Forward Air Q1 Profit Misses Estimates

(RTTNews) - Forward Air Corp. (FWRD) reported first quarter net income per share of $0.30 compared to $0.64, last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.41, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue increased 6.5% to $342.5 million from $321.5 million for the same period in 2019. Analysts expected revenue of $344.24 million for the quarter.

Tom Schmitt, CEO, said, "Our record first quarter revenue was driven by our recent Final Mile and Intermodal acquisitions, which are reflected in our first quarter results."

On April 29, the Board declared a quarterly cash dividend of $0.18 per share of common stock. The dividend is payable to shareholders of record at the close of business on May 25, 2020 and is expected to be paid on June 10, 2020.