Forward Air (FWRD) Cuts Q3 Outlook; Lower Freight Volume Noted
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BGC Partners (BGCP) Cuts Q3 Revenue Outlook
- Emergent BioSolutions (EBS) Signs BARDA Contract Valued at up to $1.6B for Development and Delivery of NuThrax
- Ryerson Inc. (RYI) Sees Flat Q3 QoQ Revenue
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Hot Guidance, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!