Forward Air (NASDAQ:FWRD) Announces Earnings Results, Misses Expectations By $0.24 EPS

Key Points

• Forward Air reported a quarterly loss of ($0.41) EPS, missing analysts' expectations by $0.25. The company also experienced a 3.9% decline in revenue compared to the previous year.
• Shares of Forward Air fell by 5.6% to $28.57 following the earnings announcement, amidst increased trading volume.
• Several analysts retained a positive outlook on the stock, with a consensus target price of $35.00 and a majority rating it as a "Moderate Buy."

Forward Air (NASDAQ:FWRD - Get Free Report) issued its quarterly earnings data on Monday. The transportation company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.24), Zacks reports. Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%. The firm had revenue of $618.84 million during the quarter, compared to the consensus estimate of $627.98 million. During the same period in the previous year, the company posted ($23.29) earnings per share. The company's revenue for the quarter was down 3.9% on a year-over-year basis.

Forward Air Stock Performance

Shares of FWRD stock traded down $0.55 during trading on Friday, reaching $29.94. 17,936 shares of the company's stock traded hands, compared to its average volume of 655,241. The company has a market capitalization of $921.73 million, a P/E ratio of -5.02 and a beta of 1.43. The company has a current ratio of 1.20, a quick ratio of 1.13 and a debt-to-equity ratio of 7.91. The firm's 50-day moving average is $26.37 and its 200 day moving average is $22.61. Forward Air has a 1 year low of $9.78 and a 1 year high of $40.92.

Institutional Trading of Forward Air

A number of institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its stake in shares of Forward Air by 26.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 286,843 shares of the transportation company's stock valued at $7,039,000 after buying an additional 60,732 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Forward Air by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 611,316 shares of the transportation company's stock valued at $15,002,000 after buying an additional 121,190 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Forward Air during the 2nd quarter valued at approximately $175,000. Quantinno Capital Management LP purchased a new stake in shares of Forward Air during the 2nd quarter valued at approximately $320,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Forward Air during the 2nd quarter valued at approximately $203,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FWRD. Susquehanna upped their price objective on shares of Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a research report on Tuesday. Wall Street Zen upgraded shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Finally, Stifel Nicolaus boosted their target price on shares of Forward Air from $29.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Forward Air presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.75.

Forward Air Company Profile

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.