Condensed Consolidated Statements of Operations
|
|||||||||||||||
(In thousands, except per share data)
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
Three months ended
|
Nine months ended
|
||||||||||||||
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||
Operating revenue:
|
|||||||||||||||
Forward Air
|
|||||||||||||||
Airport-to-airport
|
$ | 81,828 | $ | 66,667 | $ | 234,456 | $ | 194,908 | |||||||
Logistics
|
16,774 | 13,172 | 47,789 | 38,645 | |||||||||||
Other
|
6,481 | 5,596 | 18,745 | 16,975 | |||||||||||
Forward Air Solutions
|
|||||||||||||||
Pool distribution
|
16,439 | 17,644 | 49,639 | 48,864 | |||||||||||
Total operating revenue
|
121,522 | 103,079 | 350,629 | 299,392 | |||||||||||
Operating expenses:
|
|||||||||||||||
Purchased transportation
|
|||||||||||||||
Forward Air
|
|||||||||||||||
Airport-to-airport
|
32,852 | 28,025 | 94,152 | 82,008 | |||||||||||
Logistics
|
12,942 | 10,329 | 36,780 | 30,127 | |||||||||||
Other
|
1,703 | 1,387 | 4,811 | 3,681 | |||||||||||
Forward Air Solutions
|
|||||||||||||||
Pool distribution
|
3,680 | 3,747 | 10,625 | 9,774 | |||||||||||
Total purchased transportation
|
51,177 | 43,488 | 146,368 | 125,590 | |||||||||||
Salaries, wages and employee benefits
|
31,845 | 28,591 | 95,682 | 86,834 | |||||||||||
Operating leases
|
6,508 | 6,631 | 19,388 | 20,440 | |||||||||||
Depreciation and amortization
|
5,228 | 5,006 | 15,283 | 14,687 | |||||||||||
Insurance and claims
|
1,546 | 2,045 | 5,983 | 6,984 | |||||||||||
Fuel expense
|
1,949 | 1,880 | 6,051 | 5,199 | |||||||||||
Other operating expenses
|
7,764 | 8,767 | 26,813 | 25,983 | |||||||||||
Impairment of goodwill and other intangible assets
|
-- | -- | -- | 7,157 | |||||||||||
Total operating expenses
|
106,017 | 96,408 | 315,568 | 292,874 | |||||||||||
Income from operations
|
15,505 | 6,671 | 35,061 | 6,518 | |||||||||||
Other income (expense):
|
|||||||||||||||
Interest expense
|
(191 | ) | (177 | ) | (557 | ) | (469 | ) | |||||||
Other, net
|
26 | 51 | 38 | 50 | |||||||||||
Total other expense
|
(165 | ) | (126 | ) | (519 | ) | (419 | ) | |||||||
Income before income taxes
|
15,340 | 6,545 | 34,542 | 6,099 | |||||||||||
Income taxes
|
6,452 | 2,766 | 14,323 | 2,581 | |||||||||||
Net income
|
$ | 8,888 | $ | 3,779 | $ | 20,219 | $ | 3,518 | |||||||
Net income per share:
|
|||||||||||||||
Basic
|
$ | 0.31 | $ | 0.13 | $ | 0.70 | $ | 0.12 | |||||||
Diluted
|
$ | 0.31 | $ | 0.13 | $ | 0.69 | $ | 0.12 | |||||||
Weighted average shares outstanding:
|
|||||||||||||||
Basic
|
29,000 | 28,942 | 28,975 | 28,924 | |||||||||||
Diluted
|
29,129 | 29,026 | 29,101 | 28,978 | |||||||||||
Dividends per share:
|
$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 |
Condensed Consolidated Balance Sheets
|
|||||
(In thousands)
|
|||||
(Unaudited)
|
|||||
September 30,
|
December 31,
|
||||
2010
|
2009 (a)
|
||||
Assets
