corplogoa08.jpg
NEWS RELEASE
FORWARD AIR CORPORATION REPORTS
FOURTH QUARTER 2017 RESULTS AND
QUARTERLY CASH DIVIDEND

GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 7, 2018 - Forward Air Corporation (NASDAQ:FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the fourth quarter and year ended December 31, 2017.

Operating revenue for the quarter ended December 31, 2017 increased 15.6% to $306.1 million from $264.8 million for the same quarter in 2016. Income from operations was $28.8 million, compared to $28.2 million in the prior year quarter. Net income during the period was $35.4 million compared to $12.7 million in the fourth quarter of 2016. Net income per diluted share for the fourth quarter of 2017 was $1.18 compared to $0.42 in the prior year quarter. Adjusted to exclude the $0.16 per share impact of the second quarter 2016 TQI impairment on income taxes, prior year quarter adjusted earnings per share was $0.58.

Bruce A. Campbell, Chairman, President, and CEO, commenting on fourth quarter results said, “Our business units had mixed results during an operationally challenging fourth quarter. Expedited LTL managed its seasonally busy quarter amid a tight Truckload market to deliver strong performance despite a higher use of brokered transportation. Truckload Premium Services also faced a higher use of brokered transportation as it began adjusting to market rates while honoring its committed customer contracts. Our Intermodal group showed good growth while completing the integration of Atlantic and Kansas City Logistics. Pool Distribution managed its peak quarter to generate revenue growth but faced higher variable costs in accommodating this volume, along with an equipment disposal charge.”
In closing Mr. Campbell said, “During 2017, our revenues exceeded $1 billion for the first time in Forward Air’s history. As we end the year, I would like to thank all of our employees and independent contractors for their hard work in helping us achieve this milestone. As we enter 2018 we are well positioned to continue Forward Air’s growth by providing our customers with value added freight and logistics solutions.”

Commenting on the Company’s fourth quarter results, Michael J. Morris, Senior Vice President and CFO, said, “Our fourth quarter net income per diluted share reflects a $0.53 benefit related to the fourth quarter enactment of the Tax Cuts and Jobs Act (“TCJA”). When excluding this TCJA impact, our net income per diluted share would have been $0.65, exceeding our $0.60-$0.64 guidance range.” Regarding the Company’s first quarter 2018 guidance, Mr. Morris said, “We expect first quarter year-on-year revenue growth to be 19% to 23%. This revenue outlook contemplates our 2018 implementation of ASC 606, Revenue from Contracts with Customers, which now requires that we report fuel surcharge revenue on a gross basis. As such, our growth outlook reflects a comparison to our first quarter 2017 revenue which reported fuel surcharge revenue on a net basis. If this prior year period was adjusted to reflect fuel surcharge revenue on a gross basis, we expect our year-on-year revenue growth to be 12% to 16%. We expect net income per diluted share to be between $0.55 and $0.59 in the first quarter of 2018, compared to $0.47 in the prior year quarter.”

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 February 6, 2018, 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 March 8, 2018, and is expected to be paid on March 23, 2018.
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.

1



Review of Financial Results

Forward Air will hold a conference call to discuss fourth quarter 2017 results on Thursday, February 8, 2018 at 10:00 a.m. EST. The Company's conference call will be available online at www.forwardaircorp.com or by dialing (800) 230-1074. A replay of the conference call will be available at 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 www.forwardaircorp.com.








2



Forward Air Corporation
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
Three months ended
 
Year ended
 
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Operating revenue:
 
 
 
 
 
 
 
Expedited LTL
$
171,208

 
$
147,368

 
$
619,779

 
$
570,778

Truckload Premium Services
46,408

 
44,003

 
179,320

 
164,272

Pool Distribution
50,383

 
47,507

 
164,221

 
148,661

Intermodal
43,054

 
27,279

 
148,907

 
103,671

Eliminations and other operations
(4,937
)
 
(1,364
)
 
(11,411
)
 
(4,852
)
Operating revenue
306,116

 
264,793

 
1,100,816

 
982,530

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Purchased transportation
136,150

 
112,572

 
478,167

 
413,355

Salaries, wages and employee benefits
73,457

 
66,145

 
264,739

 
242,002

Operating leases
16,594

 
15,808

 
63,799

 
60,492

Depreciation and amortization
10,477

 
9,801

 
41,055

 
38,210

Insurance and claims
8,199

 
6,180

 
29,578

 
25,392

Fuel expense
5,094

 
3,857

 
16,542

 
13,233

Other operating expenses
27,369

 
22,207

 
98,264

 
87,425

Impairment of goodwill, intangibles and other assets

 

 

 
42,442

Total operating expenses
277,340

 
236,570

 
992,144

 
922,551

Operating income (loss):
 
