Forward Air Corporation Reports First Quarter 2020 Results

Reports record first quarter revenue

Enhances liquidity and cost-control measures in response to COVID-19

GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) today reported financial results for the three months ended March 31, 2020.

Revenue for the three months ended March 31, 2020 increased 6.5% to $342.5 million from $321.5 million for the same period in 2019. Income from operations was $11.7 million compared to $24.7 million in the prior year period. Net income during the three months ended March 31, 2020 was $8.4 million compared to $18.4 million for the same period in 2019. Net income per diluted share for the three months ended March 31, 2020 was $0.30 compared to $0.64 in the prior year period.

For the three months ended March 31, 2020, the Company generated $29.2 million of cash flow from operations compared to $41.5 million for the same period in 2019.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $22.3 million for the three months ended March 31, 2020 compared to $35.6 million for the same period in 2019. Free cash flow was $26.7 million for the three months ended March 31, 2020 compared to $37.8 million in the prior year period.

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, Chairman, President and CEO, commenting on first quarter results said, "Our record first quarter revenue was driven by our recent Final Mile and Intermodal acquisitions, which are reflected in our first quarter results. However, COVID-19 has been a perfect storm - globalization at its darkest - that has impacted all of our modes given our networks’ exposure to non-essential freight with heavy ties to air and ocean freight from Asia and the retail mall business. Volumes fell sharply in March and April. The signs of a slow recovery are emerging as we enter May, but visibility is limited. We are responding by flexing our asset-light model, and greatly enhancing cost reduction programs that were already in force. We are also executing key strategic initiatives that we believe will enable us to emerge from this episode as a stronger competitor, including evaluating our strategic options for Pool Distribution, which we will discuss during our earnings call."

In closing, Mr. Schmitt said, "I want to thank our employees and independent contractors for their remarkable efforts during this difficult time. Their commitment to Forward Air and its customers has been incredible."

Commenting on the Company’s first quarter results, Michael J. Morris, CFO, said, "Our cost reduction measures include significant workforce actions. Given the late quarter timing of the revenue decline which drove these actions, and our employees’ right to use accrued personal time, these cost reduction impacts will be more fully realized in the second quarter. In light of the uncertainty created by COVID-19, we are suspending quarterly guidance. While we expect to remain free cash flow positive throughout 2020, we have taken significant steps to enhance our financial flexibility. Our increased cash balance of $104 million as of April 29th, coupled with $75 million of new availability on our committed credit line, gives us a total liquidity position of $179 million, which is almost nine times our historic target cash level."

On April 29, 2020, 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 May 25, 2020 and is expected to be paid on June 10, 2020. 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 2020, 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 and position.

Review of Financial Results

Forward Air will hold a conference call to discuss first quarter 2020 results on Friday, May 1, 2020 at 9:00 a.m. EDT. 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 (844) 767-5679, Access Code: 4369143. 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 three business segments: Expedited Freight (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling); 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.

Forward Air Corporation

Consolidated Statements of Comprehensive Income

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

Three months ended

 

 

March 31,
2020

 

March 31,
2019

 

 

 

 

(As Adjusted)

Operating revenue:

 

 

 

Expedited Freight

$

251,158

 

 

$

222,983

 

Intermodal

52,460

 

 

54,115

 

Pool Distribution

39,424

 

 

45,185

 

Eliminations and other operations

(533

)

 

(812

)

Operating revenue

342,509

 

 

321,471

 

 

 

 

 

Operating expenses:

 

 

 

Purchased transportation

160,134

 

 

144,014

 

Salaries, wages and employee benefits

86,672

 

 

76,362

 

Operating leases

23,564

 

 

19,173

 

Depreciation and amortization

10,629

 

 

10,827

 

Insurance and claims

11,770

 

 

9,371

 

Fuel expense

5,340

 

 

5,608

 

Other operating expenses

32,698

 

 

31,382

 

