Forward Air Co. (FWRD) Expected to Announce Earnings of $0.80 Per Share

Equities research analysts predict that Forward Air Co. (NASDAQ:FWRD) will announce $0.80 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Forward Air’s earnings. The lowest EPS estimate is $0.78 and the highest is $0.81. Forward Air reported earnings per share of $0.60 during the same quarter last year, which indicates a positive year over year growth rate of 33.3%. The firm is scheduled to report its next quarterly earnings results after the market closes on Wednesday, October 24th.

On average, analysts expect that Forward Air will report full-year earnings of $3.12 per share for the current financial year, with EPS estimates ranging from $3.10 to $3.15. For the next financial year, analysts forecast that the business will post earnings of $3.50 per share, with EPS estimates ranging from $3.45 to $3.64. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that that provide coverage for Forward Air.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, July 25th. The transportation company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.07. The company had revenue of $330.30 million for the quarter, compared to analyst estimates of $314.08 million. Forward Air had a net margin of 7.84% and a return on equity of 15.16%. The firm’s revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share.

A number of equities analysts have recently issued reports on FWRD shares. BidaskClub lowered shares of Forward Air from a “buy” rating to a “hold” rating in a research report on Wednesday, June 27th. Zacks Investment Research upgraded shares of Forward Air from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Tuesday, June 19th. ValuEngine upgraded shares of Forward Air from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. Deutsche Bank started coverage on shares of Forward Air in a research report on Tuesday, September 4th. They set a “buy” rating and a $72.00 target price on the stock. Finally, Stifel Nicolaus raised their target price on shares of Forward Air from $64.00 to $68.00 and gave the stock a “hold” rating in a research report on Thursday, July 26th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Forward Air currently has a consensus rating of “Buy” and a consensus target price of $66.40.

In related news, VP Glenn A. Adelaar sold 14,397 shares of the stock in a transaction on Monday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $896,357.22. Following the completion of the sale, the vice president now directly owns 41,852 shares of the company’s stock, valued at $2,605,705.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Matthew J. Jewell sold 8,080 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $63.00, for a total value of $509,040.00. Following the sale, the insider now directly owns 51,409 shares of the company’s stock, valued at $3,238,767. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,417 shares of company stock worth $3,213,107. Insiders own 1.95% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sei Investments Co. lifted its holdings in shares of Forward Air by 1,075.0% during the first quarter. Sei Investments Co. now owns 2,256 shares of the transportation company’s stock worth $119,000 after purchasing an additional 2,064 shares during the period. Sun Life Financial INC acquired a new stake in shares of Forward Air during the second quarter worth $142,000. Royal Bank of Canada lifted its holdings in shares of Forward Air by 281.0% during the first quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock worth $159,000 after purchasing an additional 2,209 shares during the period. Pitcairn Co. acquired a new stake in shares of Forward Air during the first quarter worth $273,000. Finally, Xact Kapitalforvaltning AB lifted its holdings in shares of Forward Air by 22.0% during the first quarter. Xact Kapitalforvaltning AB now owns 5,537 shares of the transportation company’s stock worth $293,000 after purchasing an additional 1,000 shares during the period. 95.08% of the stock is owned by hedge funds and other institutional investors.

Shares of FWRD traded down $0.60 during mid-day trading on Monday, reaching $67.41. 123,500 shares of the company’s stock were exchanged, compared to its average volume of 197,510. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.10 billion, a PE ratio of 28.86 and a beta of 1.38. Forward Air has a 52-week low of $49.88 and a 52-week high of $72.81.

About Forward Air

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-than-truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).

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