Forward Air Corporation (FWRD) today reported operating revenue, income from operations, net income and diluted earnings per share for the three and nine months ended September 30, 2014.
Operating revenue for the quarter ended September 30, 2014 increased 18.5% to $201.5 million from $170.0 million for the same quarter in 2013. Income from operations was $26.9 million, compared with $22.9 million in the prior-year quarter. As a percent of operating revenue, income from operations was 13.3%, compared with 13.5% in the same quarter last year. Net income during the period was $16.7 million compared to $14.2 million in the prior-year quarter. Net income per diluted share for the third quarter of 2014 was $0.54 compared with $0.46 in the prior-year quarter.
Operating revenue for the nine months ended September 30, 2014 increased 20.3% to $566.9 million from $471.4 million for the same period in 2013. Income from operations was $70.8 million, compared with $61.1 million in the prior-year period. As a percent of operating revenue, income from operations was 12.5%, compared with 13.0% in the same period last year. Net income during the period was $44.1 million compared to $38.9 million in the prior-year period. Net income per diluted share for the nine months ended September 30, 2014 was $1.41 compared with $1.27 in the prior-year period.
Bruce A. Campbell, Chairman, President, and CEO, commenting on the third quarter said, “We were pleased with our revenue and operating income performance across all of our business segments especially in light of the challenging capacity environment and its impact on our cost structure.”
Commenting on the Forward Air, Inc. (“FAI”) business segment, Mr. Campbell said, “FAI revenue continues to benefit from the acquisition of Central States Trucking Company (‘CST’) along with strong year-over-year growth in our tonnage volumes and improving airport-to-airport pricing. These positive trends were partially offset by higher purchased transportation and recruiting costs resulting from our efforts to grow our fleet to keep pace with our increased shipping activity. CST contributed approximately $21.1 million of revenue and $2.5 million of operating income during the third quarter of 2014.”
Commenting on the Forward Air Solutions (“Solutions”) segment, Mr. Campbell said, “Solutions continues to show significant improvement in operating income driven primarily by the general rate increases initiated in the first quarter and excellent operating discipline. Compared to the prior-year quarter results, Solutions operating results improved over $0.4 million, or 50.0% incremental profitability.”
Addressing the Total Quality, Inc. (“TQI”) business segment, Mr. Campbell said, “Despite a lack of revenue growth, we continue to experience improvement in operating income as a percentage of revenue as a result of operating efficiencies initiated during 2014.”
In closing, Mr. Campbell said, “As always, I would like to thank the Forward Air team of employees and independent contractors for their dedication and hard work.”
Commenting on the Company’s guidance for the fourth quarter, Rodney L. Bell, Senior Vice President and CFO said, “We anticipate that our fourth quarter 2014 revenues will increase in the range of 18% to 22% over the comparable 2013 period. We expect income per diluted share to be between $0.60 and $0.66 per share. This compares to $0.50 per share in the fourth quarter of 2013.”
On October 23, 2014, our Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable to shareholders of record at the close of business on November 21, 2014, and is expected to be paid on December 8, 2014.
This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.48 per share of common stock, payable in quarterly increments of $0.12 per share of common stock. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance.
As you can see, this is a good company with good growth. It just got punished because it didn't grow FAST ENOUGH for the traders on wall street..Today I saw this on the chart:
The most recent candle that shows drop is also displaying upward strength: It has a fat body on the top with a deep reaching tail on the bottom...this means that the price action had tried to drop further, but there was too much buying resistance and the stock could not sustain the lower price. This is a climb signal. Also look at the RSI, and MACD both in positions to climb.
It is my opinion that the public is going to come to its senses and start to purchase this stock looking with its next quarter forecast and steadily climbing profits.
I got in today straight with no options because the options are too thinly traded. In at:
| Prev Close: | 48.35 |
|---|---|
| Open: | 45.96 |
| Bid: | 44.79 x 100 |
| Ask: | 44.83 x 100 |
| 1y Target Est: | 50.44 |
| Beta: | 1.13 |
| Next Earnings Date: | N/A |
| Day's Range: | 43.60 - 45.96 |
|---|---|
| 52wk Range: | 39.28 - 48.93 |
| Volume: | 270,769 |
| Avg Vol (3m): | 126,078 |
| Market Cap: | 1.38B |
| P/E (ttm): | 24.51 |
| EPS (ttm): | 1.83 |
| Div & Yield: | 0.48 (1.00% |
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