Total operating expenses

330,807

 

 

296,737

 

Income (loss) from operations:

 

 

 

Expedited Freight

14,698

 

 

20,388

 

Intermodal

3,713

 

 

6,181

 

Pool Distribution

(3,562

)

 

1,251

 

Other operations

(3,147

)

 

(3,086

)

Income from operations

11,702

 

 

24,734

 

 

 

 

 

Other expense:

 

 

 

Interest expense

853

 

 

575

 

Other, net

 

 

1

 

Total other expense

853

 

 

576

 

Income before income taxes

10,849

 

 

24,158

 

Income tax expense

2,474

 

 

5,751

 

Net income and comprehensive income

$

8,375

 

 

$

18,407

 

 

 

 

 

Net income per share:

 

 

 

Basic

$

0.30

 

 

$

0.64

 

Diluted

$

0.30

 

 

$

0.64

 

 

 

 

 

Dividends per share:

$

0.18

 

 

$

0.18

 

Expedited Freight Segment Information

(In millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

Percent of

 

March 31,

 

Percent of

 

 

 

Percent

 

 

2020 1

 

Revenue

 

2019

 

Revenue

 

Change

 

Change

 

 

 

 

 

 

(As Adjusted)

 

 

 

 

 

 

Operating revenue:

 

 

 

 

 

 

 

 

 

 

 

Network 2

$

152.0

 

 

60.5

%

 

$

161.4

 

 

72.4

%

 

$

(9.4

)

 

(5.8

)%

Truckload

45.1

 

 

18.0

 

 

45.0

 

 

20.2

 

 

0.1

 

 

0.2

 

Final Mile

47.8

 

 

19.0

 

 

9.8

 

 

4.4

 

 

38.0

 

 

387.8

 

Other

6.3

 

 

2.5

 

 

6.8

 

 

3.0

 

 

(0.5

)

 

(7.4

)

Total operating revenue

251.2

 

 

100.0

 

 

223.0

 

 

100.0

 

 

28.2

 

 

12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

131.0

 

 

52.1

 

 

112.8

 

 

50.6

 

 

18.2

 

 

16.1

 

Salaries, wages and employee benefits

55.4

 

 

22.1

 

 

45.7

 

 

20.5

 

 

9.7

 

 

21.2

 

Operating leases

13.6

 

 

5.4

 

 

11.0

 

 

4.9

 

 

2.6

 

 

23.6

 

Depreciation and amortization

6.7

 

 

2.7

 

 

7.4

 

 

3.3

 

 

(0.7

)

 

(9.5

)

Insurance and claims

6.5

 

 

2.6

 

 

5.0

 

 

2.2

 

 

1.5

 

 

30.0

 

Fuel expense

2.1

 

 

0.8

 

 

2.5

 

 

1.1

 

 

(0.4

)

 

(16.0

)

Other operating expenses

21.2

 

 

8.4

 

 

18.2

 

 

8.2

 

 

3.0

 

 

16.5

 

Total operating expenses

236.5

 

 

94.1

 

 

202.6

 

 

90.9

 

 

33.9

 

 

16.7

 

Income from operations

$

14.7

 

 

5.9

%

 

$

20.4

 

 

9.1

%

 

$

(5.7

)

 

(27.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

1 Includes revenues and operating expenses from the acquisition of FSA and Linn Star, which were acquired in April 2019 and January 2020, respectively (and are not included in the prior period)

2 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial, Truckload and Final Mile revenue

Expedited Freight Operating Statistics

 

 

 

Three months ended

 

March 31,

 

March 31,

 

Percent

 

2020

 

2019

 

Change

 

 

 

(As Adjusted)

 

 

 

 

 

 

 

 

Business days

64

 

 

63

 

 

1.6

%

 

 

 

 

 

 

Tonnage 1,2

 

 

 

 

 

Total pounds

569,956

 

 

596,640

 

 

(4.5

)

