Forward Air sees profits rocket
01 / 03 / 2011
ROBUST airport-to-airport service demand and strong pricing have led to an 88 per cent escalation in fourth-quarter 2010 profits for US air cargo company Forward Air.
The company recorded a net income of US$11.8 million for the quarter ended 31 December, up from a profit of $6.3 million in the same period of 2009.
Operating revenue for the 2010 fourth quarter climbed 13 per cent to $133.3 million from $118 million in the same quarter of 2009.
“We were most encouraged by the continued positive leverage of our business model, which produced a 370 basis point improvement as compared to the fourth quarter of 2009,” chairman Bruce Campbell said.
Forward Air expects improving macroeconomic trends will continue throughout 2011.