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Forward Air Corp (FWRD) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Forward Air Corp

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CIK: 912728 Ticker: FWRD

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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2022 RESULTS
All-time record quarterly reported revenue, income from operations and net income per diluted share
Guides record second quarter revenue and net income per diluted share

GREENEVILLE, Tenn.- (BUSINESS WIRE) - April 27, 2022 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended March 31, 2022 as presented in the tables below on a continuing operations basis.

Tom Schmitt, Chairman, President and CEO, commenting on first quarter results from continuing operations said, “Strong financial performance resulted in all-time quarterly records set for our first quarter reported revenue, net income and net income per diluted share. Our commitment to precision execution combined with a positive economy drove strong demand for our services. Higher quality freight in our network contributed to a record revenue per shipment for the first quarter for our less-than-truckload line of business. First quarter revenue growth of 29% came in above the high end of our guidance range of 18% to 22% and our reported net income per diluted share of $1.57 exceeded the high end of our $1.15 to $1.19 guidance range.”

Mr. Schmitt continued, “In the first weeks of the second quarter, we have seen continued strength, and believe we will see similar strong performance in the second quarter. Momentum is expected to continue as more and more cruise lines, conferences and trade shows come back. At this point, we are optimistic that we can achieve our previously announced 2023 net income per diluted share of $6.30 in 2022, and are now targeting $6.70 net income per diluted share in 2023 without any major acquisitions.”

In closing, Mr. Schmitt said, “In the first quarter, we achieved unparalleled reported revenue, income from operations and net income per diluted share quarterly financial results. I appreciate the outstanding efforts of our teammates and independent contractors as we could not have reached this monumental achievement without their hard work and valuable contributions.”

Regarding the Company’s second quarter 2022 continuing operations guidance, Rebecca J. Garbrick, CFO, said, “We expect our year-over-year revenue growth will be 18% to 22% and net income per diluted share to be between $1.59 to $1.63, compared to reported net income per diluted share of $1.11 and adjusted net income per diluted share of $1.10 in the second quarter of 2021.”


The following information was filed by Forward Air Corp (FWRD) on Wednesday, April 27, 2022 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 - Intermodal Acquisition Narrative (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
Discontinued Operation (Tables)
Discontinued Operation - Consolidated Statements Of Comprehensive Income (Details)
Discontinued Operation - Narrative (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill Roll Forward (Details)
Goodwill And Intangible Assets - Other Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Indebtedness
Indebtedness (Tables)
Indebtedness - Narrative (Details)
Indebtedness - Summary (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)
Ticker: FWRD
CIK: 912728
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-22-013382
Submitted to the SEC: Mon May 09 2022 5:23:46 PM EST
Accepted by the SEC: Mon May 09 2022
Period: Thursday, March 31, 2022
Industry: Arrangement Of Transportation Of Freight And Cargo

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