|
|||||
Current assets:
|
|||||
Cash
|
$ | 63,219 | $ | 42,035 | |
Accounts receivable, net
|
62,438 | 55,720 | |||
Other current assets
|
11,484 | 9,471 | |||
Total current assets
|
137,141 | 107,226 | |||
Property and equipment
|
210,954 | 204,716 | |||
Less accumulated depreciation and amortization
|
83,615 | 75,990 | |||
Total property and equipment, net
|
127,339 | 128,726 | |||
Goodwill and other acquired intangibles:
|
|||||
Goodwill
|
43,332 | 43,332 | |||
Other acquired intangibles, net
|
32,406 | 35,849 | |||
Total goodwill and other acquired intangibles
|
75,738 | 79,181 | |||
Other assets
|
1,595 | 1,597 | |||
Total assets
|
$ | 341,813 | $ | 316,730 | |
Liabilities and Shareholders’ Equity
|
|||||
Current liabilities:
|
|||||
Accounts payable
|
$ | 11,383 | $ | 10,333 | |
Accrued expenses
|
23,326 | 18,531 | |||
Current portion of debt and capital lease obligations
|
672 | 919 | |||
Total current liabilities
|
35,381 | 29,783 | |||
Debt and capital lease obligations, less current portion
|
51,023 | 52,169 | |||
Other long-term liabilities
|
6,159 | 4,485 | |||
Deferred income taxes
|
5,116 | 5,786 | |||
Shareholders’ equity:
|
|||||
Common stock
|
290 | 290 | |||
Additional paid-in capital
|
22,130 | 16,631 | |||
Retained earnings
|
221,714 | 207,586 | |||
Total shareholders’ equity
|
244,134 | 224,507 | |||
Total liabilities and shareholders’ equity
|
$ | 341,813 | $ | 316,730 |
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
Three months ended
|
|||||||
September 30,
|
September 30,
|
||||||
2010
|
2009
|
||||||
Operating activities:
|
|||||||
Net income
|
$ | 8,888 | $ | 3,779 | |||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Depreciation and amortization
|
5,228 | 5,006 | |||||
Share-based compensation
|
1,506 | 1,607 | |||||
Gain on disposal of property and equipment
|
(641 | ) | (1 | ) | |||
Provision for (recovery) loss on receivables
|
(22 | ) | 217 | ||||
Provision for revenue adjustments
|
625 | 548 | |||||
Deferred income taxes
|
40 | (466 | ) | ||||
Tax benefit for stock options exercised
|
(19 | ) | (1 | ) | |||
Changes in operating assets and liabilities
|
|||||||
Accounts receivable
|
500 | (3,721 | ) | ||||
Prepaid expenses and other current assets
|
(415 | ) | (1,208 | ) | |||
Accounts payable and accrued expenses
|
3,260 | 3,552 | |||||
Net cash provided by operating activities
|
18,950 | 9,312 | |||||
Investing activities:
|
|||||||
Proceeds from disposal of property and equipment
|
1,371 | 14 | |||||
Purchases of property and equipment
|
(3,150 | ) | (3,803 | ) | |||
Other
|
30 | 49 | |||||
Net cash used in investing activities
|
(1,749 | ) | (3,740 | ) | |||
Financing activities:
|
|||||||
Payments of debt and capital lease obligations
|
(232 | ) | (390 | ) | |||
Proceeds from exercise of stock options
|
346 | 8 | |||||
Payments of cash dividends
|
(2,031 | ) | (2,028 | ) | |||
