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Forward Air Corp (FWRD) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Forward Air Corp

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CIK: 912728 Ticker: FWRD

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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2021 RESULTS
Reports record first quarter revenue
Guides for record second quarter net income per diluted share

GREENEVILLE, Tenn.- (BUSINESS WIRE) - April 29, 2021 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended March 31, 2021 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 first quarter results from continuing operations said, “Our growth strategies drove our record first quarter revenue, which came in above the high end of our guidance range. Business momentum continued during the quarter and accelerated in March, when our LTL business achieved an operating margin higher than in March of peak economy year 2018.”

“Our net income per diluted share of $0.60 exceeded the high end of our guidance range. This guidance included approximately $0.07 of anticipated professional fees related to cybersecurity and shareholder engagement activities. However, during the first quarter these fees were approximately $0.20 (driven predominately by shareholder engagement activities that resulted in us entering into a cooperation agreement), all of which was recorded in Other Operations. We also experienced an estimated $0.06 impact in February from adverse weather (which had a $0.04 impact on our Expedited Freight segment and a $0.02 impact on our Intermodal segment). When adjusting for this approximate $0.26 total impact, we believe the underlying performance of our business during the first quarter greatly exceeded what we expected in our first quarter guidance.”

Regarding the Company’s second quarter 2021 continuing operations guidance, Mr. Schmitt said, “We expect our year-over-year revenue growth will be 35% to 40%, and our net income per diluted share to be between $0.96 to $1.00, compared to $0.33 in the second quarter of 2020 and, more meaningfully compared to $0.79 in the second quarter of 2018.”

In closing, Mr. Schmitt said, “The first quarter was all about a determined focus of the entire team. In the midst of a tight market and winter storms, our teammates and independent contractors went above and beyond to keep our customer commitments. We feel very strongly about our momentum which we will further enhance over the next few months and years. As the country continues its vaccine rollout, we will continue to bring back business together with our customers who were directly impacted by the pandemic such as cruise lines, conferences and trade shows.”

The following information was filed by Forward Air Corp (FWRD) on Thursday, April 29, 2021 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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Forward Air Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Allocations Of Purchase Price (Details)
Acquisitions - Estimated Useful Lives (Details)
Acquisitions - Expedited Freight Acquisitions Narrative (Details)
Acquisitions - Intermodal Acquisition Narrative (Details)
Acquisitions - Weighted Average Assumptions (Details)
Commitment And Contingencies (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Description Of Business And Basis Of Presentation (Policies)
Discontinued Operation And Held For Sale
Discontinued Operation And Held For Sale (Tables)
Discontinued Operation And Held For Sale - Assumptions (Details)
Discontinued Operation And Held For Sale - Consolidated Statements Of Comprehensive Income (Details)
Discontinued Operation And Held For Sale - Narrative (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill Roll Forward (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Indebtedness
Indebtedness (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Anti-Dilutive Shares (Details)
Net Income (Loss) Per Share - Basic And Diluted Net Income Per Share (Details)
Revenue Recognition
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - Narrative (Details)
Stock Incentive Plans - Roll Forward Activity (Details)
Stock Incentive Plans - Share-Based Compensation Expense (Details)
Subsequent Event
Subsequent Event (Details)

Material Contracts, Statements, Certifications & more

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

Exhibit 10.1: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: FWRD
CIK: 912728
Form Type: 10-Q Quarterly Report
Accession Number: 0000912728-21-000129
Submitted to the SEC: Mon May 03 2021 9:47:11 PM EST
Accepted by the SEC: Tue May 04 2021
Period: Wednesday, March 31, 2021
Industry: Arrangement Of Transportation Of Freight And Cargo

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