Forward Air Corporation (NASDAQ:FWRD) has reported revenue, operating income, net income and diluted earnings per share for the third quarter and the nine months ended Sept. 30.
Operating revenue for the quarter increased 5.7 percent to $143.5 million from $135.7 million for the same quarter in 2011.
Income from operations was $19.6 million, compared with $20.3 million in the prior year quarter.
As a percent of operating revenue, income from operations was 13.7 percent, compared with 15.0 percent in the same quarter last year.
Net income during the period decreased to $12.3 million from $12.9 million in the prior-year quarter.
Income per diluted share for the third quarter of 2012 was $0.41 compared with $0.44 in the prior-year quarter.
Operating revenue for the nine months ended Sept. 30 increased 10.5 percent to $428.9 million from $388.1 million for the same period in 2011.
Income from operations was $59.5 million, compared with $53.5 million in the prior-year period.
As a percent of operating revenue, income from operations increased to 13.9 percent for the first nine months of 2012 from 13.8 percent for the same period in 2011.
Net income during the period was $36.7 million compared with $32.8 million in the prior-year period.
Income per diluted share from operations for the first nine months of 2012 was $1.24 compared with $1.11 in the prior-year period.
Bruce A. Campbell, chairman, president and CEO, commenting on the third quarter, said, "On Sept. 24, we disclosed that, in large part due to macroeconomic issues, our airport-to-airport volumes had fallen off to the point that we needed to revise our guidance for the third quarter.
"Since that announcement, we have continued to experience choppiness in our daily tonnage numbers, but there were some signs of firming last week. With limited visibility and realizing that one week certainly doesn't make a trend, we remain cautiously optimistic that volumes will continue to improve."
Commenting further, Campbell said, "Our operations group will continue to monitor our volumes and freight flows and will dynamically adjust to fluctuations in network volumes to effectively control our costs."
FORWARD AIR SOLUTIONS
Turning to the Forward Air Solutions business segment, Campbell said, "We were extremely pleased to see that our pooled distribution segment performed according to plan and produced a modest profit for the quarter.
"As you know, the fourth quarter is traditionally our strongest period for this operating group. With decent year-over-year same-store volumes as well as recent new business wins, we expect Solutions to make a meaningful contribution to our fourth quarter," Campbell said.
Commenting on the company's guidance for the fourth quarter, Rodney L. Bell, senior vice president and CFO, said, "We anticipate that our fourth quarter 2012 revenues will increase in the range of 5 percent to 8 percent over the comparable 2011 period, and we expect income per diluted share to be between $0.48 and $0.52 per share.
"This compares to $0.50 per share in the fourth quarter of 2011."