Forward Air Q2 Net Income Decreases; Reduces Full Year Earnings Guidance

(RTTNews) - Forward Air Corporation (FWRD) reported second-quarter net income of $11.8 million compared to $17.2 million in the second quarter of 2014. Net income per share was $0.38 compared to $0.55. Adjusted income per share was $0.51.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.61 for the quarter. Analysts' estimates typically exclude special items.

Operating revenue increased 28.8% to $249.7 million from $193.9 million for the same quarter in 2014. Analysts expected revenue of $249.27 million for the quarter.

Forward Air anticipates third quarter revenues will increase in the range of 23% to 27% over the comparable 2014 period. Without regard to additional costs of integration, Forward Air expects income per share to be between $0.58 and $0.62. Analysts expect the company to report third-quarter earnings per share of $0.67.

Forward Air said it is reducing full year 2015 earnings guidance to a range of $2.15 to $2.25 per share primarily due to the slower than anticipated integration of Towne Air. Analysts expect the company to report fiscal year earnings per share of $2.43.