 
 
 
 
 
 
Expedited LTL
23,546

 
20,492

 
88,142

 
83,518

Truckload Premium Services
(451
)
 
1,273

 
3,248

 
(35,405
)
Pool Distribution
2,706

 
3,824

 
6,378

 
3,633

Intermodal
3,540

 
2,786

 
12,673

 
10,956

Other operations
(565
)
 
(152
)
 
(1,769
)
 
(2,723
)
Income from operations
28,776

 
28,223

 
108,672

 
59,979

 
 
 
 
 
 
 
 
Other income (expense):
 
 
 
 
 
 
 
Interest expense
(403
)
 
(366
)
 
(1,209
)
 
(1,597
)
Other, net

 
152

 
(11
)
 
4

Total other income (expense)
(403
)
 
(214
)
 
(1,220
)
 
(1,593
)
Income before income taxes
28,373

 
28,009

 
107,452

 
58,386

Income tax (benefit) expense
(7,000
)
 
15,303

 
20,131

 
30,716

Net income and comprehensive income
$
35,373

 
$
12,706

 
$
87,321

 
$
27,670

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.19

 
$
0.42

 
$
2.90

 
$
0.91

Diluted
$
1.18

 
$
0.42

 
$
2.89

 
$
0.90

 
 
 
 
 
 
 
 
Dividends per share:
$
0.15

 
$
0.15

 
$
0.60

 
$
0.51





3



Expedited LTL Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
Percent of
 
December 31,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
171.2

 
100.0
%
 
$
147.4

 
100.0
%
 
$
23.8

 
16.1
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
74.4

 
43.4

 
59.6

 
40.4

 
14.8

 
24.8

Salaries, wages and employee benefits
38.9

 
22.7

 
36.4

 
24.7

 
2.5

 
6.9

Operating leases
9.1

 
5.3

 
8.9

 
6.1

 
0.2

 
2.2

Depreciation and amortization
5.6

 
3.3

 
5.6

 
3.8

 

 

Insurance and claims
5.1

 
3.0

 
3.1

 
2.1

 
2.0

 
64.5

Fuel expense
1.0

 
0.6

 
0.9

 
0.6

 
0.1

 
11.1

Other operating expenses
13.5

 
7.9

 
12.4

 
8.4

 
1.1

 
8.9

Total operating expenses
147.6

 
86.2

 
126.9

 
86.1

 
20.7

 
16.3

Income from operations
$
23.6

 
13.8
%
 
$
20.5

 
13.9
%
 
$
3.1

 
15.1
%
Expedited LTL Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
December 31,
 
Percent
 
2017
 
2016
 
Change
 
 
 
 
 
 
Operating ratio
86.2
%
 
86.1
%
 
0.1
 %
 
 
 
 
 
 
Business days
63.0

 
63.0

 

Business weeks
12.6

 
12.6

 

 
 
 
 
 
 
Expedited LTL:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
684,828

 
612,098

 
11.9

    Average weekly pounds ¹
54,351

 
48,579

 
11.9

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
1,143,328

 
1,006,256

 
13.6

    Average weekly
90,740

 
79,862

 
13.6

 
 
 
 
 
 
Forward Air Complete shipments
246,523

 
202,452

 
21.8

As a percentage of linehaul shipments
21.6
%
 
20.1
%
 
7.5

 
 
 
 
 
 
Average linehaul shipment size
599

 
608

 
(1.5
)
 
 
 
 
 
 
Revenue per pound 2
 
 
 
 
 
    Linehaul yield
$
17.07

 
$
17.40

 
(1.5
)
    Fuel surcharge
1.30

 
1.02

 
1.3

    Forward Air Complete
3.76

 
3.45

 
1.4

Total Expedited LTL yield
$
22.13

 
$
21.87

 
1.2
 %
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
2 - In dollars per hundred pound; percentage change is expressed as a percent of total yield.


4




Truckload Premium Services Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
Percent of
 
December 31,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
46.4

 
100.0
 %
 
$
44.0

 
100.0
%
 
$
2.4

 
5.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
35.4

 
76.3

 
31.7

 
72.1

 
3.7

 
11.7

Salaries, wages and employee benefits
5.2

 
11.2

 
4.9

 
11.1

 
0.3

 
6.1

Operating leases
0.4

 
0.9

 
0.1

 
0.2

 
0.3

 
300.0

Depreciation and amortization
1.6

 
3.4

 
1.5

 
3.4

 
0.1

 
6.7

Insurance and claims
1.2

 
2.6

 
1.9

 
4.3

 
(0.7
)
 
