Forward Air Corporation Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2023

The following is a summary of the quarterly results of operations for the years ended December 31, 2023 and 2022:


	2023
	March 31		June 30		September 30		December 31
Operating revenue	$	357,709	$	333,622	$	340,976	$	338,428
Net income (loss) from continuing operations	$	33,904	$	17,127	$	6,493	$	(14,721)
Income from discontinued operations, net of tax	2,464		2,824		2,795		116,465
Net income and comprehensive income	$	36,368	$	19,951	$	9,288	$	101,744

Basic net income (loss) per share:
Continuing operations	$	1.28	$	0.66	$	0.25	$	(0.58)
Discontinued operations	0.09		0.11		0.11		4.51
Net income per share1	$	1.37	$	0.76	$	0.36	$	3.94

Diluted net income (loss) per share:
Continuing operations	$	1.27	$	0.65	$	0.25	$	(0.58)
Discontinued operations	0.09		0.11		0.11		4.51
Net income per share1	$	1.37	$	0.76	$	0.36	$	3.93

	2022
	March 31		June 30		September 30		December 31
Operating revenue	$	401,203	$	442,191	$	433,201	$	403,039
Net income from continuing operations	$	40,463	$	51,434	$	48,508	$	39,009
Income from discontinued operations, net of tax	2,223		3,996		3,625		3,933
Net income and comprehensive income	$	42,686	$	55,430	$	52,133	$	42,942

Basic net income per share:
Continuing operations	$	1.49	$	1.90	$	1.80	$	1.46
Discontinued operations	0.08		0.15		0.13		0.15
Net income per share1	$	1.57	$	2.05	$	1.94	$	1.61

Diluted net income per share:
Continuing operations	$	1.48	$	1.89	$	1.80	$	1.45
Discontinued operations	0.08		0.15		0.13		0.15
Net income per share1	$	1.57	$	2.04	$	1.93	$	1.60

1 Rounding may impact summation of amounts.