Pounds per day

8,906

 

 

9,470

 

 

(6.0

)

 

 

 

 

 

 

Shipments 1,2

 

 

 

 

 

Total shipments

885

 

 

930

 

 

(4.8

)

Shipments per day

13.8

 

 

14.8

 

 

(6.3

)

 

 

 

 

 

 

Weight per shipment

644

 

 

642

 

 

0.3

 

 

 

 

 

 

 

Revenue per hundredweight 3

$

27.16

 

 

$

26.78

 

 

1.4

 

Revenue per hundredweight, ex fuel 3

$

23.09

 

 

$

22.74

 

 

1.5

 

 

 

 

 

 

 

Revenue per shipment 3

$

172

 

 

$

174

 

 

(1.1

)

Revenue per shipment, ex fuel 3

$

145

 

 

$

148

 

 

(2.0

)

 

 

 

 

 

 

Network revenue from door-to-door shipments as a percentage of network revenue 3,4

44.3

%

 

38.3

%

 

15.7

 

Network gross margin 5

53.4

%

 

54.3

%

 

(1.7

)%

 

 

 

 

 

 

1 In thousands

2 Excludes accessorial, full Truckload and Final Mile products

3 Includes intercompany revenue between the Network and Truckload revenue streams

4 Door-to-door shipments include all shipments with a pickup and/or delivery

5 Network revenue less Network purchased transportation as a percentage of Network revenue

Intermodal Segment Information

(In millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

Percent of

 

March 31,

 

Percent of

 

 

 

Percent

 

 

2020 1

 

Revenue

 

2019

 

Revenue

 

Change

 

Change

Operating revenue

$

52.4

 

 

100.0

%

 

$

54.1

 

 

100.0

%

 

$

(1.7

)

 

(3.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

18.2

 

 

34.7

 

 

18.4

 

 

34.0

 

 

(0.2

)

 

(1.1

)

Salaries, wages and employee benefits

12.9

 

 

24.6

 

 

12.7

 

 

23.5

 

 

0.2

 

 

1.6

 

Operating leases

4.4

 

 

8.4

 

 

3.8

 

 

7.0

 

 

0.6

 

 

15.8

 

Depreciation and amortization

2.6

 

 

5.0

 

 

1.9

 

 

3.5

 

 

0.7

 

 

36.8

 

Insurance and claims

2.0

 

 

3.8

 

 

1.4

 

 

2.6

 

 

0.6

 

 

42.9

 

Fuel expense

1.9

 

 

3.6

 

 

1.6

 

 

3.0

 

 

0.3

 

 

18.8

 

Other operating expenses

6.7

 

 

12.8

 

 

8.1

 

 

15.0

 

 

(1.4

)

 

(17.3

)

Total operating expenses

48.7

 

 

92.9

 

 

47.9

 

 

88.5

 

 

0.8

 

 

1.7

 

Income from operations

$

3.7

 

 

7.1

%

 

$

6.2

 

 

11.5

%

 

$

(2.5

)

 

(40.3

)%

 
1 Includes revenues and operating expenses from the acquisition of OST, which was acquired in July 2019 (and is not included in the prior period)

Intermodal Operating Statistics

 

 

 

 

 

Three months ended

 

 

March 31,

 

March 31,

 

Percent

 

 

2020

 

2019

 

Change

 

 

 

 

 

 

Drayage shipments

82,474

 

 

75,607

 

 

9.1

%

Drayage revenue per shipment

$

636

 

 

$

625

 

 

1.8

 

Number of locations

24

 

 

21

 

 

14.3

%

Pool Distribution Segment Information

(In millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

Percent of

 

March 31,

 

Percent of

 

 

 

Percent

 

 

2020

 

Revenue

 

2019

 

Revenue

 

Change

 

Change

Operating revenue

$

39.4

 

 

100.0

%

 

$

45.2

 

 

100.0

%

 