(36.8
)
Fuel expense
1.0

 
2.2

 
0.7

 
1.6

 
0.3

 
42.9

Other operating expenses
2.1

 
4.5

 
1.9

 
4.3

 
0.2

 
10.5

Total operating expenses
46.9

 
101.1

 
42.7

 
97.0

 
4.2

 
9.8

Results from operations
$
(0.5
)
 
(1.1
)%
 
$
1.3

 
3.0
%
 
$
(1.8
)
 
(138.5
)%

Truckload Premium Services Operating Statistics
 
 
 
Three months ended
 
December 31,
 
December 31,
 
Percent
 
2017
 
2016
 
Change
 
 
 
 
 
 
    Company driver 1
2,115

 
1,665

 
27.0
 %
    Owner operator 1
9,405

 
12,702

 
(26.0
)
    Third party 1
13,193

 
9,455

 
39.5

Total Miles
24,713

 
23,822

 
3.7

 
 
 
 
 
 
Revenue per mile
$
1.81

 
$
1.80

 
0.6

 
 
 
 
 
 
Cost per mile
$
1.51

 
$
1.42

 
6.3
 %
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 


5



Pool Distribution Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
Percent of
 
December 31,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
50.4

 
100.0
%
 
$
47.5

 
100.0
%
 
$
2.9

 
6.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
13.3

 
26.4

 
12.5

 
26.3

 
0.8

 
6.4

Salaries, wages and employee benefits
18.9

 
37.4

 
17.8

 
37.5

 
1.1

 
6.2

Operating leases
3.8

 
7.5

 
3.5

 
7.4

 
0.3

 
8.6

Depreciation and amortization
1.7

 
3.4

 
1.5

 
3.1

 
0.2

 
13.3

Insurance and claims
1.5

 
3.0

 
1.2

 
2.5

 
0.3

 
25.0

Fuel expense
1.8

 
3.6

 
1.6

 
3.4

 
0.2

 
12.5

Other operating expenses
6.7

 
13.3

 
5.6

 
11.8

 
1.1

 
19.6

Total operating expenses
47.7

 
94.6

 
43.7

 
92.0

 
4.0

 
9.2

Income from operations
$
2.7

 
5.4
%
 
$
3.8

 
8.0
%
 
$
(1.1
)
 
(28.9
)%


6



Intermodal Segment Information
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
Percent of
 
December 31,
 
Percent of
 
 
 
Percent
 
2017
 
Revenue
 
2016
 
Revenue
 
Change
 
Change
Operating revenue
$
43.1

 
100.0
%
 
$
27.3

 
100.0
%
 
$
15.8

 
57.9
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
17.4

 
40.4

 
9.7

 
35.5

 
7.7

 
79.4

Salaries, wages and employee benefits
9.7

 
22.5

 
6.6

 
24.2

 
3.1

 
47.0

Operating leases
3.5

 
8.1

 
2.8

 
10.2

 
0.7

 
25.0

Depreciation and amortization
1.6

 
3.7

 
1.1

 
4.0

 
0.5

 
45.5

Insurance and claims
0.9

 
2.1

 
0.8

 
2.9

 
0.1

 
12.5

Fuel expense
1.2

 
2.8

 
0.7

 
2.6

 
0.5

 
71.4

Other operating expenses
5.3

 
12.3

 
2.8

 
10.3

 
2.5

 
89.3

Total operating expenses
39.6

 
91.9

 
24.5

 
89.7

 
15.1

 
61.6

Income from operations
$
3.5

 
8.1
%
 
$
2.8

 
10.3
%
 
$
0.7

 
25.0
%


7



Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
December 31,
2017
 
December 31,
 2016 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
3,893

 
$
8,511

Accounts receivable, net
143,041

 
116,602

Other current assets
15,808

 
11,157

Total current assets
162,742

 
136,270

 
 
 
 
Property and equipment
399,235

 
379,021

Less accumulated depreciation and amortization
193,123

 
178,816

Net property and equipment
206,112

 
200,205

Goodwill and other acquired intangibles:
 

 
 

Goodwill
191,671

 
184,675

Other acquired intangibles, net of accumulated amortization
111,247

 
106,650

Total net goodwill and other acquired intangibles
302,918

 
291,325

Other assets
15,944

 
13,491

Total assets
$
687,716

 
$
641,291

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
24,704

 
$
18,012

Accrued expenses
35,069

 
31,903

Current portion of debt and capital lease obligations
359

 
28,012

Total current liabilities
60,132

 
77,927

 
 
 
 
Debt and capital lease obligations, less current portion
40,588

 
725

Other long-term liabilities
24,104

 
21,699

Deferred income taxes
29,403

 
41,871


 

 
 

Shareholders’ equity:
 

 
 

