Forward Air Q1 EPS $1.37 beats on $0.24 one-time; revenue -8.5%; FY outlook reduced

FORWARD AIR CORP

2023-Q1 EPS reported $1.37 revenue$427,066,000

Q1 diluted EPS $1.37 beat guidance of $1.30-$1.34; includes $0.24 one-time from reversal of 2021 incentive plan accrual.
Revenue $427M, down 8.5% YoY, below low end of guidance (-4% to +2% revenue change).
FY2023 EPS target revised to $6.20-$6.60, implying decline from 2022; Q2 guidance EPS $1.28-$1.32 on revenue down 7-17%.
Q1 tonnage per day down 12% YoY; improved to -5% in recent weeks, suggesting potential early freight recovery.
Quarterly dividend of $0.24 per share declared, payable June 13, 2023 to holders of record May 25, 2023.

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 three months ended March 31, 2023 results: revenue $ 427,066, net income $ 36,368, EPS $ 1.37. Guidance lowered.

Period: three months ended March 31, 2023
Revenue: $ 427,066
Net income: $ 36,368
EPS: $ 1.37
Guidance: lowered
Result: reported results

Exact text from the filing

share of $2.04 in the second quarter of 2022.” Three Months Ended (in thousands, except per share data) March 31, 2023 March 31, 2022 Change Percent Change Operating revenue $ 427,066 $ 466,961 $ (39,895) (8.5) % Income from operations $ 50,509 $ 57,351 $ (6,842) (11.9) % Operating margin 11.8 % 12.3 % (50) bps Net income $ 36,368 $ 42,686 $ (6,318) (14.8) %

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FORWARD AIR CORP filing history →

Source: SEC EDGAR

accession 0001628280-23-014664

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