Forward Air Issues 4Q Profit Warning
Forward Air Corp. lowered its fourth-quarter earnings guidance, citing “severely worsening economic conditions” in the second half of the quarter.
The company lowered its estimate to a range of 27 cents to 29 cents per share, from a 40 cents to 44 cents.
“The earnings shortfall was primarily driven by a further, significant deterioration in airport-to-airport tonnage over the course of the quarter,” Chief Executive Officer Bruce Campbell said in a statement.
Forward Air, a contractor to the air cargo industry, is ranked No. 65 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.