---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-014664"
form_type: "8-K"
ticker: "FWRD"
cik: "0000912728"
company_name: "FORWARD AIR CORP"
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T05:55:16.514952+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-014664
- form_type: 8-K
- ticker: FWRD
- cik: 0000912728
- company_name: FORWARD AIR CORP
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/912728/000162828023014664/0001628280-23-014664-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/912728/000162828023014664/fwrd-20230501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-014664
- JSON: https://secwatch.observer/filing/0001628280-23-014664.json
- Plain text: https://secwatch.observer/filing/0001628280-23-014664.txt

## Key facts
- Earnings Releases
  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
  source text: 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) %
  evidence_url: https://www.sec.gov/Archives/edgar/data/912728/000162828023014664/0001628280-23-014664-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.