GREENEVILLE, Tenn. (AP) — Forward Air Corp. (FWRD) on Thursday reported first-quarter profit of $11.2 million.

The Greeneville, Tennessee-based company said it had net income of 40 cents per share. Earnings, adjusted to account for discontinued operations, were 60 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The contractor for the air cargo industry posted revenue of $362.2 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $341.4 million.

Forward Air expects full-year earnings to be 96 cents to $1 per share.

Forward Air shares have increased 15% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $88.30, an increase of 65% in the last 12 months.


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