Forward Air Corp (FWRD) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Forward Air Corp

CIK: 912728 Ticker: FWRD


Reports record third quarter revenue
Reports year over year increase in LTL tonnage
Announces 16.7% dividend increase

GREENEVILLE, Tenn.- (BUSINESS WIRE) - October 29, 2020 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and
nine months ended September 30, 2020 as presented in the tables below on a continuing operations basis (Pool Distribution is being reported as a discontinued operation).

Tom Schmitt, Chairman, President and CEO, commenting on the Company's third quarter results said, “During the third quarter our teams did a great job of continuing to restore volumes in response to COVID-19. To support our efforts to grow our fleet and enhance our network capabilities, we implemented several pricing actions during the back half of the quarter which will drive continued improvements in our operational performance and shipment-level profitability.”
Continuing OperationsThree months ended
(in thousands, except per share data)
September 30, 2020 1
September 30, 2019ChangePercent Change
Operating revenue$331,997 $313,683 $18,314 5.8 %
Income from operations $23,510 $29,186 $(5,676)(19.4)%
Operating margin7.1 %9.3 %(220) bps
Net income$16,992 $21,054 $(4,062)(19.3)%
Net income per diluted share$0.61 $0.74 $(0.13)(17.6)%
Cash provided by operating activities$20,564 $43,553 $(22,989)(52.8)%
Non-GAAP Financial Measures: 2
EBITDA$32,682 $38,203 $(5,521)(14.5)%
Free cash flow$18,766 $35,213 $(16,447)(46.7)%
1 Results for the three months ended September 30, 2020 include a $2.3 million one-time charge related to a litigated contract dispute.
2 EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the below financial tables.
Commenting on the Company's third quarter results, Michael J. Morris, CFO, said, “Our third quarter earnings per share of $0.61 exceeded our guidance range, and reflected a $0.06 one-time charge related to a litigated contract dispute.” Regarding the Company's fourth quarter 2020 guidance, Mr. Morris said, “We expect fourth quarter year-on-year revenue growth to be 6% to 10% and net income per diluted share to be between $0.71 and $0.75 in the fourth quarter of 2020.”

The following information was filed by Forward Air Corp (FWRD) on Thursday, October 29, 2020 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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Inside Forward Air Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) Parenthetical
Acquisitions And Long-Lived Assets
Acquisitions And Long-Lived Assets (Tables)
Acquisitions And Long-Lived Assets - Allocations Of Purchase Price (Details)
Acquisitions And Long-Lived Assets - Expedited Freight Acquisitions (Details)
Acquisitions And Long-Lived Assets - Goodwill And Other Long-Lived Assets (Details)
Acquisitions And Long-Lived Assets - Intermodal Acquisitions (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Discontinued Operations And Held For Sale (Details)
Discontinued Operations And Held For Sale (Notes)
Discontinued Operations And Held For Sale (Tables)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Financial Instruments - Fair Value (Details)
Income Taxes
Income Taxes (Details)
Leases (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Revenue (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Senior Credit Facility
Senior Credit Facility (Details)
Share-Based Payments
Share-Based Payments (Tables)
Share-Based Payments - Employee Activity Non-Vested Shares (Details)
Share-Based Payments - Employee Activity Performance Shares (Details)
Share-Based Payments - Employee Stock Purchase Plan (Details)
Share-Based Payments - Non-Employee Director Non-Vested Shares (Details)
Share-Based Payments - Stock Option Activity (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

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

Ticker: FWRD
CIK: 912728
Form Type: 10-Q Quarterly Report
Accession Number: 0000912728-20-000162
Submitted to the SEC: Fri Oct 30 2020 12:39:11 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Arrangement Of Transportation Of Freight And Cargo

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