FORWARD AIR Reports Second Quarter Earnings for Fiscal Year 2023

August 7, 2023

🌥️Earnings Overview

FORWARD AIR ($NASDAQ:FWRD) announced their second quarter fiscal year 2023 earnings results on June 30th 2023, with total revenue for the quarter amounting to USD 402.2 million – a 21.9% decrease compared to the same period in the previous year. Net income also saw a significant drop from the prior year, amounting to USD 20.0 million – a 64.0% decrease year over year.

Market Price

The company’s stock opened at $117.3 and closed at $118.9, up by 0.3% from its previous closing price of 118.5. This marks a positive trend in the company’s performance for the quarter despite the challenging economic conditions caused by the ongoing pandemic. The report revealed that the company had achieved a 4% increase in revenue compared to the same quarter last year. These positive earnings reflect the company’s efforts to remain competitive in these uncertain times.

With the help of strategic cost-cutting as well as increased investments in technology and operations, FORWARD AIR is able to maintain its strong presence in the logistics industry despite the challenges posed by the current pandemic. The company’s strong financial results demonstrate its commitment to delivering top-notch services and creating value for its shareholders. Live Quote…

About the Company

  • Industry Classification
  • Key Executives
  • Ownership (Institutional/ Fund Holdings)
  • News Feed
  • Income Snapshot

    Below shows the total revenue, net income and net margin for Forward Air. More…

    Total Revenues Net Income Net Margin
    1.82k 150.87 8.3%
  • Income Statement Reports (Yearly/ Quarterly/ LTM)
  • Income Supplement
  • Growth Performance
  • Cash Flow Snapshot

    Below shows the cash from operations, investing and financing for Forward Air. More…

    Operations Investing Financing
    275.84 -117.23 -187.71
  • Cash Flow Statement (Yearly/ Quarterly/ LTM)
  • Cash Flow Supplement
  • 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
    1.18k 510.96 25.95
  • Balance Sheet (Yearly/ Quarterly)
  • Balance Sheet Supplement
  • 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
    8.7% 30.7% 11.7%
    FCF Margin ROE ROA
    13.0% 19.7% 11.3%
  • Income Statement Ratios
  • Balance Sheet Ratios
  • Cash Flow Ratios
  • Valuation Ratios
  • Other Ratios
  • Other Supplementary Items
  • Analysis

    At GoodWhale, we analyze and assess the fundamentals of FORWARD AIR to provide our clients with an accurate risk rating. After studying the financial and business aspects of FORWARD AIR, we determined that it is a medium risk investment. We detected one risk warning in the income sheet, so if you want to know more, please register with us. We also strongly recommend that our clients diversify their investments so they can minimize their risks and maximize their rewards. More…

  • Risk Rating Analysis
  • Star Chart Analysis
  • Valuation Analysis

  • 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.

    – Janel Corp ($OTCPK:JANL)

    Janel Corporation is a leading provider of integrated logistics solutions. The company offers a full range of services, including transportation, warehousing, and distribution. Janel has a strong commitment to quality and customer service, and is proud to be a leader in the logistics industry. The company has a market cap of 47.09M as of 2022 and a return on equity of 35.82%. Janel is a well-positioned company with a strong commitment to quality and customer service. The company’s market cap and ROE are both impressive, and the company is poised for continued success in the logistics industry.

    – Grand Power Logistics Group Ltd ($SEHK:08489)

    Grand Power Logistics Group Ltd is a Hong Kong-based investment holding company principally engaged in the provision of integrated logistics solutions. The Company operates its business through four segments, including Airfreight Forwarding, Ocean Forwarding, Land Transportation and Contract Logistics. The Company offers a range of airfreight services, including airfreight forwarding, air transportation, storage and related services. The Company’s oceanfreight services include oceanfreight forwarding, ocean transportation, storage and related services. The Company offers land transportation services, including land transportation and storage services. The Company’s contract logistics services include storage, order picking, value-added services and other related services.

    – Wiseway Group Ltd ($ASX:WWG)

    Wiseway Group Ltd is a holding company that operates through its subsidiaries. The company’s businesses include power generation, transmission and distribution, railway transportation, and other infrastructure construction. The company was founded in 1949 and is headquartered in Beijing, China.


    Investors analyzed the earnings results of FORWARD AIR announced on June 30th 2023 for their second quarter of fiscal year 2023. This indicates that investors may be weary of investing in the company as their growth is slowing, and their profitability has dropped significantly.

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