Monday, Forward Air Corp. (FWRD) said its second quarter profit increased 5.5% from last year, boosted by several initiatives including the door-to-door pickup and delivery services, and expansion into Dallas, Houston and San Antonio in Texas.
Net income for the second quarter was $12.1 million, up 5.5% from $11.5 million in the prior year quarter. Earnings per share rose to $0.42 from $0.38 in the year-ago quarter. On average, twelve analysts polled by First Call/Thomson Financial expected the company to earn $0.41 per share for the second quarter.
Operating revenue for the quarter increased 30.5% to $121.6 million from $93.1 million in the same quarter last year. Five analysts had a consensus revenue estimate of $116.04 million for the second quarter.
For the first half of 2008, Forward Air reported net income of $22.1 million or $0.76 per share, up from $21.8 million or $0.72 per share in the previous year period.
Operating revenue for the year-to-date period increased 27.1% to $229.5 million from $180.5 million in the preceding year period.
Looking ahead, for the third quarter, Forward Air expects income of $0.40 to $0.44 per share and revenue growth of 22% to 27%. The Street expects earnings of $0.43 per share on revenue of $116.62 million for the third quarter.
FWRD closed Monday's regular trading session at $34.63, down 2 cents. In the after-hours, the shares gained 2 cents.
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