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NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
THIRD QUARTER 2017 RESULTS AND
QUARTERLY CASH DIVIDEND

GREENEVILLE, Tenn.- (BUSINESS WIRE) - October 25, 2017 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the three and nine months ended September 30, 2017.

Operating revenue for the quarter ended September 30, 2017 increased 12.3% to $280.2 million from $249.6 million for the same quarter in 2016. Income from operations was $26.9 million, compared to $24.7 million in the prior year quarter. Net income during the period was $18.2 million compared to $11.9 million in the third quarter of 2016. Net income per diluted share for the third quarter of 2017 was $0.60 compared to $0.39 in the prior year quarter. Adjusted to exclude the impact of the second quarter 2016 TQI impairment on income taxes, prior year quarter adjusted earnings per share was $0.51.

Bruce A. Campbell, Chairman, President, and CEO, commenting on the third quarter results said, "During the third quarter, our business units delivered solid revenue and earnings growth on one less operating day. Our Expedited LTL group drove strong volumes despite weather-related slowdowns and a tightening Truckload market. Truckload Premium Services also grew its revenues but faced a greater reliance on brokered miles amid a challenging driver recruitment environment. Our Intermodal group showed good growth as it continued to integrate the Atlantic acquisition. Pool Distribution also overcame weather-related impacts to deliver another great quarter."

Commenting on the Company’s third quarter results, Michael J. Morris, Senior Vice President and CFO, said, "Our third quarter net income per diluted share reflects a $0.02 benefit related to a discrete tax item.  When excluding this impact, we would have been at the middle of our $0.56-$0.60 guidance range.” Regarding the Company’s fourth quarter 2017 guidance, Mr. Morris said, “We expect fourth quarter year-on-year revenue growth to be 12% to 16%. We expect net income per diluted share to be between $0.60 and $0.64, compared to $0.42 in the prior year quarter.” The fourth quarter of 2016 includes tax ramifications related to the impairment of TQI's intangible assets. When excluded, adjusted net income per diluted share was $0.58 for the fourth quarter of 2016.

A tabular reconciliation of non-GAAP financial measures to reported results prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) is contained in the financial summary statements attached to this press release.

On October 24, 2017, our Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable to shareholders of record at the close of business on November 23, 2017, and is expected to be paid on December 8, 2017.

This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.60 per share of common stock, payable in quarterly increments of $0.15 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.





Review of Financial Results

Forward Air will hold a conference call to discuss third quarter 2017 results on Thursday, October 26, 2017 at 9:00 a.m. EDT. The Company’s conference call will be available online at https://www.forwardaircorp.com or by dialing (800) 230-1092. A replay of the conference call will be available at https://www.forwardaircorp.com beginning shortly after the 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, 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 https://www.forwardaircorp.com.









Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
 
 
Three months ended
 
Nine months ended
 
September 30,
2017
 
September 30,
2016
 
September 30,
2017
 
September 30,
2016
Operating revenue:
 
 
 
 
 
 
 
Expedited LTL
$
155,703

 
$
144,337

 
$
448,571

 
$
423,410

Truckload Premium Services
45,941

 
42,210

 
132,912

 
120,270

Pool Distribution
39,180

 
36,437

 
113,838

 
101,153

Intermodal
42,292

 
27,579

 
105,853

 
76,391

Eliminations and other operations
(2,915
)
 
(1,011
)
 
(6,474
)
 
(3,487
)
Operating revenue
280,201

 
249,552

 
794,700

 
717,737

 
 
 
 
 
 
 
 
Operating expenses:
 

 
 

 
 

 
 

Purchased transportation
123,326

 
105,039

 
342,017

 
300,783

Salaries, wages and employee benefits
64,882

 
60,161

 
191,282

 
175,857

Operating leases
16,809

 
16,215

 
47,205

 
44,684

Depreciation and amortization
10,326

 
9,399

 
30,578

 
28,409

Insurance and claims
7,844

 
7,170

 
21,379

 
19,213

Fuel expense
4,096

 
3,416

 
11,448

 
9,375

Other operating expenses
26,020

 
23,452

 
70,895

 
65,218

Impairment of goodwill, intangibles and other assets

 