$

(5.8

)

 

(12.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

11.3

 

 

28.7

 

 

13.4

 

 

29.6

 

 

(2.1

)

 

(15.7

)

Salaries, wages and employee benefits

17.3

 

 

43.9

 

 

16.7

 

 

36.9

 

 

0.6

 

 

3.6

 

Operating leases

5.7

 

 

14.5

 

 

4.3

 

 

9.5

 

 

1.4

 

 

32.6

 

Depreciation and amortization

1.4

 

 

3.6

 

 

1.6

 

 

3.5

 

 

(0.2

)

 

(12.5

)

Insurance and claims

1.4

 

 

3.6

 

 

1.2

 

 

2.7

 

 

0.2

 

 

16.7

 

Fuel expense

1.3

 

 

3.3

 

 

1.5

 

 

3.3

 

 

(0.2

)

 

(13.3

)

Other operating expenses

4.6

 

 

11.7

 

 

5.2

 

 

11.5

 

 

(0.6

)

 

(11.5

)

Total operating expenses

43.0

 

 

109.1

 

 

43.9

 

 

97.1

 

 

(0.9

)

 

(2.1

)

Income from operations

$

(3.6

)

 

(9.1

)%

 

$

1.3

 

 

2.9

%

 

$

(4.9

)

 

(376.9

)%

Pool Distribution Operating Statistics

 

 

 

 

 

Three months ended

 

 

March 31,

 

March 31,

 

Percent

 

 

2020

 

2019

 

Change

 

 

 

 

 

 

Cartons ¹

18,701

 

 

22,316

 

 

(16.2

)%

Revenue per carton

$

2.11

 

 

$

2.02

 

 

4.5

 

Terminals

30

 

 

28

 

 

7.1

%

 

 

 

 

 

 

¹ In thousands

Forward Air Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

March 31,
2020

 

December 31,
2019

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

77,245

 

 

$

64,749

 

Accounts receivable, net

143,234

 

 

150,197

 

Other current assets

20,710

 

 

21,372

 

Total current assets

241,189

 

 

236,318

 

 

 

 

 

Property and equipment

426,375

 

 

426,737

 

Less accumulated depreciation and amortization

216,621

 

 

213,706

 

Total property and equipment, net

209,754

 

 

213,031

 

Operating lease right-of-use assets

171,242

 

 

151,657

 

Goodwill and other acquired intangibles:

 

 

 

Goodwill

242,639

 

 

221,105

 

Other acquired intangibles, net of accumulated amortization

158,135

 

 

127,798

 

Total goodwill and other acquired intangibles, net

400,774

 

 

348,903

 

Other assets

43,277

 

 

40,969

 

Total assets

$

1,066,236

 

 

$

990,878

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

26,565

 

 

$

29,986

 

Accrued expenses

52,168

 

 

49,822

 

Other current liabilities

5,661

 

 

5,320

 

Current portion of debt and finance lease obligations

1,433

 

 

1,421

 

Current portion of operating lease obligations

57,501

 

 

50,615

 

Total current liabilities

143,328

 

 

137,164

 

 

 

 

 

Debt and finance lease obligations, less current portion

136,900

 

 

72,249

 

Operating lease obligations, less current portion

114,380

 

 

101,525

 

Other long-term liabilities

60,299

 

 

58,816

 

Deferred income taxes

45,488

 

 

43,942

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock

277

 

 

279

 

Additional paid-in capital

230,135

 

 

226,869

 

Retained earnings

335,429

 

 

350,034

 

Total shareholders’ equity

565,841

 

 

577,182

 

Total liabilities and shareholders’ equity

$

1,066,236

 

 

$

990,878

 

Forward Air Corporation

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three months ended

 

March 31,
2020

 

March 31,
2019

Operating activities:

 

 

 

Net income

$

8,375

 

 

$

18,407

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

Depreciation and amortization

10,629

 

 

10,827

 

