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EX - 99.1 2 exhibit991q12021 pressrelea.htm EX - 99.1 Forward ™ NEWS RELEASE FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2021 RESULTS Reports record first quarter revenue Guides for record second quarter net income per diluted share GREENEVILLE , Tenn.- ( BUSINESS WIRE ) - April 29 , 2021 Forward Air Corporation ( NASDAQ : FWRD ) ( the " Company " , " we ” , “ our ” , or “ us ” ) today reported financial results for the three months ended March 31 , 2021 as presented in the tables below on a continuing operations basis ( Pool Distribution is being reported as a discontinued operation ) . 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 . " Regarding the Company's second quarter 2021 continuing operations guidance , Mr. Schmitt said , “ We expect our year - over- year revenue growth will be 35 % to 40 % , and our net income per diluted share to be between $ 0.96 to $ 1.00 , compared to $ 0.33 in the second quarter of 2020 and , more meaningfully compared to $ 0.79 in the second quarter of 2018. ” In closing , Mr. Schmitt said , " The first quarter was all about a determined focus of the entire team . In the midst of a tight market and winter storms , our teammates and independent contractors went above and beyond to keep our customer commitments . We feel very strongly about our momentum which we will further enhance over the next few months and years . As the country continues its vaccine rollout , we will continue to bring back business together with our customers who were directly impacted by the pandemic such as cruise lines , conferences and trade shows . "