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EX - 99.1 2 exhibit991q22021 pressrelea.htm EX - 99.1 Forward ™ NEWS RELEASE FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2021 RESULTS Reports highest ever monthly net income in the month of June Reports highest revenue and operating income for a quarter Guides record third quarter revenue and net income per diluted share - GREENEVILLE , Tenn.- ( BUSINESS WIRE ) - July 29 , 2021 Forward Air Corporation ( NASDAQ : FWRD ) ( the “ Company ” , “ we ” , “ our ” , or “ us ” ) today reported financial results for the three and six months ended June 30 , 2021 as presented in the tables below on a continuing operations basis ( Pool Distribution was previously reported as a discontinued operation ) . Tom Schmitt , Chairman , President and CEO , commenting on second quarter results from continuing operations said , “ Business momentum continued during the quarter culminating in the highest net income for the month of June . Our focus on our two rock star segments , Expedited Freight and Intermodal , as well as solid revenue management , drove our second quarter revenue , which exceeded the high end of our guidance range . Surgical collaboration with customers on selecting , handling , and pricing freight led to the highest operating income for a quarter . Net income per diluted share of $ 1.11 exceeded the high end of our $ 0.96 to $ 1.00 guidance range . I am very encouraged that in our second quarter we are better than in pre - pandemic 2019's second quarter : better consolidated operating margins now . And bigger - our operating revenues are up almost 40 % year - over - year . Additionally , we are working to bring back our customer's events business in late 2021 and 2022. " Mr. Schmitt continued , “ We expect volumes in the third quarter 2021 to significantly exceed volumes for the same period of 2020. Through July , our volumes were strong year - over - year . We are guiding to a record third quarter revenue and net income per diluted share despite the impact of an investment in operational enhancements and to a lesser extent the typical slowdown in volumes in the third quarter as compared to the second quarter . " In closing , Mr. Schmitt said , “ In the second quarter , we achieved the highest revenue and operating income for a quarter in the history of the Company . I would like to thank all of our teammates for their hard work in helping to achieve this important milestone . " Regarding the Company's third quarter 2021 continuing operations guidance , Rebecca J. Garbrick , CFO , said , “ We expect our year - over - year revenue growth will be 28 % to 32 % , and our net income per diluted share to be between $ 1.03 to $ 1.07 , compared to $ 0.61 in the third quarter of 2020. The net income per diluted share outlook reflects a $ 0.03 per share impact from professional fees related to an operational improvement project ( which will be recorded in Expedited Freight ) . "