Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”), today provided the following key Expedited Freight Operating Statistics for the quarter-to-date period through August 2022. Revenue per shipment increased 16.0%, weight per shipment decreased 3.2%, pounds per day increased 3.1% and shipments per day increased 6.5% over the same period last year.
Tom Schmitt, Chairman, President, and Chief Executive Officer of Forward, commented, “In July of the prior year, we completed a process to cleanse inefficient freight from our network. We have more than fully replaced the inefficient freight with higher quality freight in the network as evidenced by the positive trend in August with an increase of 5.2% pounds per day and 13.8% shipments per day. As we replaced lower quality freight with higher quality freight in our network, we executed upon our strategy to penetrate the highly profitable, more traditional air freight, which by nature has a lighter weight per shipment. Throughout the third quarter, we continued with our pricing initiative to work more closely with our customers to appropriately price the freight in our network as reflected by our strong revenue per shipment and revenue per hundredweight, which increased 19.8% for the quarter-to-date period through August 2022.”
The Company’s expectations regarding the Company’s performance in the third quarter and in any future quarter are based on information available at the time of this release, and are subject to changing conditions, many of which are outside of the Company’s control.
