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Forward Air Corp (FWRD) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Forward Air Corp

CIK: 912728 Ticker: FWRD


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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FOURTH QUARTER 2018 RESULTS
Reports record quarterly revenue, operating income and EBITDA
Reports record full year financial results, including revenue, operating income,
net income, EPS, EBITDA, cash flow from operations and free cash flow


GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 7, 2019 - Forward Air Corporation (NASDAQ:FWRD) today reported financial results for the fourth quarter and year ended December 31, 2018.

Revenue for the quarter ended December 31, 2018 increased 9.7% to $356.6 million from $325.1 million for the same quarter in 2017. Income from operations was $35.0 million compared to $27.8 million in the prior year quarter. Net income during the quarter was $27.7 million compared to $34.7 million in the same quarter of 2017. Net income per diluted share for the fourth quarter of 2018 was $0.95 compared to $1.16 in the prior year quarter, which included a $0.53 benefit related to the fourth quarter 2017 enactment of the Tax Cuts and Jobs Act ("TCJA").
Revenue for the year ended December 31, 2018 increased 13.0% to $1.3 billion from $1.2 billion for the same period in 2017. Income from operations was $122.0 million compared to $108.8 million in the prior year. Net income during the period was $92.1 million compared to $87.3 million in the same period of 2017. Net income per diluted share was $3.12 for the year ended December 31, 2018 compared to $2.89 in the same period of 2017, which included a $0.53 benefit related to the 2017 enactment of the TCJA.
For the three and twelve months ended December 31, 2018, the Company generated $38.7 million and $152.6 million of cash flow from operations, respectively, compared to $25.7 million and $103.4 million for the same periods in 2017.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $45.9 million in the fourth quarter of 2018 compared to $38.3 million in the same period of 2017. EBITDA increased to $164.2 million for the year ended December 31, 2018 from $149.8 million for the same period in 2017. Free cash flow was $31.8 million in the fourth quarter of 2018 compared to $1.9 million in the prior year quarter. Free cash flow was $117.3 million in the year ended December 31, 2018 compared to $67.5 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 fourth quarter results said, “Our strong fourth quarter growth fueled our full year record results.  Consolidated revenues grew 9.7% driven by solid revenue management across the portfolio.  Consolidated operating income grew 25.9% from improved business mix and outstanding Intermodal performance.”
In closing, Mr. Schmitt said, “During 2018, we achieved record financial performance.  I would like to thank all of our teammates for their hard work in helping us achieve this milestone.”

Commenting on the Company’s fourth quarter results, Michael J. Morris, Senior Vice President and CFO, said, “Our fourth quarter earnings per share of $0.95 exceeded our $0.81 to $0.85 guidance range, driven by strong Intermodal results, improved safety performance and a low book tax rate.”  Regarding the Company’s first quarter 2019 guidance, Mr. Morris said, “We expect first quarter year-on-year revenue growth to be 6% to 10%.  We expect net income per diluted share to be between $0.60 and $0.64 in the first quarter of 2019 compared to $0.60 in the first quarter of 2018.”


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The following information was filed by Forward Air Corp (FWRD) on Thursday, February 7, 2019 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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Inside Forward Air Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii - Valuation And Qualifying Accounts (Notes)
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accounting Policies (Details)
Accounting Policies (Notes)
Accounting Policies Accounting Policies (Policies)
Accounting Policies Capitalized Software Development Amortization Expense (Tables)
Accounting Policies Depreciation Calculation (Tables)
Accounting Policies Impact Of Recent Accounting Pronouncements (Tables)
Accounting Policies Stock Option Assumptions (Tables)
Acquisitions, Goodwill And Other Long-Lived Assets (Details)
Acquisitions, Goodwill And Other Long-Lived Assets (Notes)
Acquisitions, Goodwill And Other Long-Lived Assets Acquisitions, Goodwill And Other Long-Lived Assets (Tables)
Acquisitions, Goodwill And Other Long-Lived Assets Carrying Value Of Goodwill (Details)
Acquisitions, Goodwill And Other Long-Lived Assets Estimated Amortization Expense (Details)
Commitments And Contingencies (Details)
Commitments And Contingencies (Notes)
Debt And Capital Lease Obligations
Debt And Capital Lease Obligations (Details)
Debt And Capital Lease Obligations (Tables)
Debt And Capital Lease Obligations - Capital Lease (Details)
Employee Benefit Plan (Details)
Employee Benefit Plan (Notes)
Financial Instruments (Notes)
Financial Instruments (Tables)
Financial Instruments Financial Instruments - Balance Sheet Grouping (Details)
Income Taxes (Details)
Income Taxes (Notes)
Income Taxes Income Tax Provision (Tables)
Operating Leases
Operating Leases (Details)
Operating Leases (Tables)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Details)
Quarterly Results Of Operations (Unaudited) (Tables)
Segment Reporting (Details)
Segment Reporting (Notes)
Segment Reporting (Tables)
Shareholder's Equity, Stock Options And Net Income Per Share (Notes)
Shareholder's Equity, Stock Options And Net Income Per Share (Tables)
Shareholders' Equity Stock Options And Net Income Per Share - Employee Stock Purchase Plan (Details)
Shareholders' Equity, Stock Options And Net Income Per Share - Common And Preferred Stock (Details)
Shareholders' Equity, Stock Options And Net Income Per Share - Employee Activity - Performance Shares (Details)
Shareholders' Equity, Stock Options And Net Income Per Share - Employee Activity Non-Vested Shares (Details)
Shareholders' Equity, Stock Options And Net Income Per Share - Net Income Per Share (Details)
Shareholders' Equity, Stock Options And Net Income Per Share - Non-Employee Director Non-Vested Shares (Details)
Shareholders' Equity, Stock Options And Net Income Per Share - Stock Option Activity (Details)
Ticker: FWRD
CIK: 912728
Form Type: 10-K Annual Report
Accession Number: 0000912728-19-000047
Submitted to the SEC: Wed Feb 20 2019 10:07:46 AM EST
Accepted by the SEC: Wed Feb 20 2019
Period: Monday, December 31, 2018
Industry: Arrangement Of Transportation Of Freight And Cargo

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