Forward Air Profit Falls; Details Weak Q3 Outlook - Quick Facts

(RTTNews) - Forward Air Corp. (FWRD), a contractor to the air cargo industry, Thursday reported second-quarter net income of $13.8 million or $0.45 per share, compared with $14.2 million or $0.48 per share last year.

Revenues for the quarter were $160 million, up about 8% from $148 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.53 per share on revenues of $169.09 million for the quarter. Analysts' estimates typically exclude special items.

Operating costs for the quarter escalated to $137 million from $125 million a year ago.

CEO Bruce Campbell said, "Within our Forward Air Inc. business segment, the overall tepid macroeconomic environment, the loss of a large customer which created a tough prior year comparison and our continued pricing challenges all conspired to make for a difficult second quarter."

For the third quarter, the company expects earnings of $0.43 to $0.48 per share, while analysts estimate $0.52 per share.

The company expects revenues to grow 10% to 15% from last year, while analysts expect growth of over 17 percent.