Airport-to-airport freight hauler Forward Air Corp. has announced that its net income increased 26.4% to $11 million on 18.4% higher revenues to a record $82.3 million for the first quarter, compared to 1Q 2005.
“Our airport-to-airport operations grew at 22% during the quarter as average weekly tonnage increased by nearly 14%,” said Bruce Campbell, Forward’s president & CEO. “Logistics revenue grew by 2% during the first quarter, reversing the results experienced in the fourth quarter of 2005 – helping produce operating margins of 20.6%.”
Andrew Clarke, the carrier’s senior vp & CFO, noted that the first quarter this year became a “strong cash flow period” for Forward Air, helping it generate over $8.9 million from operations.
