Forward Air misses Q4 guidance; revenue record but EPS below range; Q1 outlook weak

FORWARD AIR CORP

2022-FY EPS reported $7.14 revenue$1,973,403,000

Q4 revenue $481.2M (+4.6% YoY); net income $42.9M, diluted EPS $1.60 vs guidance $1.98-$2.02.
Adjusted diluted EPS $1.65 also missed guidance; weight per shipment fell >12% from inventory destocking.
Full year 2022: revenue +18.7%, operating margin +390 bps, net income per diluted share +69.2% (record).
Q1 2023 guidance: revenue flat to down 4% YoY; EPS $1.30-$1.34 vs $1.57 in prior year.
Board declares $0.24 quarterly dividend, payable March 17 to record holders March 2.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FORWARD AIR CORP reported the three months ended December 31, 2022 results: revenue $ 481,200, net income $ 42,942, EPS $ 1.60. Guidance initiated.

Period: the three months ended December 31, 2022
Revenue: $ 481,200
Net income: $ 42,942
EPS: $ 1.60
Guidance: initiated
Result: reported results

Exact text from the filing

Operating revenue $ 481,200 $ 459,929 $ 21,271 4.6 % Income from operations $ 61,415 $ 51,977 $ 9,438 18.2 % Operating margin 12.8 % 11.3 % 150 bps Net income $ 42,942 $ 38,197 $ 4,745 12.4 % Net income per diluted share $ 1.60 $ 1.40 $ 0.20 14.3 %

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FORWARD AIR CORP updated its the twelve months ended December 31, 2022 guidance (initiated).

Period: the twelve months ended December 31, 2022
Guidance: initiated
Result: reported results

Exact text from the filing

Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and twelve months ended December 31, 2022

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44 earnings releases filed in the last 30 days. Browse all earnings releases →

FORWARD AIR CORP filing history →

Source: SEC EDGAR

accession 0001628280-23-002800

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