Common stock
295

 
301

Additional paid-in capital
195,346

 
179,512

Retained earnings
337,848

 
319,256

Total shareholders’ equity
533,489

 
499,069

Total liabilities and shareholders’ equity
$
687,716

 
$
641,291

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






8



Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Three months ended
 
December 31,
2017
 
December 31,
2016
Operating activities:
 
 
 
Net income
$
35,373

 
$
12,706

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
10,477

 
9,801

Share-based compensation
2,138

 
2,130

Loss on disposal of property and equipment
580

 
90

Provision for loss (recovery) on receivables
26

 
(10
)
Provision for revenue adjustments
924

 
450

Deferred income taxes
(12,600
)
 
2,864

Tax benefit for stock options exercised

 
(1,595
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
(11,891
)
 
(1,715
)
Prepaid expenses and other assets
(2,599
)
 
7,377

Accounts payable and accrued expenses
3,225

 
3,644

Net cash provided by operating activities
25,653

 
35,742

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
943

 
134

Purchases of property and equipment
(24,655
)
 
(13,461
)
Acquisition of business
(640
)
 

Other
(150
)
 
337

Net cash used in investing activities
(24,502
)
 
(12,990
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(75
)
 
(13,943
)
Proceeds from exercise of stock options
1,630

 
1,107

Payments of cash dividends
(4,468
)
 
(4,542
)
Repurchase of common stock (repurchase program)
(7,000
)
 
(9,997
)
Common stock issued under employee stock purchase plan
232

 
227

Tax benefit for stock options exercised

 
1,595

Net cash used in by financing activities
(9,681
)
 
(25,553
)
Net decrease in cash
(8,530
)
 
(2,801
)
Cash at beginning of period
12,423

 
11,312

Cash at end of period
$
3,893

 
$
8,511





9



Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Year ended
 
December 31,
2017
 
December 31,
2016
Operating activities:
 
 
 
Net income
$
87,321

 
$
27,670

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

 
 

Depreciation and amortization
41,055

 
38,210

Impairment of goodwill, intangible and other assets

 
42,442

Share-based compensation
8,103

 
8,334

Loss on disposal of property and equipment
1,281

 
291

Provision for loss on receivables
1,814

 
258

Provision for revenue adjustments
3,055

 
2,020

Deferred income taxes
(12,468
)
 
3,525

Tax benefit for stock options exercised

 
(1,732
)
Changes in operating assets and liabilities, net of acquisition of business
 

 
 

Accounts receivable
(31,308
)
 
(9,715
)
Prepaid expenses and other assets
(4,434
)
 
283

Accounts payable and accrued expenses
8,945

 
18,764

Net cash provided by operating activities
103,364

 
130,350

 
 
 
 
Investing activities:
 

 
 

Proceeds from disposal of property and equipment
2,440

 
1,929

Purchases of property and equipment
(38,265
)
 
(42,186
)
Acquisition of business, net of cash acquired
(23,140
)

(11,800
)
Other
(223
)
 
(336
)
Net cash used in investing activities
(59,188
)
 
(52,393
)
 
 
 
 
Financing activities:
 

 
 

Payments of debt and capital lease obligations
(42,790
)
 
(55,768
)
Proceeds from senior credit facility
55,000

 

Proceeds from exercise of stock options
7,272

 
8,148

Payments of cash dividends
(18,052
)
 
(15,529
)
Purchase of common stock under repurchase program
(48,983
)
 
(39,983
)
Common stock issued under employee stock purchase plan
458

 
442

Cash settlement of share-based awards for minimum tax withholdings
(1,699
)
 
(1,800
)
Tax benefit for stock options exercised

 
1,732

Net cash (used in) provided by financing activities
(48,794
)
 
(102,758
)
Net decrease in cash
(4,618
)
 
(24,801
)
Cash at beginning of year
8,511

 
33,312

Cash at end of year
$
3,893

 
$
8,511





10




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 impairment costs and intangible asset impairment tax ramifications related to TQI for the three months ended 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 December 31, 2016
 
Income before taxes
Income taxes
Effective tax rate
Net Income
Diluted earnings per share
Reported (GAAP)
$
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)
$
28.0

$
10.3

36.8
%
$
17.7

$
0.58




11



The following table summarizes supplemental full year 2018 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, 2017
Net income
$
35,373

Income allocated to participating securities
(284
)
Numerator for diluted income per share - net income
$
35,089

 
 
Fully diluted share count
29,635

Diluted earnings per share
$
1.18

 
 
 
 
Projected
Full year 2018
Projected tax rate
25.0
%
 
 
Projected year end fully diluted share count (before consideration of future share repurchases)
28,800

 
 
Projected capital expenditures, net
$
46,000

 
 



12



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 first quarter 2018 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



13