Change in fair value of earn-out liability

(594

)

 

 

Share-based compensation

3,266

 

 

3,047

 

Gain on disposal of property and equipment

(38

)

 

(61

)

(Recovery of) provision for loss on receivables

(180

)

 

629

 

Provision for revenue adjustments

1,041

 

 

540

 

Deferred income tax

1,545

 

 

836

 

Changes in operating assets and liabilities

 

 

 

Accounts receivable

6,102

 

 

4,567

 

Prepaid expenses and other current assets

907

 

 

2,699

 

Income taxes

1,519

 

 

4,631

 

Accounts payable and accrued expenses

(3,406

)

 

(4,596

)

Net cash provided by operating activities

29,166

 

 

41,526

 

 

 

 

 

Investing activities:

 

 

 

Proceeds from disposal of property and equipment

750

 

 

407

 

Purchases of property and equipment

(3,172

)

 

(4,090

)

Acquisition of business, net of cash acquired

(55,931

)

 

 

Other

 

 

(6

)

Net cash used in investing activities

(58,353

)

 

(3,689

)

 

 

 

 

Financing activities:

 

 

 

Payments of finance lease obligations

(336

)

 

(68

)

Proceeds from senior credit facility

65,000

 

 

 

Proceeds from exercise of stock options

 

 

830

 

Payments of cash dividends

(5,050

)

 

(5,189

)

Repurchase of common stock (repurchase program)

(15,259

)

 

(14,181

)

Cash settlement of share-based awards for tax withholdings

(2,672

)

 

(2,721

)

Net cash provided by (used in) financing activities

41,683

 

 

(21,329

)

Net increase in cash

12,496

 

 

16,508

 

Cash at beginning of period

64,749

 

 

25,657

 

Cash at end of period

$

77,245

 

 

$

42,165

 

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 2020 and 2019 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 on a consolidated basis: earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended March 31, 2020 and 2019; and free cash flow for the three months ended March 31, 2020 and 2019. The Company believes that including these items will assist investors in understanding its core operating performance and allow for more accurate comparisons of results, as they eliminate the impact of investing activities.

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 excluding the increased vehicle reserve is useful to investors because it provides a view of the Company's operating income excluding the effects of a significant non-operation cost. 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

 

 

March 31,
2020

 

March 31,
2019

Net income

$

8,375

 

 

$

18,407

 

Interest expense

853

 

 

575

 

Income tax expense

2,474

 

 

5,751

 

Depreciation and amortization

10,629

 

 

10,827

 

EBITDA

$

22,331

 

 

$

35,560

 

 

 

 

 

 

 

 

 

 

Three months ended

 

March 31,
2020

 

March 31,
2019

Net cash provided by operating activities

$

29,166

 

 

$

41,526

 

Proceeds from disposal of property and equipment

750

 

 

407

 

Purchases of property and equipment

(3,172

)

 

(4,090

)

Free cash flow

$

26,744

 

 

$

37,843

 

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

March 31, 2020

Net income

$

8,375

 

Income allocated to participating securities

 

(67

)

Numerator for diluted income per share - net income

$

8,308

 

 

 

Fully diluted share count

 

27,948

 

Diluted earnings per share

$

0.30

 

 

 

 

 

Projected

Full year 2020

Projected tax rate

 

26.5

%

 

 

Projected capital expenditures, net

$

26,000

 

 

 

Projected

December 31, 2020

Projected year-end fully diluted share count

 

28,000

 

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 impact of COVID-19 on revenue for each of our segments, timing of re-opening of the economy and loosening of stay-at-home orders, expected earnings/losses and free cash flow for the second quarter and full year 2020, full year 2020 projected tax rate, share count, capital expenditures and the declaration of dividends.

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: prolonged impact of COVID-19 and actions taken to mitigate those impacts, 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, more limited liquidity than expected which limits our ability to make key investments, 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, 2019.

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