Truckload carrier Forward Air Corp. said its net income rose 12.2% and its revenues climbed 7.5% in the third quarter, mostly the result of an increase in logistics-related business.
Greenville, TN-based Forward Air posted net income of $4.6 million on revenues of $57.4 million in the quarter, compared to net income of $4.1 million on revenues of $53.4 million in the same quarter last year. For the first nine months of 2002, the carrier said its net income slipped 3.3% to $14.8 million as revenues declined 2.5% to $166.7 million.
However, Forward Air noted that despite the sluggish economy, a boom in logistics-related business has helped boost profits this quarter. Logistics revenue grew 28.1% in the third quarter compared to the same period last year, the company said.
By contrast, revenue from its traditional airport-to-airport service was up only 6.1% this quarter compared to last year, while average weekly tonnage increased just 8.9%.