted share at $0.36 and adjusted net income per diluted share at $0.99. The company saw positive volume trends in LTL and growth with domestic freight forwarders and direct shippers, but faced challenges due to weak demand in intermodal and truckload brokerage services.
LTL volumes showed strong momentum, with continued growth with LTL freight forwarders and direct shippers.
Weight per shipment increased +8% over the same period in the prior year.
LTL line of business achieved an operating ratio of approximately 85.5% for September 2023.
Door-to-door revenue increased 12% over the same period in the prior year.
Revenue by Segment
Forward Guidance
Forward Air expects revenue to decline 7% to 17% year-over-year, and adjusted net income per diluted share to be in the range of $0.98 to $1.02 for Q4 2023.
Challenges Ahead
- Year-over-year revenue decline expected to be 7% to 17%.
- Adjusted net income per diluted share expected to be in the range of $0.98 to $1.02.
- Decline compared to reported net income per diluted share of $1.60 in Q4 2022.
- Decline compared to adjusted net income per diluted share of $1.65 in Q4 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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