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April 18, 2022, 9:51 a.m. EDT

Forward Air's stock rallies toward 5th-straight gain after raising profit, revenue outlook

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By Tomi Kilgore

Shares of Forward Air Corp. /zigman2/quotes/207526946/composite FWRD +1.48% jumped 1.5% in morning trading Monday, putting them on track for a fifth-straight gain, after the trucker raised its first-quarter profit and revenue outlook, citing "continued strong demand for services." The company raised its net earnings-per-share guidance range to $1.52 from $1.61 from $1.15 to $1.19, which compares with FactSet consensus of $1.21. For revenue, the company is expecting $453.0 million to $481.0 million, while the previous year-over-year growth guidance of 18% to 22% implied revenue of about $427.4 million to $441.9 million; the FactSet revenue consensus was $449.3 million. "The company sees continued strong performance going into the second quarter and will elaborate further on the upcoming quarterly conference call scheduled for April 28, 2022," Forward Air said in a statement. The company said it expects to report first-quarter results on April 27, after the closing bell. The stock has gained 8.0% in the five sessions since closing at a six-month low on April 8. It has dropped 23.9% year to date, while the Dow Jones Transportation Average /zigman2/quotes/210598063/delayed DJT +1.28% has has declined 9.8% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.43% has lost 4.8%.

/zigman2/quotes/207526946/composite
US : U.S.: Nasdaq
$ 90.64
+1.32 +1.48%
Volume: 186,228
Sept. 27, 2022 4:00p
P/E Ratio
15.23
Dividend Yield
1.06%
Market Cap
$2.40 billion
Rev. per Employee
$461,396
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/zigman2/quotes/210598063/delayed
US : Dow Jones Indices
12,153.35
+153.95 +1.28%
Volume: 134.36M
Sept. 27, 2022 5:18p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,134.99
-125.82 -0.43%
Volume: 320.97M
Sept. 27, 2022 5:18p
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