FORWARD AIR SEES 1ST-QUARTER EARNINGS DIP
Forward Air Corp., the Greenville, Tenn.-based provider of time-definite ground transportation services for the air cargo industry, reported first-quarter net income of $4.9 percent, down 21.0 percent from the year-earlier period.
Operating income for the quarter fell 20.4 percent to $7.8 million, while revenue was off 12.9 percent, to $52.9 million.
'During the quarter, the company operated at an 85.3-percent operating ratio despite the decrease in revenue,' said Bruce Campbell, Forward Air's president and chief operating officer. 'While showing a decline on a year-over-year basis, revenue continued to strengthen as the quarter progressed.'