Cash settlement of share-based awards for minimum tax withholdings
|
-- | (5 | ) | ||||
Tax benefit for stock options exercised
|
19 | 1 | |||||
Net cash used in financing activities
|
(1,898 | ) | (2,414 | ) | |||
Net increase in cash
|
15,303 | 3,158 | |||||
Cash at beginning of period
|
47,916 | 24,072 | |||||
Cash at end of period
|
$ | 63,219 | $ | 27,230 |
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
Nine months ended
|
|||||||
September 30,
|
September 30,
|
||||||
2010
|
2009
|
||||||
Operating activities:
|
|||||||
Net income
|
$ | 20,219 | $ | 3,518 | |||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||
Depreciation and amortization
|
15,283 | 14,687 | |||||
Impairment of goodwill and other intangible assets
|
-- | 7,157 | |||||
Share-based compensation
|
4,887 | 5,022 | |||||
Gain on disposal of property and equipment
|
(648 | ) | (13 | ) | |||
Provision for loss (recovery) on receivables
|
202 | (74 | ) | ||||
Provision for revenue adjustments
|
1,462 | 1,916 | |||||
Deferred income taxes
|
(1,624 | ) | (3,009 | ) | |||
Tax benefit for stock options exercised
|
(28 | ) | (1 | ) | |||
Changes in operating assets and liabilities
|
|||||||
Accounts receivable
|
(8,382 | ) | 2,370 | ||||
Prepaid expenses and other current assets
|
(1,029 | ) | (1,567 | ) | |||
Accounts payable and accrued expenses
|
7,519 | 701 | |||||
Net cash provided by operating activities
|
37,861 | 30,707 | |||||
Investing activities:
|
|||||||
Proceeds from disposal of property and equipment
|
1,413 | 231 | |||||
Purchases of property and equipment
|
(11,889 | ) | (18,828 | ) | |||
Other
|
-- | 405 | |||||
Net cash used in investing activities
|
(10,476 | ) | (18,192 | ) | |||
Financing activities:
|
|||||||
Payments of debt and capital lease obligations
|
(722 | ) | (1,163 | ) | |||
Proceeds from exercise of stock options
|
490 | 8 | |||||
Payments of cash dividends
|
(6,088 | ) | (6,081 | ) | |||
Common stock issued under employee stock purchase plan
|
91 | 99 | |||||
Cash settlement of share-based awards for minimum tax withholdings
|
-- | (242 | ) | ||||
Tax benefit for stock options exercised
|
28 | 1 | |||||
Net cash used in financing activities
|
(6,201 | ) | (7,378 | ) | |||
Net increase in cash
|
21,184 | 5,137 | |||||
Cash at beginning of period
|
42,035 | 22,093 | |||||
Cash at end of period
|
$ | 63,219 | $ | 27,230 |
Forward Air Corporation
|
||||||||||||||||||||
Segment Information
|
||||||||||||||||||||
(In millions)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Three months ended
|
||||||||||||||||||||
September 30,
|
Percent of
|
September 30,
|
Percent of
|
Percent
|
||||||||||||||||
2010
|
Revenue
|
2009
|
Revenue
|
Change
|
Change
|
|||||||||||||||
Operating revenue
|
||||||||||||||||||||
Forward Air
|
$ | 105.3 | 86.7 | % | $ | 85.7 | 83.1 | % | $ | 19.6 | 22.9 | % | ||||||||
FASI
|