 

 
42,442

Total operating expenses
253,303

 
224,852

 
714,804

 
685,981

Operating (loss) income:
 
 
 
 
 
 
 
Expedited LTL
23,204

 
21,014

 
64,596

 
63,026

Truckload Premium Services
136

 
2,038

 
3,699

 
(36,679
)
Pool Distribution
681

 
66

 
3,672

 
(191
)
Intermodal
3,480

 
3,041

 
9,133

 
8,170

Other operations
(603
)
 
(1,459
)
 
(1,204
)
 
(2,570
)
Income from operations
26,898

 
24,700

 
79,896

 
31,756

 
 
 
 
 
 
 
 
Other income (expense):
 

 
 

 
 

 
 

Interest expense
(288
)
 
(216
)
 
(806
)
 
(1,230
)
Other, net
(2
)
 
(4
)
 
(11
)
 
(149
)
Total other income (expense)
(290
)
 
(220
)
 
(817
)
 
(1,379
)
Income before income taxes
26,608

 
24,480

 
79,079

 
30,377

Income tax expense
8,453

 
12,549

 
27,131

 
15,413

Net income and comprehensive income
$
18,155

 
$
11,931

 
$
51,948

 
$
14,964

 
 
 
 
 
 
 
 
Net income per share:
 

 
 

 
 

 
 

Basic
$
0.60

 
$
0.39

 
$
1.72

 
$
0.49

Diluted
$
0.60

 
$
0.39

 
$
1.71

 
$
0.49

 
 
 
 
 
 
 
 
Dividends per share:
$
0.15

 
$
0.12

 
$
0.45

 
$
0.36







Expedited LTL Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
September 30,
 
Percent of
 
September 30,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
155.7

 
100.0
%
 
$
144.3

 
100.0
%
 
$
11.4

 
7.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
64.0

 
41.1

 
56.3

 
39.0

 
7.7

 
13.7

Salaries, wages and employee benefits
35.2

 
22.6

 
33.8

 
23.4

 
1.4

 
4.1

Operating leases
9.4

 
6.0

 
9.0

 
6.2

 
0.4

 
4.4

Depreciation and amortization
5.4

 
3.5

 
5.5

 
3.8

 
(0.1
)
 
(1.8
)
Insurance and claims
3.3

 
2.1

 
3.9

 
2.7

 
(0.6
)
 
(15.4
)
Fuel expense
0.9

 
0.6

 
0.8

 
0.6

 
0.1

 
12.5

Other operating expenses
14.3

 
9.2

 
14.0

 
9.7

 
0.3

 
2.1

Total operating expenses
132.5

 
85.1

 
123.3

 
85.4

 
9.2

 
7.5

Income from operations
$
23.2

 
14.9
%
 
$
21.0

 
14.6
%
 
$
2.2

 
10.5
 %
Expedited LTL Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
September 30,
 
September 30,
 
Percent
 
2017
 
2016
 
Change
 
 
 
 
 
 
Operating ratio
85.1
%
 
85.4
%
 
(0.4
)%
 
 
 
 
 
 
Business days
63.0

 
64.0

 
(1.6
)
Business weeks
12.6

 
12.8

 
(1.6
)
 
 
 
 
 
 
Expedited LTL:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
636,009

 
588,929

 
8.0

    Average weekly pounds ¹
50,477

 
46,010

 
9.7

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
986,632

 
909,787

 
8.4

    Average weekly
78,304

 
71,077

 
10.2

 
 
 
 
 
 
Forward Air Complete shipments
242,902

 
195,594

 
24.2

As a percentage of linehaul shipments
24.6
%
 
21.5
%
 
14.4

 
 
 
 
 
 
Average linehaul shipment size
645

 
647

 
(0.3
)
 
 
 
 
 
 
Revenue per pound 2
 
 
 
 
 
    Linehaul yield
$
16.89

 
$
17.71

 
(3.7
)
    Fuel surcharge
1.11

 
1.06

 
0.2

    Forward Air Complete
3.94

 
3.49

 
2.1

Total Expedited LTL yield
$
21.94

 
$
22.26

 
(1.4
)%
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
2 - In dollars per hundred pound; percentage change is expressed as a percent of total yield.






