Forward Air FWRD provided preliminary results for the third quarter of 2020 in a Wednesday evening 8-k filed with the U.S. Securities and Exchange Commission. The Greeneville, Tennessee-based trucking company expects earnings per share of approximately 60 cents, well above the current consensus estimates ranging from 40 to 43 cents per share but lagging the 2019 third quarter's 78 cents.
The result includes a one-time charge of 6 cents per share related to "a litigated contract dispute."
The carrier expects to report revenue of approximately $330 million, which is also favorable to the Seeking Alpha estimate of $323 million.
"During the third quarter we continued our recovery from the impacts of COVID-19. Our teams drove improved volumes across the portfolio, including sequential monthly increases in year-over-year daily LTL tonnage," stated Chairman, President and CEO Tom Schmitt in the filing.
The company's third-quarter tonnage increased 3.5% year-over-year. "As we restored density, we implemented pricing and other actions during the back half of the quarter to improve shipment-level profitability, which will drive sequential improvements in Expedited Freight operating margin," Schmitt added.
The carrier has been on a tear since mid-July, when it announced that it would expand its less-than-truckload (LTL) offering beyond its traditional airport-to-airport network. The company announced on its second-quarter earnings call that it was doubling down on those efforts. In addition to the organic growth initiatives, Forward acquired another final-mile provider in September and added a drayage operation in early October.
Forward will report third-quarter financial results after the market closes on Oct. 29.
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