Forward Air's Q3 revenue, EBITDA rise

Overview

• US logistics provider's Q3 operating revenue rose 6.7% yr/yr, a slight miss versus analyst expectations

• Operating income nearly tripled from a year ago

• Consolidated EBITDA rose 31% yr/yr

Outlook

• Forward Air sees continued demand growth in contract logistics and air and ocean services

Result Drivers

• EXPEDITED FREIGHT - Segment delivered highest operating revenue, income and EBITDA in nearly three years

• OMNI LOGISTICS DEMAND - Increased demand for contract logistics and air and ocean services drove segment's Reported EBITDA margin improvement

• DRAYAGE REVENUE - Higher drayage revenue per shipment led to Intermodal segment's highest revenue in over three years

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the courier, postal, air freight & land-based logistics peer group is "buy"

• Wall Street's median 12-month price target for Forward Air Corporation is $26.00, about 56.3% above its November 6 closing price of $16.64

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• Nov 9 - Logistics group CTP reaches $500 million deal to expand in Vietnam as clients seek China alternative

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)