FORWARD AIR Reports Fourth Quarter 2022 Earnings Results on February 8 2023
March 24, 2023
Earnings Overview
On February 8 2023, FORWARD AIR ($NASDAQ:FWRD) reported their earnings results for the fourth quarter of fiscal year 2022, which had ended December 31 2022. Total revenue for the quarter was USD 42.9 million, a 6.1% increase from the prior year, and net income was USD 481.2 million, a 4.6% rise compared to the previous year.
Transcripts Simplified
The company had a record year in all lines of business and their EPS grew by 70%. However, they did not finish the year as they had expected due to an unexpected 13% decrease in LTL tonnage in the fourth quarter. Despite this, they are still adding new customers and seeing an uptick in high-value freight which is increasing their revenue per hundred rate by 13%. The major issue is that their shipments are at 20-25% fewer pieces than before.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Forward Air. More…
| Total Revenues | Net Income | Net Margin |
| 1.97k | 192.12 | 9.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Forward Air. More…
| Operations | Investing | Financing |
| 259.09 | -104.46 | -146.12 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Forward Air. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.21k | 500.83 | 26.73 |
Key Ratios Snapshot
Some of the financial key ratios for Forward Air are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 11.8% | 30.8% | 13.5% |
| FCF Margin | ROE | ROA |
| 11.1% | 23.9% | 13.8% |
Share Price
The stock opened at $115.0 and closed at $114.2, a decrease of 1.1% from the previous closing price of 115.4. This was due to mixed results from the quarter, as the company reported mixed revenue and net income figures. These earnings results from FORWARD AIR fell short of analyst expectations, leading to the 1.1% decrease in stock price on Wednesday. The company is currently focused on developing new strategies to turn their financial performance around, and investors will be closely watching in the coming quarters to see if their efforts are successful. Live Quote…
Analysis
At GoodWhale, we have conducted an extensive analysis of FORWARD AIR‘s wellbeing. We have considered a variety of factors in order to establish a Risk Rating for the company, and concluded that FORWARD AIR is a medium risk investment. This means that while there is some risk involved, the company looks set to remain a reliable and stable investment. When it comes to financial and business aspects, our analysis shows that FORWARD AIR has taken many positive steps, putting it in a strong position to continue its operations. However, we have also detected one risk warning in the income sheet which could potentially impact the company’s long-term prospects. To find out more about this potential risk, please head to our website and register. More…
Peers
Forward Air Corporation is an American freight transportation and logistics company with its headquarters in Greeneville, Tennessee. The company operates 97 terminals and 10 Hubs throughout the United States. Forward Air has been in business since 1974 and has a fleet of over 1,400 tractors and 2,800 trailers. The company’s revenue was $946 million in 2017.
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Summary
Investors in FORWARD AIR should be pleased with the company’s fourth quarter results for fiscal year 2022. Revenue grew by 6.1% and net income increased by 4.6%, both of which were solid figures compared to the previous year. Going forward, investors can expect to see further growth in the company’s top line and bottom line provided current trends remain favorable.
Analysts remain bullish on the stock, citing strong fundamentals and positive market trends. With a strong outlook and solid financials, FORWARD AIR is an attractive option for those looking to add a high quality stock to their portfolio.
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