Forward Air Cuts Q3 Guidance On Lower Freight Volumes

(RTTNews) - Forward Air Corp. (FWRD) said that it cut its outlook for third-quarter 2016 due to lower freight volumes.

It lowered its third-quarter 2016 year-over-year revenue growth guidance range to -2% to +2% from a previously announced range of 1% to 5%. The Company also lowered its adjusted income guidance range to $0.48 to $0.52 per share from a previously announced range of $0.61 to $0.65.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.64 per share and revenues of $253.81 million for the third-quarter. Analysts' estimates typically exclude special items.

Bruce Campbell, Chairman, President, and CEO, commenting on third quarter performance, said, "Since our second quarter earnings call, the economic environment has remained sluggish. While we are seeing the effects across our portfolio, LTL volumes have been noticeably soft. Through Sunday, September 18, our unadjusted year-over-year LTL tonnage per day for the third quarter was down 4.6%. While our yields and margins have held up, we no longer project that we will achieve our previously provided guidance ranges and are adjusting our outlook for the quarter."