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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Operating Revenue | Slight Miss* | $673.86 mln | $677.35 mln (4 Analysts) |
Q3 EBITDA | $101.47 mln | ||
Q3 Free Cash Flow | $33.34 mln | ||
Q3 Operating Margin | 6.50% |
*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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(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.)