Is It Time to Review Stock News? Forward Air Corporation (NASDAQ: FWRD)
On Friday, Forward Air Corporation (NASDAQ: FWRD) stock dropped -0.01% and closed at 69.16. The stock opened the session at $69.57 and touched its highest price point at $69.97. Its recent trading capacity is 187909 shares versus to its average trading volume of 135098 shares. The company stock lowest price point for the session stood at $68.98.
Forward Air Corporation (FWRD) recently stated financial results for the three and nine months ended September 30, 2019.
Revenue for the three months ended September 30, 2019 increased 9.1% to $361.7M from $331.4M for the same period of 2018. Income from operations was $30.7M contrast to $29.9M in the previous year period. Net income during the three months ended September 30, 2019 was $22.2M contrast to $22.3M in the same period of 2018. Net income per diluted share for the three months ended September 30, 2019 was $0.78 contrast to $0.76 in the previous year period.
Revenue for the nine months ended September 30, 2019 increased 6.7% to $1,028.9M from $964.3M for the same period of 2018. Income from operations was $86.0M contrast to $87.0M in the previous year period. Net income during the nine months ended September 30, 2019 was $62.9M contrast to $64.4M for the same period of 2018. Net income per diluted share for the nine months ended September 30, 2019 was $2.19 contrast to $2.18 for the same period of 2018.
For the three months ended September 30, 2019, the Company generated $46.0M of cash flow from operations contrast to $46.9M for the same period in 2018. For the nine months ended September 30, 2019, the Company generated $117.7M of cash flow from operations contrast to $113.8M for the same period of 2018.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $41.2M for the three months ended September 30, 2019 contrast to $40.2M for the same period of 2018. Free cash flow was $36.3M for the three months ended September 30, 2019 contrast to $31.3M in the previous year period.
EBITDA was $118.0M for the nine months ended September 30, 2019 contrast to $118.3M for the same period of 2018. Free cash flow was $92.7M for the nine months ended September 30, 2019 contrast to $85.5M in the previous year period.
EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the attached financial tables.
Tom Schmitt, Chairman, President and CEO, commenting on third quarter results stated, “Our growth strategies drove our record third quarter results. Consolidated revenues grew 9.1% while consolidated operating income grew 10.1% before considering the net impact of a $2.5M increased vehicle reserve recorded during the quarter.”
Commenting on the Company’s third quarter results, Michael J. Morris, CFO, stated, “Our third quarter earnings per share of $0.78 was at the high end of our guidance range, and reflected a $0.06 per share net impact of a raised vehicular reserve for unfavorable development of claims before revealed on June 21, 2019.” Regarding the Company’s fourth quarter 2019 guidance, Mr. Morris stated, “We expect fourth quarter year-on-year revenue growth to be 6% to 10% and net income per diluted share to be between $0.90 and $0.94 in the fourth quarter of 2019. This compares to $0.95 in the fourth quarter of 2018, which benefited from a low book tax rate of 20.0%.”
FWRD is recorded at 1.68 and the relative strength index of the stock stands 68.07. The stock price is going above to its 52-week low with 34.19% and lagging behind from its 52-week high with -4.06%. Analyst recommendation for this stock stands at 2.70. A look on the firm performance, its monthly performance is 12.04% and a quarterly performance of 15.63%. The stock price is trading upbeat from its 200 days moving average with 11.61% and up from 50 days moving average with 9.18%.
Ronald Hemphill– Business Stories
My Name is Ronald Hemphill and I am also the main source from the ‘Journalnewsbulletin.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.
