Forward Air Corporation Reports Fourth Quarter 2018 Results

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GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) today reported financial results for the fourth quarter and year ended December 31, 2018.

Revenue for the quarter ended December 31, 2018 increased 9.7% to $356.6 million from $325.1 million for the same quarter in 2017. Income from operations was $35.0 million compared to $27.8 million in the prior year quarter. Net income during the quarter was $27.7 million compared to $34.7 million in the same quarter of 2017. Net income per diluted share for the fourth quarter of 2018 was $0.95 compared to $1.16 in the prior year quarter, which included a $0.53 benefit related to the fourth quarter 2017 enactment of the Tax Cuts and Jobs Act ("TCJA").

Revenue for the year ended December 31, 2018 increased 13.0% to $1.3 billion from $1.2 billion for the same period in 2017. Income from operations was $122.0 million compared to $108.8 million in the prior year. Net income during the period was $92.1 million compared to $87.3 million in the same period of 2017. Net income per diluted share was $3.12 for the year ended December 31, 2018 compared to $2.89 in the same period of 2017, which included a $0.53 benefit related to the 2017 enactment of the TCJA.

For the three and twelve months ended December 31, 2018, the Company generated $38.7 million and $152.6 million of cash flow from operations, respectively, compared to $25.7 million and $103.4 million for the same periods in 2017.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $45.9 million in the fourth quarter of 2018 compared to $38.3 million in the same period of 2017. EBITDA increased to $164.2 million for the year ended December 31, 2018 from $149.8 million for the same period in 2017. Free cash flow was $31.8 million in the fourth quarter of 2018 compared to $1.9 million in the prior year quarter. Free cash flow was $117.3 million in the year ended December 31, 2018 compared to $67.5 million in the same period of 2017. EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the attached financial tables.

Tom Schmitt, President and CEO, commenting on fourth quarter results said, “Our strong fourth quarter growth fueled our full year record results. Consolidated revenues grew 9.7% driven by solid revenue management across the portfolio. Consolidated operating income grew 25.9% from improved business mix and outstanding Intermodal performance.”

In closing, Mr. Schmitt said, “During 2018, we achieved record financial performance. I would like to thank all of our teammates for their hard work in helping us achieve this milestone.”

Commenting on the Company’s fourth quarter results, Michael J. Morris, Senior Vice President and CFO, said, “Our fourth quarter earnings per share of $0.95 exceeded our $0.81 to $0.85 guidance range, driven by strong Intermodal results, improved safety performance and a low book tax rate.” Regarding the Company’s first quarter 2019 guidance, Mr. Morris said, “We expect first quarter year-on-year revenue growth to be 6% to 10%. We expect net income per diluted share to be between $0.60 and $0.64 in the first quarter of 2019 compared to $0.60 in the first quarter of 2018.”

On February 5, 2019, our Board of Directors 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 March 7, 2019 and is expected to be paid on March 22, 2019.

This quarterly dividend is made pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.72 for the full year 2019, payable in quarterly increments of $0.18 per share of common stock. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance.

Also, on February 5, 2019, our Board approved a stock repurchase authorization plan for up to five million shares of the Company’s common stock. In connection with this action, the Board cancelled the Company’s 2016 stock repurchase authorization. The amount and timing of any repurchases under the Company’s new repurchase authorization will be at such prices as determined by management of the Company. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Stock repurchases may be commenced or suspended from time to time for any reason. The Company currently has approximately 28,909,744 shares outstanding as of February 5, 2019.

Review of Financial Results

Forward Air will hold a conference call to discuss fourth quarter 2018 results on Friday, February 8, 2019 at 9:00 a.m. EST. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, where investors can easily find or navigate to pertinent information about us, or by dialing (800) 230-1059. A replay of the conference call will be available on the Investor Relations portion of the Company’s website at www.forwardaircorp.com beginning shortly after completion of the live call.

About Forward Air Corporation

Forward Air keeps your business moving forward by providing services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, final mile solutions and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Premium Services (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). For more information, visit our website at www.forwardaircorp.com.

Financial Statement Presentation

Our results reflect the impact of the new revenue recognition standard, adopted under ASC 606, on a full retrospective basis, which required us to adjust each prior reporting period presented to conform to the current year presentation.

