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EX - 99.1 2 exhibit991q32021 pressrelea.htm EX - 99.1 Forward ™ NEWS RELEASE FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2021 RESULTS Achieves highest ever monthly net income for the month of September Reports record quarterly income from operations and net income per diluted share Guides record full year 2021 revenue and net income per diluted share - GREENEVILLE , Tenn.- ( BUSINESS WIRE ) - October 27 , 2021 Forward Air Corporation ( NASDAQ : FWRD ) ( the " Company " , " we ” , “ our ” , or “ us ” ) today reported financial results for the three and nine months ended September 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 third quarter results from continuing operations said , “ During the months of July and August , we completed a process of cleansing our inefficient freight and replacing with higher quality freight . Our surgical collaboration with customers on selecting , handling , and pricing freight led to the highest ever monthly net income for the month of September with our less - than - truckload line of business reporting record levels in weight per shipment and revenue per shipment . Business momentum combined with the completion of our cleanse process culminated in record quarterly reported income from operations of $ 42.5 million and adjusted income from operations of $ 43.4 million . Our record reported net income per diluted share of $ 1.12 and adjusted net income per diluted share of $ 1.14 exceeded the high end of our $ 1.03 to $ 1.07 guidance range . Our third quarter revenue growth of 26 % was slightly below the low end of our guidance range of 28 % to 32 % . " Mr. Schmitt continued , “ I am very encouraged by the results in the month of September , in particular the strong operating margin expansion in the Expedited Freight segment . We expect volumes in the fourth quarter 2021 to exceed volumes for the same period of 2020. Through October , our volumes were strong year - over - year . Our guidance reflects a record full year 2021 revenue and net income per diluted share . We fully expect our momentum to continue into 2022 and 2023. As we continue to execute upon our strategic priorities , our full year 2023 targets include revenue of $ 2.0 billion to $ 2.6 billion and net income per diluted share of $ 6.30 to $ 6.70 . " In closing , Mr. Schmitt said , “ In the third quarter , we achieved the highest income from operations and net income per diluted share for a quarter in the history of the Company . I would like to thank all of our teammates and independent contractors for their hard work in helping to achieve this important milestone . " Regarding the Company's fourth quarter 2021 continuing operations guidance , Rebecca J. Garbrick , CFO , said , “ We expect our year - over - year revenue growth will be 23 % to 27 % and net income per diluted share to be between $ 1.25 to $ 1.29 , compared to reported net income per diluted share of $ 0.55 and adjusted net income per diluted share of $ 0.62 in the fourth quarter of 2020. Our full year 2021 net income per diluted share is expected to be between $ 4.08 to $ 4.12 and adjusted net income per diluted share to be between $ 4.30 to $ 4.34 , compared to reported net income per diluted share of $ 1.89 and adjusted net income per diluted share of $ 1.99 in 2020. "