16.5 | 13.6 | 17.8 | 17.3 | (1.3 | ) | (7.3 | ) | ||||||||||||
Intercompany Eliminations
|
(0.3 | ) | (0.3 | ) | (0.4 | ) | (0.4 | ) | 0.1 | (25.0 | ) | |||||||||
Total
|
121.5 | 100.0 | 103.1 | 100.0 | 18.4 | 17.8 | ||||||||||||||
Purchased transportation
|
||||||||||||||||||||
Forward Air
|
47.5 | 45.1 | 39.8 | 46.4 | 7.7 | 19.3 | ||||||||||||||
FASI
|
3.9 | 23.6 | 4.0 | 22.5 | (0.1 | ) | (2.5 | ) | ||||||||||||
Intercompany Eliminations
|
(0.3 | ) | 100.0 | (0.3 | ) | 75.0 | -- | -- | ||||||||||||
Total
|
51.1 | 42.1 | 43.5 | 42.2 | 7.6 | 17.5 | ||||||||||||||
Salaries, wages and employee benefits
|
||||||||||||||||||||
Forward Air
|
24.7 | 23.4 | 20.6 | 24.0 | 4.1 | 19.9 | ||||||||||||||
FASI
|
7.2 | 43.6 | 8.0 | 44.9 | (0.8 | ) | (10.0 | ) | ||||||||||||
Total
|
31.9 | 26.3 | 28.6 | 27.7 | 3.3 | 11.5 | ||||||||||||||
Operating leases
|
||||||||||||||||||||
Forward Air
|
4.7 | 4.5 | 4.6 | 5.4 | 0.1 | 2.2 | ||||||||||||||
FASI
|
1.8 | 10.9 | 2.0 | 11.2 | (0.2 | ) | (10.0 | ) | ||||||||||||
Total
|
6.5 | 5.3 | 6.6 | 6.4 | (0.1 | ) | (1.5 | ) | ||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
Forward Air
|
4.2 | 4.0 | 4.1 | 4.8 | 0.1 | 2.4 | ||||||||||||||
FASI
|
1.0 | 6.1 | 0.9 | 5.1 | 0.1 | 11.1 | ||||||||||||||
Total
|
5.2 | 4.3 | 5.0 | 4.9 | 0.2 | 4.0 | ||||||||||||||
Insurance and claims
|
||||||||||||||||||||
Forward Air
|
1.2 | 1.1 | 1.6 | 1.9 | (0.4 | ) | (25.0 | ) | ||||||||||||
FASI
|
0.3 | 1.8 | 0.4 | 2.2 | (0.1 | ) | (25.0 | ) | ||||||||||||
Total
|
1.5 | 1.2 | 2.0 | 1.9 | (0.5 | ) | (25.0 | ) | ||||||||||||
Fuel expense
|
||||||||||||||||||||
Forward Air
|
0.9 | 0.9 | 0.8 | 0.9 | 0.1 | 12.5 | ||||||||||||||
FASI
|
1.1 | 6.7 | 1.1 | 6.2 | -- | -- | ||||||||||||||
Total
|
2.0 | 1.6 | 1.9 | 1.8 | 0.1 | 5.3 | ||||||||||||||
Other operating expenses
|
||||||||||||||||||||
Forward Air
|
6.4 | 6.1 | 7.0 | 8.2 | (0.6 | ) | (8.6 | ) | ||||||||||||
FASI
|
1.4 | 8.5 | 1.9 | 10.7 | (0.5 | ) | (26.3 | ) | ||||||||||||
Intercompany Eliminations
|
- | - | (0.1 | ) | 25.0 | 0.1 | (100.0 | ) | ||||||||||||
Total
|
7.8 | 6.4 | 8.8 | 8.6 | (1.0 | ) | (11.4 | ) | ||||||||||||
Income (loss) from operations
|
||||||||||||||||||||
Forward Air
|
15.7 | 14.9 | 7.2 | 8.4 | 8.5 | 118.1 | ||||||||||||||
FASI
|
(0.2 | ) | (1.2 | ) | (0.5 | ) | (2.8 | ) | 0.3 | (60.0 | ) | |||||||||
Total
|
$ | 15.5 | 12.8 | % | $ | 6.7 | 6.5 | % | $ | 8.8 | 131.3 | % |
Forward Air Corporation
|
||||||||||||||||||||
Segment Information
|
||||||||||||||||||||
(In millions)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Nine months ended
|
||||||||||||||||||||
September 30,
|
Percent of
|
September 30,
|
Percent of
|
Percent
|
||||||||||||||||
2010
|
Revenue
|
2009
|
Revenue
|
Change
|
Change
|
|||||||||||||||
Operating revenue
|
||||||||||||||||||||
Forward Air
|
$ | 301.8 | 86.1 | % | $ | 251.2 | 83.9 | % | $ | 50.6 | 20.1 | % | ||||||||
FASI
|
