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Forward Air's 4Q Income Almost Doubles

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2/14/2011 4:45:00 PM

Forward Air Corp. said late Monday its fourth-quarter net income almost doubled, to $11.8 million, or 41 cents per share, from $6.3 million, or 22 cents, a year earlier.

Revenue rose 13% to $133.3 million, while income from operations jumped 54.5% to $18.7 million, Forward Air said in a statement.

The company had predicted its revenue would rise 12% to 17% and income would be 35 to 39 cents per share for the quarter.

For the full year, net income jumped to $32 million, or $1.10 per share, from $9.8 million, or 34 cents, in 2009. Revenue rose 16% to $483.9 million, and income from operations rose to $53.7 million, from $18.6 million.

The company estimated its first-quarter revenue will rise 9% to 13% over the comparable 2010 period and that its earnings per share will be between 20 and 24 cents per share, up from 12 cents a year ago.

Forward Air, a contractor to the air cargo industry, is ranked No. 52 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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