Truckload Premium Services Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
September 30,
 
Percent of
 
September 30,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
45.9

 
100.0
%
 
$
42.2

 
100.0
%
 
$
3.7

 
8.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:

 
 
 
 
 
 
 
 
 
 
Purchased transportation
33.9

 
73.9

 
29.7

 
70.4

 
4.2

 
14.1

Salaries, wages and employee benefits
5.0

 
10.9

 
4.9

 
11.6

 
0.1

 
2.0

Operating leases
0.3

 
0.6

 
0.1

 
0.2

 
0.2

 
200.0

Depreciation and amortization
1.6

 
3.5

 
1.5

 
3.6

 
0.1

 
6.7

Insurance and claims
2.0

 
4.4

 
1.1

 
2.6

 
0.9

 
81.8

Fuel expense
0.8

 
1.7

 
0.7

 
1.7

 
0.1

 
14.3

Other operating expenses
2.2

 
4.8

 
2.2

 
5.2

 

 

Total operating expenses
45.8

 
99.8

 
40.2

 
95.3

 
5.6

 
13.9

Income from operations
$
0.1

 
0.2
%
 
$
2.0

 
4.7
%
 
$
(1.9
)
 
(95.0
)%

Truckload Premium Services Operating Statistics
 
 
 
Three months ended
 
September 30,
 
September 30,
 
Percent
 
2017
 
2016
 
Change
 
 
 
 
 
 
    Company driver 1
1,990

 
1,761

 
13.0
 %
    Owner operator 1
11,454

 
13,125

 
(12.7
)
    Third party 1
11,263

 
8,339

 
35.1

Total Miles
24,707

 
23,225

 
6.4

 
 
 
 
 
 
Revenue per mile
$
1.79

 
$
1.78

 
0.6

 
 
 
 
 
 
Cost per mile
$
1.44

 
$
1.37

 
5.1
 %
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 






Pool Distribution Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
September 30,
 
Percent of
 
September 30,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
39.2

 
100.0
%
 
$
36.4

 
100.0
%
 
$
2.8

 
7.7
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
10.4

 
26.5

 
10.1

 
27.7

 
0.3

 
3.0

Salaries, wages and employee benefits
15.3

 
39.0

 
14.4

 
39.6

 
0.9

 
6.3

Operating leases
3.3

 
8.4

 
3.3

 
9.1

 

 

Depreciation and amortization
1.7

 
4.4

 
1.4

 
3.8

 
0.3

 
21.4

Insurance and claims
1.1

 
2.8

 
1.0

 
2.7

 
0.1

 
10.0

Fuel expense
1.3

 
3.3

 
1.2

 
3.3

 
0.1

 
8.3

Other operating expenses
5.4

 
13.8

 
4.9

 
13.5

 
0.5

 
10.2

Total operating expenses
38.5

 
98.2

 
36.3

 
99.7

 
2.2

 
6.1

Income from operations
$
0.7

 
1.8
%
 
$
0.1

 
0.3
%
 
$
0.6

 
600.0
%







Intermodal Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
September 30,
 
Percent of
 
September 30,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
42.3

 
100.0
%
 
$
27.6

 
100.0
%
 
$
14.7

 
53.3
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:

 
 
 
 
 
 
 
 
 
 
