Forward Air profits increase 30pc in first quarter to US$10.3 million
2012 04 26
- Details
TENNESSEE's Forward Air Corp, which provides surface transport for air cargo, has posted a 30 per cent year on year first quarter profit increase to US$10.3 million drawn on revenues of $137.1 million, up 14.1 per cent.
The company attributed its first quarter results to "strong demand for our airport-to-airport service offering which was complemented by revenue growth from both our logistics group as well as our Forward Air Complete pickup and delivery product", said Forward Air president and CEO Bruce Campbell, reported the Knoxville New Sentinel.
The company expects revenue to rise eight to 12 per cent in the second quarter with a corresponding rise in profit, said chief financial officer Rodney Bell.
Despite this success, Forward Air was downgraded by a Baird analyst Benjamin Hartford from Outperform to Neutral because he doubted the company's shares would rise soon.
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