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Forward Air Corp (FWRD) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Forward Air Corp

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CIK: 912728 Ticker: FWRD

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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2021 RESULTS
Achieves highest ever monthly net income for the month of September
Reports record quarterly income from operations and net income per diluted share
Guides record full year 2021 revenue and net income per diluted share

GREENEVILLE, Tenn.- (BUSINESS WIRE) - October 27, 2021 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and nine months ended September 30, 2021 as presented in the tables below on a continuing operations basis (Pool Distribution was previously reported as a discontinued operation).

Tom Schmitt, Chairman, President and CEO, commenting on third quarter results from continuing operations said, “During the months of July and August, we completed a process of cleansing our inefficient freight and replacing with higher quality freight. Our surgical collaboration with customers on selecting, handling, and pricing freight led to the highest ever monthly net income for the month of September with our less-than-truckload line of business reporting record levels in weight per shipment and revenue per shipment. Business momentum combined with the completion of our cleanse process culminated in record quarterly reported income from operations of $42.5 million and adjusted income from operations of $43.4 million. Our record reported net income per diluted share of $1.12 and adjusted net income per diluted share of $1.14 exceeded the high end of our $1.03 to $1.07 guidance range. Our third quarter revenue growth of 26% was slightly below the low end of our guidance range of 28% to 32%.”

Mr. Schmitt continued, “I am very encouraged by the results in the month of September, in particular the strong operating margin expansion in the Expedited Freight segment. We expect volumes in the fourth quarter 2021 to exceed volumes for the same period of 2020. Through October, our volumes were strong year-over-year. Our guidance reflects a record full year 2021 revenue and net income per diluted share. We fully expect our momentum to continue into 2022 and 2023. As we continue to execute upon our strategic priorities, our full year 2023 targets include revenue of $2.0 billion to $2.6 billion and net income per diluted share of $6.30 to $6.70.”

In closing, Mr. Schmitt said, “In the third quarter, we achieved the highest income from operations and net income per diluted share for a quarter in the history of the Company. I would like to thank all of our teammates and independent contractors for their hard work in helping to achieve this important milestone.”

Regarding the Company’s fourth quarter 2021 continuing operations guidance, Rebecca J. Garbrick, CFO, said, “We expect our year-over-year revenue growth will be 23% to 27% and net income per diluted share to be between $1.25 to $1.29, compared to reported net income per diluted share of $0.55 and adjusted net income per diluted share of $0.62 in the fourth quarter of 2020. Our full year 2021 net income per diluted share is expected to be between $4.08 to $4.12 and adjusted net income per diluted share to be between $4.30 to $4.34, compared to reported net income per diluted share of $1.89 and adjusted net income per diluted share of $1.99 in 2020.”


The following information was filed by Forward Air Corp (FWRD) on Thursday, October 28, 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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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 - Employee Stock Purchase Plan (Details)
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)
Ticker: FWRD
CIK: 912728
Form Type: 10-Q Quarterly Report
Accession Number: 0000912728-21-000203
Submitted to the SEC: Mon Nov 08 2021 3:13:34 PM EST
Accepted by the SEC: Mon Nov 08 2021
Period: Thursday, September 30, 2021
Industry: Arrangement Of Transportation Of Freight And Cargo

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