Purchased transportation
17.5

 
41.4

 
9.7

 
35.1

 
7.8

 
80.4

Salaries, wages and employee benefits
9.0

 
21.3

 
6.6

 
23.9

 
2.4

 
36.4

Operating leases
3.8

 
9.0

 
3.3

 
12.0

 
0.5

 
15.2

Depreciation and amortization
1.7

 
4.0

 
1.0

 
3.6

 
0.7

 
70.0

Insurance and claims
1.2

 
2.8

 
0.8

 
2.9

 
0.4

 
50.0

Fuel expense
1.1

 
2.6

 
0.7

 
2.5

 
0.4

 
57.1

Other operating expenses
4.5

 
10.6

 
2.5

 
9.1

 
2.0

 
80.0

Total operating expenses
38.8

 
91.7

 
24.6

 
89.1

 
14.2

 
57.7

Income from operations
$
3.5

 
8.3
%
 
$
3.0

 
10.9
%
 
$
0.5

 
16.7
%







Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
September 30,
2017
 
December 31, 2016 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
12,423

 
$
8,511

Accounts receivable, net
132,100

 
116,602

Other current assets
13,319

 
11,157

Total current assets
157,842

 
136,270

 
 
 
 
Property and equipment
383,890

 
379,021

Less accumulated depreciation and amortization
192,109

 
178,816

Net property and equipment
191,781

 
200,205

Goodwill and other acquired intangibles:
 

 
 

Goodwill
191,535

 
184,675

Other acquired intangibles, net of accumulated amortization
113,562

 
106,650

Total net goodwill and other acquired intangibles
305,097

 
291,325

Other assets
14,448

 
13,491

Total assets
$
669,168

 
$
641,291

 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
22,377

 
$
18,012

Accrued expenses
35,354

 
31,903

Current portion of debt and capital lease obligations
466

 
28,012

Total current liabilities
58,197

 
77,927

 
 
 
 
Debt and capital lease obligations, less current portion
40,696

 
725

Other long-term liabilities
22,681

 
21,699

Deferred income taxes
42,004

 
41,871

 
 

 
 

Shareholders’ equity:
 

 
 

Common stock
295

 
301

Additional paid-in capital
191,352

 
179,512

Retained earnings
313,943

 
319,256

Total shareholders’ equity
505,590

 
499,069

Total liabilities and shareholders’ equity
$
669,168

 
$
641,291

 
 
 
 
(a) Taken from audited financial statements, which are not presented in their entirety.






Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
Three months ended

September 30, 2017

September 30, 2016
Operating activities:



Net income
$
18,155


$
11,931

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



Depreciation and amortization
10,326


9,399

Share-based compensation
1,939


2,093

Loss on disposal of property and equipment
194


111

Provision for loss on receivables
1,531


280

Provision for revenue adjustments
663


365

Deferred income tax expense
(662
)

(220
)
Excess tax benefit for stock options exercised


(50
)
Changes in operating assets and liabilities





Accounts receivable
(10,759
)

(6,716
)
Prepaid expenses and other current assets
2,567


2,182

Accounts payable and accrued expenses
1,776


14,026

Net cash provided by operating activities
25,730


33,401







Investing activities:





Proceeds from disposal of property and equipment
158


695

Purchases of property and equipment
(8,948
)

(12,684
)
Acquisition of business, net of cash acquired


(10,100
)
Other
(585
)

(71
)
Net cash used in investing activities
(9,375
)

(22,160
)






Financing activities:





Payments of debt and capital lease obligations
(282
)
 
(13,942
)
Proceeds from senior credit facility
20,000

 

Proceeds from exercise of stock options
750

 
5,947

Payments of cash dividends
(4,502
)
 
(3,653
)
Repurchase of common stock (repurchase program)
(29,988
)
 
(9,995
)
Excess tax benefit for stock options exercised

 
50

Cash settlement of share-based awards for tax withholdings

 
(14
)
Net cash used in financing activities
(14,022
)

(21,607
)
Net increase (decrease) in cash
2,333


(10,366
)
Cash at beginning of period
10,090


21,679

Cash at end of period
$
12,423


$
11,313







Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
Nine months ended
 
September 30, 2017
 
September 30, 2016
Operating activities:
 
 
 
Net income
$
51,948

 
$
14,964

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
30,578

 
28,409

Impairment of goodwill, intangible and other assets

 
42,442

Share-based compensation
5,965

 
6,204

Loss on disposal of property and equipment
701

 
201

Provision for loss on receivables
1,788

 
268

Provision for revenue adjustments
2,131

 
1,570

Deferred income tax
132

 
661

Excess tax benefit for stock options exercised

 
(137
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
(19,417
)
 
