Forward Air (NASDAQ: FWRD) reported Q1 EPS of $0.60, $0.03 better than the analyst estimate of $0.57. Revenue for the quarter came in at $362.2 million versus the consensus estimate of $340.32 million.

Tom Schmitt, Chairman, President and CEO, commenting on first quarter results from continuing operations said, “Our growth strategies drove our record first quarter revenue, which came in above the high end of our guidance range. Business momentum continued during the quarter and accelerated in March, when our LTL business achieved an operating margin higher than in March of peak economy year 2018.”

“Our net income per diluted share of $0.60 exceeded the high end of our guidance range. This guidance included approximately $0.07 of anticipated professional fees related to cybersecurity and shareholder engagement activities. However, during the first quarter these fees were approximately $0.20 (driven predominately by shareholder engagement activities that resulted in us entering into a cooperation agreement), all of which was recorded in Other Operations. We also experienced an estimated $0.06 impact in February from adverse weather (which had a $0.04 impact on our Expedited Freight segment and a $0.02 impact on our Intermodal segment). When adjusting for this approximate $0.26 total impact, we believe the underlying performance of our business during the first quarter greatly exceeded what we expected in our first quarter guidance.”

GUIDANCE:

Forward Air sees Q2 2021 EPS of $0.96-$1.00, versus the consensus of $0.79.

For earnings history and earnings-related data on Forward Air (FWRD) click here.