 
 
 
 
 
Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
           
Three months ended Year ended
December 31,
2018 		    December 31,
2017 		December 31,
2018 		    December 31,
2017
  (As Adjusted)   (As Adjusted)
Operating revenue:
Expedited LTL $ 196,220 $ 181,202 $ 747,562 $ 655,838
Truckload Premium Services 49,600 52,753 192,582 201,752
Intermodal 52,730 44,377 201,006 154,684
Pool Distribution 60,861 51,742 194,117 168,483
Eliminations and other operations (2,850 ) (4,938 ) (14,381 ) (11,411 )
Operating revenue 356,561 325,136 1,320,886 1,169,346
 
Operating expenses:
Purchased transportation 162,804 155,964 613,636 545,091
Salaries, wages and employee benefits 82,548 73,562 300,230 265,842
Operating leases 21,036 16,594 75,677 63,799
Depreciation and amortization 10,837 10,477 42,183 41,055
Insurance and claims 8,738 8,199 35,180 29,578
Fuel expense 6,335 5,094 23,121 16,542
Other operating expenses 29,216   27,403   108,828   98,682  
Total operating expenses 321,514   297,293   1,198,855   1,060,589  
Income (loss) from operations
Expedited LTL 25,361 22,805 96,385 87,969
Truckload Premium Services 1,708 (519 ) 5,055 3,215
Intermodal 6,933 3,415 23,266 12,963
Pool Distribution 2,175 2,706 5,870 6,378
Other operations (1,130 ) (564 ) (8,545 ) (1,768 )
Income from operations 35,047 27,843 122,031 108,757
 
Other expense:
Interest expense (457 ) (403 ) (1,783 ) (1,209 )
Other, net —   —   (2 ) (11 )
Total other expense (457 ) (403 ) (1,785 ) (1,220 )
Income before income taxes 34,590 27,440 120,246 107,537
Income tax expense (benefit) 6,906   (7,241 ) 28,195   20,282  
Net income and comprehensive income $ 27,684   $ 34,681   $ 92,051   $ 87,255  
 
Net income per share:
Basic $ 0.95 $ 1.17 $ 3.14 $ 2.90
Diluted $ 0.95 $ 1.16 $ 3.12 $ 2.89
 
Dividends per share: $ 0.18 $ 0.15 $ 0.63 $ 0.60
 
 
 
 
 
 
Expedited LTL Segment Information
(In millions)
(Unaudited)
                 
Three months ended
December 31, Percent of December 31, Percent of Percent
2018 Revenue 2017 Revenue Change Change
    (As Adjusted)      
Operating revenue $ 196.2 100.0 % $ 181.2 100.0 % $ 15.0 8.3 %
 
Operating expenses:
Purchased transportation 89.8 45.8 85.1 46.9 4.7 5.5
Salaries, wages and employee benefits 43.2 22.0 39.0 21.5 4.2 10.8
Operating leases 11.0 5.6 9.1 5.0 1.9 20.9
Depreciation and amortization 5.8 3.0 5.6 3.1 0.2 3.6
Insurance and claims 3.6 1.8 5.1 2.8 (1.5 ) (29.4 )
Fuel expense 1.8 0.9 1.0 0.6 0.8 80.0
Other operating expenses 15.6 8.0   13.5 7.5   2.1   15.6  
Total operating expenses 170.8 87.1   158.4 87.4   12.4   7.8  
Income from operations $ 25.4 12.9 % $ 22.8 12.6 % $ 2.6   11.4 %
 
 
 
 
 
Expedited LTL Operating Statistics
               
Three months ended
December 31, December 31, Percent
2018 2017 Change
  (As Adjusted)  
 
Business days 64 63 1.6 %
 
Tonnage

Total pounds 1

648,423 666,308 (2.7 )

Pounds per day 1

10,132 10,576 (4.2 )
 
Shipments

Total shipments 1

1,104 1,136 (2.8 )

Shipments per day 1

17 18 (3.9 )

Total shipments with pickup and/or delivery 1

260 245 6.1
 
Weight per shipment 587 587 —
 
Revenue per hundredweight $ 26.72 $ 24.25 10.2
Revenue per hundredweight, ex fuel $ 22.33 $ 21.28 4.9
 
Revenue per shipment $ 157 $ 142 10.6
Revenue per shipment, ex fuel $ 131 $ 125 4.8 %
 

1 - In thousands

 
 
 
 
 
 
Truckload Premium Services Segment Information
(In millions)
(Unaudited)
                           