(8,000
)
Other current assets
(1,411
)
 
(1,354
)
Accounts payable and accrued expenses
5,296

 
9,380

Net cash provided by operating activities
77,711

 
94,608

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
1,497

 
1,795

Purchases of property and equipment
(13,610
)
 
(28,725
)
Acquisition of business, net of cash acquired
(22,500
)
 
(11,800
)
Other
(73
)
 
(673
)
Net cash used in investing activities
(34,686
)
 
(39,403
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(42,715
)
 
(41,825
)
Proceeds from senior credit facility
55,000

 

Proceeds from exercise of stock options
5,642

 
7,041

Payments of cash dividends
(13,584
)
 
(10,987
)
Repurchase of common stock (repurchase program)
(41,983
)
 
(29,986
)
Common stock issued under employee stock purchase plan
226

 
215

Excess tax benefit for stock options exercised

 
137

Cash settlement of share-based awards for tax withholdings
(1,699
)
 
(1,800
)
Net cash used in financing activities
(39,113
)
 
(77,205
)
Net increase (decrease) in cash
3,912

 
(22,000
)
Cash at beginning of period
8,511

 
33,312

Cash at end of period
$
12,423

 
$
11,312







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 2017 and 2016 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: adjusted income from operations, adjusted net income, adjusted earnings per diluted share, adjusted effective income tax rate and guidance with respect to adjusted net income per diluted share. These measures exclude intangible asset impairments costs and intangible asset impairment tax ramifications related to TQI for the three months ended September 30, 2016 and December 31, 2016. The Company believes that excluding these items will assist investors in understanding our core operating performance and allow for more accurate comparisons of results.

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. Our 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 our presented non-GAAP financial measures to the most directly comparable GAAP financial measures.

Forward Air Corporation
 
Reconciliation to U.S. GAAP
 
(In millions, except per share data)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2016
 
Operating Income
Other, Net
Income before taxes
Income taxes
Effective tax rate
Net Income
Diluted earnings per share
Reported (GAAP)
$
24.7

$
(0.2
)
$
24.5

$
12.6

51.3
%
$
11.9

$
0.39

Items impacting comparability:
 
 
 
 
 
 
 
Impact of TQI impairment on income taxes



(3.6
)
14.3
%
3.6

0.12

After considering items (Non-GAAP)
$
24.7

$
(0.2
)
$
24.5

$
9.0

37.0
%
$
15.5

$
0.51


 
Three months ended December 31, 2016
 
Operating Income
Other, Net
Income before taxes
Income taxes
Effective tax rate
Net Income
Diluted earnings per share
Reported (GAAP)
$
28.2

$
(0.2
)
$
28.0

$
15.3

54.6
%
$
12.7

$
0.42

Items impacting comparability:
 
 
 
 
 
 
 
Impact of TQI impairment on income taxes



(5.0
)
17.8
%
5.0

0.16

After considering items (Non-GAAP)
$
28.2

$
(0.2
)
$
28.0

$
10.3

36.8
%
$
17.7

$
0.58







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
September 30, 2017
Net income
$
18,155

Income allocated to participating securities
(145
)
Numerator for diluted income per share - net income
$
18,010

 
 
Fully diluted share count
29,940

Diluted earnings per share
$
0.60

 
 
 
 
Projected
Full year 2017
Projected tax rate
35.8
%
 
 
Projected year end fully diluted share count (before consideration of future share repurchases)
30,000

 
 
Projected capital expenditures, net
$
39,700

 
 






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. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and guidance relating to income per diluted share, adjusted income per diluted share and adjusted effective tax rate for the second quarter.

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. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our inability to maintain our historical growth rate because of a decreased volume of freight moving through our network or decreased average revenue per pound of freight moving through our network, tax matters, the availability and compensation of qualified independent owner-operators and freight handlers needed to serve our transportation needs, our inability to successfully integrate acquisitions and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2016.

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.





SOURCE: Forward Air Corporation

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