Forward Air Corp (FWRD) 10-K Annual Report February 2017

GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 08, 2017 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the fourth quarter and year ended December 31, 2016.

Operating revenue for the quarter ended December 31, 2016 increased 3.3% to $264.8 million from $256.4 million for the same quarter in 2015. Income from operations was $28.2 million, compared to $29.0 million in the prior year quarter. Net income during the period was $12.7 million compared to $23.2 million in the fourth quarter of 2015. Net income per diluted share for the fourth quarter of 2016 was $0.42 compared to $0.75 in the prior year quarter.

Fourth quarter income from operations of $28.2 million was not adjusted, and compares to adjusted income from operations of $30.8 million for the fourth quarter of 2015. Adjusted net income decreased to $17.7 million during the fourth quarter of 2016 from $19.0 million in the prior year quarter. Similarly, adjusted earnings per diluted share for the fourth quarter of 2016 decreased to $0.58 compared to $0.61 in the prior year quarter. A tabular reconciliation of non-GAAP financial measures to reported results prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) is contained in the financial summary statements attached to this press release.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the fourth quarter results said, “Our fourth quarter results were slightly ahead of our guidance, which reflected one less operating day in the current year quarter. Our Expedited LTL group continued to improve its linehaul and dock efficiencies despite the seasonally busy fourth quarter. Truckload Premium Services grew its revenue but incurred higher broker utilization as it on-boarded new business. Our Intermodal group performed well amid margin pressure reflecting the integration of Triumph, while our Pool Distribution segment did a great job ramping up its recent new business wins.”

In closing Mr. Campbell said, “As we end 2016, I would like to thank all of our employees and independent contractors for their hard work during a sluggish year for freight. With the improvements we have made within each of our business units, we are well positioned for any pick-up in 2017 freight volumes.”

Commenting on the Company’s first quarter 2017 guidance, Michael J. Morris, Senior Vice President and CFO, said, “We expect first quarter year-on-year revenue growth to be up 4% to 8%. We expect net income per diluted share to be between $0.38 and $0.42, compared to $0.43 in the prior year quarter. We do not anticipate making any non-GAAP adjustments to our first quarter 2017 net income per diluted share results, nor were there any in the prior year quarter.” Supplemental 2017 guidance information is contained in the financial summary statements attached to this press release.

On February 7, 2017, our Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 9, 2017, and is expected to be paid on March 24, 2017.

This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.60 per share of common stock, payable in quarterly increments of $0.15 per share of common stock. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company's financial performance.

The following information was filed by Forward Air Corp (FWRD) on Wednesday, February 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Forward Air Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.41: Material Contract

Exhibit 10.42: Material Contract

Exhibit 10.43: Material Contract

Exhibit 10.44: Material Contract

Exhibit 10.45: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: FWRD
CIK: 912728
Form Type: 10-K Annual Report
Accession Number: 0000912728-17-000036
Submitted to the SEC: Wed Feb 22 2017 4:45:33 PM EST
Accepted by the SEC: Wed Feb 22 2017
Period: Saturday, December 31, 2016
Industry: Arrangement Of Transportation Of Freight And Cargo