Three months ended
December 31, Percent of December 31, Percent of Percent
2018 Revenue 2017 Revenue Change Change
    (As adjusted)          
Operating revenue $ 49.6 100.0 % $ 52.8 100.0 % $ (3.2 ) (6.1 )%
 
Operating expenses:
Purchased transportation 37.2 75.0 41.8 79.2 (4.6 ) (11.0 )
Salaries, wages and employee benefits 4.7 9.5 5.2 9.8 (0.5 ) (9.6 )
Operating leases 0.1 0.2 0.4 0.8 (0.3 ) (75.0 )
Depreciation and amortization 1.6 3.2 1.6 3.0 — —
Insurance and claims 1.4 2.8 1.2 2.3 0.2 16.7
Fuel expense 0.7 1.4 1.0 1.9 (0.3 ) (30.0 )
Other operating expenses 2.2 4.4   2.1   4.0       0.1   4.8  
Total operating expenses 47.9 96.6   53.3   100.9       (5.4 ) (10.1 )
Results from operations $ 1.7 3.4 % $ (0.5 ) (0.9 )% $ 2.2   NM  
 
 
 
 
 
Truckload Premium Services Operating Statistics
         
Three months ended
December 31,     December 31,     Percent
2018 2017 Change
  (As Adjusted)  
 

Total Miles 1

19,485 24,516 (20.5 )%
Empty Miles Percentage 8.3 % 8.9 % (6.7 )
Tractors (avg) 315 354 (11.0 )
Miles per tractor per week 2 1,886 2,585 (27.0 )
 
Revenue per mile $ 2.55 $ 2.08 22.6
Cost per mile $ 2.02 $ 1.77 14.1 %
 

1 - In thousands

2 - Calculated using Company driver and owner operator miles

 
 
 
 
 
 
Intermodal Segment Information
(In millions)
(Unaudited)
                           
Three months ended
December 31, Percent of December 31, Percent of Percent
2018 Revenue 2017 Revenue Change Change
        (As Adjusted)          
Operating revenue $ 52.7 100.0 % $ 44.4 100.0 % $ 8.3 18.7 %
 
Operating expenses:
Purchased transportation 19.7 37.4 18.8 42.3 0.9 4.8
Salaries, wages and employee benefits 12.2 23.1 9.7 21.8 2.5 25.8
Operating leases 4.0 7.6 3.5 7.9 0.5 14.3
Depreciation and amortization 1.7 3.2 1.6 3.6 0.1 6.3
Insurance and claims 1.5 2.8 0.9 2.0 0.6 66.7
Fuel expense 1.7 3.2 1.2 2.7 0.5 41.7
Other operating expenses 5.0 9.5   5.3 11.9   (0.3 ) (5.7 )
Total operating expenses 45.8 86.9   41.0 92.3   4.8   11.7  
Income from operations $ 6.9 13.1 % $ 3.4 7.7 % $ 3.5   102.9 %
 
 
 
 
 
Intermodal Operating Statistics
         
Three months ended
December 31,     December 31,     Percent
2018 2017 Change
  (As Adjusted)  
 
Drayage shipments 81,566 76,007 7.3 %
Drayage revenue per shipment $ 560 $ 519 7.9
Number of locations 20 19 5.3 %
 
 
 
 
 
 
Pool Distribution Segment Information
(In millions)
(Unaudited)
                           
Three months ended
December 31, Percent of December 31, Percent of Percent
2018 Revenue 2017 Revenue Change Change
        (As Adjusted)          
Operating revenue $ 60.9 100.0 % $ 51.7 100.0 % $ 9.2 17.8 %
 
Operating expenses:
Purchased transportation 18.5 30.4 14.6 28.2 3.9 26.7
Salaries, wages and employee benefits 22.2 36.5 18.9 36.6 3.3 17.5
Operating leases 6.0 9.9 3.8 7.4 2.2 57.9
Depreciation and amortization 1.7 2.8 1.7 3.3 — —
Insurance and claims 1.4 2.3 1.5 2.9 (0.1 ) (6.7 )
Fuel expense 2.1 3.4 1.8 3.5 0.3 16.7
Other operating expenses 6.8 11.2   6.7 13.0   0.1   1.5  
Total operating expenses 58.7 96.4   49.0 94.8   9.7   19.8  
Income from operations $ 2.2 3.6 % $ 2.7 5.2 % $ (0.5 ) (18.5 )%
 
 
 
 
 
