NASDAQ$FWRD
Forward Air Corporation · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
Reported profitable income from operations and positive operating and free cash flow. Business rebounded from April impact of COVID-19, with June continuing operations revenue and operating income above last year’s levels.
Forward Air Corporation reported a decrease in operating revenue and income from operations compared to the same quarter last year, but experienced a rebound in June with revenue and operating income exceeding the previous year's levels, after adjusting for one-time items. The company also reported positive operating and free cash flow.
- Teams stepped up for customers, recovering from April lows with record service levels.
- June's top and bottom lines exceeded last year's on a continuing operations basis.
- Results include non-recurring items like a $2.1 million gain from fair value changes and offsets from severance and COVID-19 related reserves.
- Pool Distribution is reported as a discontinued operation.
Headline financials
Revenue & EPS history
Forward Air · Revenue · Quarterly
$282M
Revenue by segment
Forward Air · $282M total across 2 segments · Q2 2020
- Expedited Freight$236M—83.5%
- Intermodal$46.4M—16.5%
Forward guidance
The Company expects third quarter year-on-year revenue growth to be 1% to 5% and net income per diluted share to be between $0.40 and $0.44.
Tailwinds
- Expect third quarter year-on-year revenue growth to be 1% to 5%
- Expect net income per diluted share to be between $0.40 and $0.44
- Board of Directors declared a quarterly cash dividend of $0.18 per share of common stock
- Total annual dividend of $0.72 for the full year 2020, payable in quarterly increments of $0.18 per share of common stock.
Headwinds
- Prolonged impact of COVID-19 and actions taken to mitigate those impacts.
- Economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles.
- The creditworthiness of our customers and their ability to pay for services rendered
- More limited liquidity than expected which limits our ability to make key investments
- Changes in fuel prices
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2020
+0.1%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+1.8%
Avg return
30 days after
55%
37 / 67 earnings
Positive
+27.5%
Q2 2024
Best reaction
-19.8%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.1% | -11.3% | +24.3% | |
| Q4 2025 | +4.6% | +0.0% | -32.5% | |
| Q3 2025 | +0.7% | +16.1% | +41.9% | |
| Q1 2025 | +0.3% | +9.7% | +8.5% | |
| Q4 2024 | -10.7% | -14.0% | -19.5% | |
| Q3 2024 | +6.6% | +3.4% | +0.2% | |
| Q2 2024 | +27.5% | +15.9% | +49.5% | |
| Q1 2024 | -19.8% | -22.7% | -1.1% | |
| Q4 2023 | -7.5% | -20.8% | -22.5% | |
| Q3 2023 | -8.5% | -5.9% | -9.7% | |
| Q2 2023 | -5.4% | -6.3% | -39.5% | |
| Q1 2023 | -6.5% | -7.8% | -7.8% | |
| Q4 2022 | -15.3% | -11.1% | -8.7% | |
| Q3 2022 | +0.6% | +4.9% | +9.7% | |
| Q2 2022 | +6.9% | +10.0% | +7.2% | |
| Q1 2022 | +6.7% | +8.1% | +2.5% | |
| Q4 2021 | -5.0% | -5.5% | -5.7% | |
| Q3 2021 | +3.2% | +11.4% | +7.6% | |
| Q2 2021 | +2.0% | +2.9% | +2.8% | |
| Q1 2021 | +1.1% | +11.8% | +11.0% | |
| Q4 2020 | +1.6% | +5.8% | +17.0% | |
| Q3 2020 | +4.9% | +11.0% | +23.6% | |
| Q2 2020 | -1.6% | +2.8% | +11.8% | |
| Q1 2020 | -9.3% | -11.2% | -7.1% | |
| Q4 2019 | -4.7% | -7.1% | -15.6% | |
| Q3 2019 | +6.8% | +8.2% | +5.6% | |
| Q2 2019 | +3.8% | +1.4% | -5.0% | |
| Q1 2019 | -1.5% | -6.5% | -13.8% | |
| Q4 2018 | +9.0% | +10.2% | +4.7% | |
| Q3 2018 | -8.3% | -7.4% | -1.7% | |
| Q2 2018 | +8.4% | +7.6% | +10.7% | |
| Q1 2018 | +5.2% | +3.1% | +14.1% | |
| Q4 2017 | -6.0% | -4.5% | -3.9% | |
| Q3 2017 | -1.1% | -2.1% | -6.1% | |
| Q2 2017 | -6.7% | -4.8% | -6.3% | |
| Q1 2017 | +7.8% | +4.1% | +2.6% | |
| Q4 2016 | +6.1% | +6.8% | +1.6% | |
| Q3 2016 | -1.5% | -0.7% | +16.4% | |
| Q2 2016 | +4.9% | +4.4% | +2.7% | |
| Q1 2016 | +0.3% | — | — | |
| Q4 2015 | -13.4% | — | — | |
| Q3 2015 | +3.7% | — | — | |
| Q2 2015 | -5.1% | — | — | |
| Q1 2015 | +3.2% | — | — | |
| Q4 2014 | +6.1% | — | — | |
| Q3 2014 | -4.5% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | -3.2% | — | — | |
| Q4 2013 | -0.5% | — | — | |
| Q3 2013 | +1.2% | — | — | |
| Q2 2013 | -5.2% | — | — | |
| Q1 2013 | +0.0% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | +5.8% | — | — | |
| Q2 2012 | +4.6% | — | — | |
| Q1 2012 | -0.7% | — | — | |
| Q4 2011 | -2.3% | — | — | |
| Q3 2011 | -2.9% | — | — | |
| Q2 2011 | -2.5% | — | — | |
| Q1 2010 | +1.6% | — | — | |
| Q4 2010 | +1.6% | — | — | |
| Q1 2011 | +6.4% | — | — | |
| Q4 2008 | +2.4% | — | — | |
| Q2 2009 | -1.9% | — | — | |
| Q3 2009 | -1.9% | — | — | |
| Q2 2010 | +2.3% | — | — | |
| Q4 2009 | +2.3% | — | — |
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