Forward Air Corporation reports robust Q4
Diluted income per share from operations for the fourth quarter of 2005 was $0.38 compared with $0.31 in the prior-year quarter, an increase of 22.6%. Commenting on the results, Bruce Campbell, CEO of Forward Air Corporation, said, "Our airport-to-airport business, the backbone of our operations, grew at over 19% in the fourth quarter despite essentially two less working days. The year ended strong with average weekly tonnage increasing over 11.0% in the fourth quarter. "We also produced record operating income and operating margins, ending 2005 with an industry-leading 21.0% operating margin. The year, and particularly the fourth quarter, weren't without challenges. Logistics and accessorial revenues were flat for the year and down in the fourth quarter." Mr Campbell went on to say that the company was optimistic about 2006 as tonnage levels and pricing remained strong.