Pool Operating Statistics
         
Three months ended
December 31,     December 31,     Percent
2018 2017 Change
  (As Adjusted)  
 

Cartons 1

30,435 26,172 16.3 %
Revenue per carton $ 2.00 $ 1.98 1.0
Terminals 28 28 —
 

1 In thousands

 
 
 
 
 
 
Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
        December 31,
2018 		    December 31,

2017

  (As Adjusted)
Assets
Current assets:
Cash and cash equivalents $ 25,657 $ 3,893
Accounts receivable, net 156,359 147,948
Other current assets 19,066 15,807
Total current assets 201,082 167,648
 
Property and equipment 413,900 399,235
Less accumulated depreciation and amortization 204,005 193,123
Net property and equipment 209,895 206,112
Goodwill and other acquired intangibles:
Goodwill 199,092 191,671
Other acquired intangibles, net of accumulated amortization 113,661 111,247
Total goodwill and other acquired intangibles, net 312,753 302,918
Other assets 36,485 15,944
Total assets $ 760,215 $ 692,622
 
 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 34,630 $ 30,723
Accrued expenses 39,784 35,069
Current portion of debt and capital lease obligations 309 359
Total current liabilities 74,723 66,151
 
Debt and capital lease obligations, less current portion 47,335 40,588
Other long-term liabilities 47,739 24,104
Deferred income taxes 37,174 29,080
 
Shareholders’ equity:
Common stock 285 295
Additional paid-in capital 210,296 195,346
Retained earnings 342,663 337,058
Total shareholders’ equity 553,244 532,699
Total liabilities and shareholders’ equity $ 760,215 $ 692,622
 
 
 
 
 
 
Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
           
Three months ended
December 31,
2018 		December 31,
2017
  (As Adjusted)
Operating activities:
Net income $ 27,684 $ 34,681
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 10,837 10,477
Share-based compensation 3,024 2,138
(Gain) loss on disposal of property and equipment (157 ) 580
Provision for loss on receivables 191 26
Provision for revenue adjustments 707 924
Deferred income tax 1,418 (12,592 )
Changes in operating assets and liabilities
Accounts receivable (8,792 ) (10,563 )
Prepaid expenses and other assets 2,315 207
Income taxes 1,937 (3,056 )
Accounts payable and accrued expenses (456 ) 2,831  
Net cash provided by operating activities 38,708 25,653
 
Investing activities:
Proceeds from disposal of property and equipment 1,070 943
Purchases of property and equipment (7,949 ) (24,655 )
Acquisition of business (16,250 ) (640 )
Other 115   (150 )
Net cash used in investing activities (23,014 ) (24,502 )
 
Financing activities:
Payments of debt and capital lease obligations (74 ) (75 )
Borrowings on line of credit 7,000 —
Proceeds from exercise of stock options 239 1,630
Payments of cash dividends (5,214 ) (4,468 )
Repurchase of common stock (repurchase program) (21,141 ) (7,000 )
Common stock issued under employee stock purchase plan 242   232  
Net cash used in by financing activities (18,948 ) (9,681 )
Net decrease in cash (3,254 ) (8,530 )
Cash at beginning of period 28,911   12,423  
Cash at end of period $ 25,657   $ 3,893  
 
 
 
 
 
 
Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
        Year ended
December 31,
2018 		    December 31,
2017
  (As Adjusted)
Operating activities:
Net income $ 92,051 $ 87,255
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 42,183 41,055
Change in fair value of earn-out liability (455 ) —
Share-based compensation 10,549 8,103
(Gain) loss on disposal of property and equipment (171 ) 1,281
Provision for loss on receivables 139 1,814
Provision for revenue adjustments 3,628 3,055
Deferred income taxes 8,094 (12,068 )
Changes in operating assets and liabilities
Accounts receivable (12,178 ) (33,457 )
Prepaid expenses and other assets (2,565 ) (1,204 )
Income taxes (1,256 ) (3,480 )
Accounts payable and accrued expenses 12,535   11,010  
Net cash provided by operating activities 152,554 103,364
 
Investing activities:
Proceeds from disposal of property and equipment 7,059 2,440
Purchases of property and equipment (42,293 ) (38,265 )
Acquisition of business, net of cash acquired (19,987 ) (23,140 )
Other (242 ) (222 )
Net cash used in investing activities (55,463 ) (59,187 )
 
