Forward Air Corp., a Greeneville, Tenn.-based carrier whose stock price has soared from $9.13 a share to $50.25 a share over the past year, announced a 3-for-2 stock split. The additional stock will be paid on Jan. 28 to shareholders of record Jan. 21.
The company’s stock rose 371% from Dec. 24, 1998, to Dec. 29, 1999, and was one of only four truckload carriers to show a price increase for the year (1-10, p. 15).
Edward W. Cook, chief financial officer, said the company is the only publicly owned carrier that specializes in hauling deferred air freight, which is one of the fastest-growing and most profitable trucking niches.
The company spun off its less profitable over-the-road trucking and dedicated contract carriage business — Landair Corp. — to shareholders last year and has made two recent acquisitions to consolidate its position in the deferred air freight hauling market.
For the full story, see the Jan. 17 print edition of Transport Topics. .
