Foward Air Corp Down 8.11% To $65.22 After Earnings Miss

Foward Air Corp (FWRD) said after close Monday that it earned $0.99 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $413.4 million, missing estimates by $6.1 million.

In the same quarter a year ago, the company earned $1.93 per share on revenue of $510 million.

The stock is down 8.11% to $65.22 after the report.

Foward Air Corp's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Foward Air Corp a Bearish Sentiment Rank from InvestorsObserver.

Foward Air Corp has performed a little below average during the past few months. Before the report, Foward Air Corp received a Long-Term Technical Rank by InvestorsObserver of 38, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $60.09 on August 17, 2023 and set a 52-week high on July 27, 2023 at $121.38.

Forward Air Corp is an asset-light freight and logistics company. The company's operating segment includes Expedited Freight and Intermodal. It generates maximum revenue from the Expedited Freight segment. Expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional and national LTL (less-than-truckload) services. It also offers customers local pick-up and delivery and other services including final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.