Forward Air Q4 2022 Earnings Report
Key Takeaways
Forward Air Corporation reported a record fourth quarter with a 5% revenue growth, but missed its own guidance due to unexpected decrease in shipment sizes. Despite these challenges, the company grew its LTL direct shipper customer count by more than 200% from Q4 2021 to Q4 2022 and saw an increase in industrial and electronics shipments.
Revenue growth of 5% came in below guidance range of 7% to 11%.
Net income per diluted share of $1.60 and adjusted net income per diluted share of $1.65 came in below guidance range of $1.98 to $2.02.
LTL direct shipper customer count grew by more than 200% from Q4 2021 to Q4 2022.
Weight per piece up by 12.1% over the same period in the prior year.
Forward Air
Forward Air
Forward Air Revenue by Segment
Forward Guidance
The Company expects year-over-year revenue to remain flat, with a range of up 2% to down 4%, and net income per diluted share will be between $1.30 to $1.34, compared to reported net income per diluted share of $1.57 in the first quarter of 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income