Forward Air Profit Falls On Expenses - Quick Facts

(RTTNews) - Surface transportation and logistics company Forward Air Corp. (FWRD) Monday reported fourth-quarter net income of $15.6 million or $0.50 per share compared with $16 million or $0.54 per share last year.

Revenues for the quarter were up 16.5% at $181 million compared with $155.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.56 per share on revenues of $184.03 million for the quarter. Analysts' estimates typically exclude special items.

Results were hurt by operating expenses that climbed to $158 million from $131.5 million in the prior year.

CEO Bruce Campbell said, "Without a doubt, the fourth quarter of 2013 proved to be more challenging than we anticipated. Like all of the transports, we have continuously fought weather related issues..."

Looking ahead to the first quarter, the company expects earnings of $0.36 to $0.40 per share and revenue growth of 19% to 23%. Analysts expect earnings of $0.41 per share on revenue growth of 15.8%.

Forward Air has declared a quarterly cash dividend of $0.12 per common share.

The company also announced a stock repurchase authorization for up to two million of its common shares and the cancellation of its 2007 share repurchase authorization.