Financing activities:
Payments of debt and capital lease obligations (302 ) (42,790 )
Proceeds from senior credit facility 7,000 55,000
Proceeds from exercise of stock options 3,921 7,272
Payments of cash dividends (18,427 ) (18,052 )
Repurchase of common stock (repurchase program) (66,126 ) (48,983 )
Common stock issued under employee stock purchase plan 479 458
Cash settlement of share-based awards for tax withholdings (1,872 ) (1,700 )
Net cash used in financing activities (75,327 ) (48,795 )
Net increase (decrease) in cash 21,764 (4,618 )
Cash at beginning of year 3,893   8,511  
Cash at end of year $ 25,657   $ 3,893  
 
 
 
 
 
 

Forward Air Corporation Reconciliation of U.S. GAAP and Non-GAAP Financial Measures

The Company reports its financial results in accordance with GAAP (also referred to herein as “reported”). However, the Company also uses “non-GAAP financial measures” that are derived on the basis of methodologies other than in accordance with GAAP. Specifically, the Company believes that meaningful analysis of its financial performance in 2018 and 2017 requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the Company’s performance.

This press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months and year ended December 31, 2018 and 2017 on a consolidated basis; and free cash flow for the three months and year ended December 31, 2018 and 2017. The Company believes that including these items will assist investors in understanding its core operating performance and allow for more accurate comparisons of results.

The Company believes that EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance stockholder value.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. Non-GAAP financial information does not represent a comprehensive basis of accounting. As required by the Securities and Exchange Act of 1933 and the rules and regulations promulgated thereunder, the tables below present, for the periods indicated, a reconciliation of the Company's presented non-GAAP financial measures to the most directly comparable GAAP financial measures.

 
 
 
Forward Air Corporation
Reconciliation to U.S. GAAP
(In thousands)
(Unaudited)
           
Three months ended Year ended

December 31,

2018

   

December 31,

2017

December 31,

2018

   

December 31,

2017

  (As Adjusted)   (As Adjusted)
Net income $ 27,684 $ 34,681 $ 92,051 $ 87,255
Interest expense 457 403 1,783 1,209
Income tax expense (benefit) 6,906 (7,241 ) 28,195 20,282
Depreciation and amortization 10,837   10,477   42,183   41,055  
EBITDA $ 45,884   $ 38,320   $ 164,212   $ 149,801  
 
 
Three months ended Year ended

December 31,

2018

December 31,

2017

December 31,

2018

December 31,

2017

  (As Adjusted)   (As Adjusted)
Net cash provided by operating activities $ 38,708 $ 25,653 $ 152,553 $ 103,364
Proceeds from disposal of property and equipment 1,070 943 7,059 2,440
Purchases of property and equipment (7,949 ) (24,655 ) (42,293 ) (38,265 )
Free cash flow $ 31,829   $ 1,941   $ 117,319   $ 67,539  
 
 
 
 

The following table summarizes supplemental guidance information that management believes to be useful.

 
 
Forward Air Corporation
Additional Guidance Data
(In thousands, except per share data)
(Unaudited)
         
Three months ended
Actual           December 31, 2018
Net income $ 27,684
Income allocated to participating securities (315 )
Numerator for diluted income per share - net income $ 27,369  
 
Fully diluted share count 28,829
Diluted earnings per share $ 0.95
 
 
Projected           Full year 2019
Projected tax rate 25.5 %
 
Projected capital expenditures, net $ 38,000
 
 
Three months ended
Projected           December 31, 2019
Projected year end fully diluted share count 28,100
 
 
 
 
 

Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to expected 2019 guidance, including first quarter 2019 revenue growth, net income per diluted shares, full year 2019 projected tax rate, fully diluted share count (before consideration of future share repurchase), projected capital expenditures, the future declaration of dividends and the quarterly and full year 2019 anticipated dividends per share.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the creditworthiness of our customers and their ability to pay for services rendered, the availability and compensation of qualified independent owner-operators and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, the inability of our information systems to handle an increased volume of freight moving through our network, changes in fuel prices, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, loss of a major customer, increasing competition and pricing pressure, our ability to secure terminal facilities in desirable locations at reasonable rates, our inability to successfully integrate acquisitions, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental and tax matters, insurance matters, the handling of hazardous materials and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2017 and quarterly reports on Form 10-Q filed thereafter.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Forward Air Corporation
Michael J. Morris, 404-362-8933
mmorris@forwardair.com

Source: Forward Air Corporation

Released February 7, 2019