Forward Air (FWRD) Cuts Q3 Outlook; Lower Freight Volume Noted
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Forward Air Corporation (Nasdaq: FWRD) lowered its third-quarter 2016 year-over-year revenue growth guidance range to -2% to +2% from a previously announced range of 1% to 5%. The Company also lowered its adjusted income guidance range to $0.48 to $0.52 per diluted share from a previously announced range of $0.61 to $0.65. The change in the Company’s revenue and adjusted income guidance was driven by lower freight volumes.
*** The Street sees Q3 revenue of $253.8 million and EPS of $0.64.
Bruce A. Campbell, Chairman, President, and CEO, commenting on third quarter performance, said, “Since our second quarter earnings call, the economic environment has remained sluggish. While we are seeing the effects across our portfolio, LTL volumes have been noticeably soft. Through Sunday, September 18, our unadjusted year-over-year LTL tonnage per day for the third quarter was down 4.6%. While our yields and margins have held up, we no longer project that we will achieve our previously provided guidance ranges and are adjusting our outlook for the quarter.”
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