49.8 | 14.2 | 49.2 | 16.4 | 0.6 | 1.2 | ||||||||||||||
Intercompany Eliminations
|
(1.0 | ) | (0.3 | ) | (1.0 | ) | (0.3 | ) | -- | -- | ||||||||||
Total
|
350.6 | 100.0 | 299.4 | 100.0 | 51.2 | 17.1 | ||||||||||||||
Purchased transportation
|
||||||||||||||||||||
Forward Air
|
135.9 | 45.0 | 116.1 | 46.2 | 19.8 | 17.1 | ||||||||||||||
FASI
|
11.4 | 22.9 | 10.4 | 21.1 | 1.0 | 9.6 | ||||||||||||||
Intercompany Eliminations
|
(0.9 | ) | 90.0 | (0.9 | ) | 90.0 | -- | -- | ||||||||||||
Total
|
146.4 | 41.8 | 125.6 | 42.0 | 20.8 | 16.6 | ||||||||||||||
Salaries, wages and employee benefits
|
||||||||||||||||||||
Forward Air
|
73.4 | 24.3 | 63.1 | 25.1 | 10.3 | 16.3 | ||||||||||||||
FASI
|
22.3 | 44.8 | 23.7 | 48.2 | (1.4 | ) | (5.9 | ) | ||||||||||||
Total
|
95.7 | 27.3 | 86.8 | 29.0 | 8.9 | 10.3 | ||||||||||||||
Operating leases
|
||||||||||||||||||||
Forward Air
|
13.6 | 4.5 | 14.1 | 5.6 | (0.5 | ) | (3.5 | ) | ||||||||||||
FASI
|
5.8 | 11.7 | 6.3 | 12.8 | (0.5 | ) | (7.9 | ) | ||||||||||||
Total
|
19.4 | 5.5 | 20.4 | 6.8 | (1.0 | ) | (4.9 | ) | ||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
Forward Air
|
12.3 | 4.1 | 12.0 | 4.8 | 0.3 | 2.5 | ||||||||||||||
FASI
|
2.9 | 5.8 | 2.7 | 5.5 | 0.2 | 7.4 | ||||||||||||||
Total
|
15.2 | 4.3 | 14.7 | 4.9 | 0.5 | 3.4 | ||||||||||||||
Insurance and claims
|
||||||||||||||||||||
Forward Air
|
4.7 | 1.6 | 5.6 | 2.2 | (0.9 | ) | (16.1 | ) | ||||||||||||
FASI
|
1.3 | 2.6 | 1.4 | 2.8 | (0.1 | ) | (7.1 | ) | ||||||||||||
Total
|
6.0 | 1.7 | 7.0 | 2.3 | (1.0 | ) | (14.3 | ) | ||||||||||||
Fuel expense
|
||||||||||||||||||||
Forward Air
|
2.7 | 0.9 | 2.3 | 0.9 | 0.4 | 17.4 | ||||||||||||||
FASI
|
3.3 | 6.6 | 2.9 | 5.9 | 0.4 | 13.8 | ||||||||||||||
Total
|
6.0 | 1.7 | 5.2 | 1.7 | 0.8 | 15.4 | ||||||||||||||
Other operating expenses
|
||||||||||||||||||||
Forward Air
|
22.1 | 7.3 | 21.0 | 8.4 | 1.1 | 5.2 | ||||||||||||||
FASI
|
4.8 | 9.6 | 5.1 | 10.4 | (0.3 | ) | (5.9 | ) | ||||||||||||
Intercompany Eliminations
|
(0.1 | ) | 10.0 | (0.1 | ) | 10.0 | -- | -- | ||||||||||||
Total
|
26.8 | 7.7 | 26.0 | 8.7 | 0.8 | 3.1 | ||||||||||||||
Impairment of goodwill and other intangible assets
|
||||||||||||||||||||
Forward Air
|
-- | -- | 0.2 | 0.1 | (0.2 | ) | (100.0 | ) | ||||||||||||
FASI
|
-- | -- | 7.0 | 14.2 | (7.0 | ) | (100.0 | ) | ||||||||||||
Total
|
-- | -- | 7.2 | 2.4 | (7.2 | ) | (100.0 | ) | ||||||||||||
Income (loss) from operations
|
||||||||||||||||||||
Forward Air
|
37.1 | 12.3 | 16.8 | 6.7 | 20.3 | 120.8 | ||||||||||||||
FASI
|
(2.0 | ) | (4.0 | ) | (10.3 | ) | (20.9 | ) | 8.3 | (80.6 | ) | |||||||||
Total
|
$ | 35.1 | 10.0 | % | $ | 6.5 | 2.2 | % | $ | 28.6 | 440.0 | % |
Forward Air Inc. Operating Statistics
|
|||||||||||
Three months ended
|
|||||||||||
September 30,
|
September 30,
|
Percent
|
|||||||||
2010
|
2009
|
Change
|
|||||||||
Operating ratio
|
85.1 | % | 91.6 | % | (7.1 | ) | % | ||||
