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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2018 RESULTS
Reports record quarterly revenue and cash flow from operations
Reports record year-to-date financial results, including revenue, operating income,
net income, EPS, EBITDA, cash flow from operations and free cash flow
Announces 20% dividend increase
GREENEVILLE, Tenn.- (BUSINESS WIRE) - October 24, 2018 - Forward Air Corporation (NASDAQ:FWRD) today reported financial results for the three and nine months ended September 30, 2018.
Revenue for the quarter ended September 30, 2018 increased 11.1% to $331.4 million from $298.3 million for the same quarter in 2017. Income from operations was $29.9 million compared to $27.2 million in the prior year quarter. Net income during the quarter was $22.3 million compared to $18.3 million in the third quarter of 2017. Net income per diluted share for the third quarter of 2018 was $0.76 compared to $0.61 in the prior year quarter.
Revenue for the nine months ended September 30, 2018 increased 14.2% to $964.3 million from $844.2 million for the same period in 2017. Income from operations was $87.0 million compared to $80.9 million in the prior year. Net income during the period was $64.4 million compared to $52.6 million in the same period of 2017. Net income per diluted share was $2.18 for the nine months ended September 30, 2018 compared to $1.73 in the same period of 2017.
For the three and nine months ended September 30, 2018, the Company generated $46.9 million and $113.8 million of cash flow from operations, respectively, compared to $25.7 million and $77.7 million for the same periods in 2017.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $40.2 million in the third quarter of 2018 compared to $37.5 million in the same period of 2017. EBITDA increased to $118.3 million for the nine months ended September 30, 2018 from $111.5 million for the same period in 2017. Free cash flow was $31.3 million in the third quarter of 2018 compared to $16.9 million in the prior year quarter. Free cash flow was $85.5 million in the nine months ended September 30, 2018 compared to $65.6 million in the same period of 2017. EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the attached financial tables.
Tom Schmitt, President and CEO, commenting on third quarter results said, “Our strong third quarter growth fueled our year-to-date record results. Consolidated revenues grew 11.1% driven by solid revenue management across the portfolio.  Consolidated operating income grew 9.9% amid a tight truckload market that drove higher purchased transportation costs for all of our business units.  Intermodal generated record quarterly results, as the team capitalized on the benefits of increased volumes and recent acquisitions.”
Commenting on Intermodal’s continued growth, Mr. Schmitt said, “We are pleased to announce the signing of a definitive agreement to acquire substantially all of the assets of Southwest Freight Distributors (“Southwest”) for $16.25 million.  Southwest is a Dallas, Texas based premium drayage provider.  We expect the transaction will close within a month, and we anticipate Southwest will contribute $20.0 million of revenue and $3.0 million of EBITDA on an annualized basis.”
In closing, Mr. Schmitt said, “I would like to thank Bruce Campbell for the fantastic transition and for developing such an outstanding group of teammates. Together we will make profitable growth a remarkable reality.”

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The following information was filed by Forward Air Corp (FWRD) on Wednesday, October 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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