Business days
|
64.0 | 64.0 | -- | ||||||||
Business weeks
|
12.8 | 12.8 | -- | ||||||||
Airport-to-airport:
|
|||||||||||
Tonnage
|
|||||||||||
Total pounds ¹
|
414,508 | 357,768 | 15.9 | ||||||||
Average weekly pounds ¹
|
32,383 | 27,951 | 15.9 | ||||||||
Linehaul shipments
|
|||||||||||
Total linehaul
|
563,448 | 511,959 | 10.1 | ||||||||
Average weekly
|
44,019 | 39,997 | 10.1 | ||||||||
Forward Air Complete shipments
|
80,684 | 73,696 | 9.5 | ||||||||
As a percentage of linehaul shipments
|
14.3 | % | 14.4 | % | (0.7 | ) | |||||
Average linehaul shipment size
|
736 | 699 | 5.3 | ||||||||
Revenue per pound ²
|
|||||||||||
Linehaul yield
|
$ | 16.64 | $ | 15.91 | 3.9 | ||||||
Fuel surcharge impact
|
1.20 | 0.93 | 1.4 | ||||||||
Forward Air Complete impact
|
1.93 | 1.83 | 0.5 | ||||||||
Total airport-to-airport yield
|
$ | 19.77 | $ | 18.67 | 5.9 | ||||||
Logistics:
|
|||||||||||
Miles
|
|||||||||||
Owner operator ¹
|
6,964 | 6,111 | 14.0 | ||||||||
Third party ¹
|
3,212 | 2,288 | 40.4 | ||||||||
Total Miles
|
10,176 | 8,399 | 21.2 | ||||||||
Revenue per mile
|
$ | 1.66 | $ | 1.58 | 5.1 | ||||||
|
|||||||||||
Cost per mile
|
$ | 1.27 | $ | 1.23 | 3.3 | % | |||||
¹ - In thousands
|
|||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield.
|
Forward Air Corporation
|
|||||||||||
Forward Air Inc. Operating Statistics
|
|||||||||||
Nine months ended
|
|||||||||||
September 30,
|
September 30,
|
Percent
|
|||||||||
2010
|
2009
|
Change
|
|||||||||
Operating ratio
|
87.7 | % | 93.3 | % | (6.0 | ) | % | ||||
Business days
|
191.0 | 191.0 | -- | ||||||||
Business weeks
|
38.2 | 38.2 | -- | ||||||||
Airport-to-airport:
|
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Tonnage
|
|||||||||||
Total pounds ¹
|
1,217,097 | 1,054,048 | 15.5 | ||||||||
Average weekly pounds ¹
|
31,861 | 27,593 | 15.5 | ||||||||
Linehaul shipments
|
|||||||||||
Total linehaul
|
1,685,257 | 1,529,301 | 10.2 | ||||||||
Average weekly
|
44,117 | 40,034 | 10.2 | ||||||||
Forward Air Complete shipments
|
228,286 | 194,694 | 17.3 | ||||||||
As a percentage of linehaul shipments
|
13.5 | % | 12.7 | % | 6.4 | ||||||
Average linehaul shipment size
|
722 | 689 | 4.8 | ||||||||
Revenue per pound ²
|
|||||||||||
Linehaul yield
|
$ | 16.29 | $ | 16.14 | 0.8 | ||||||
Fuel surcharge impact
|
1.18 | 0.79 | 2.1 | ||||||||
Forward Air Complete impact
|
1.82 | 1.60 | 1.2 | ||||||||
Total airport-to-airport yield
|
$ | 19.29 | $ | 18.53 | 4.1 | ||||||
Logistics:
|
|||||||||||
Miles
|
|||||||||||
Owner operator ¹
|
19,907 | 17,916 | 8.1 | ||||||||
Third party ¹
|
9,326 | 6,709 | 10.6 | ||||||||
Total Miles
|
29,233 | 24,625 | 18.7 | ||||||||
Revenue per mile
|
$ | 1.65 | $ | 1.58 | 4.4 | ||||||
|
|||||||||||
Cost per mile
|
$ | 1.26 | $ | 1.22 | 3.3 | % | |||||
¹ - In thousands
|
|||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield.
|