Forward Air Corporation (NASDAQ:FWRD) has reported operating revenue, income from operations, net income and diluted earnings per share for the three and six months ended June 30, 2017, the company said.
Operating revenue for the quarter ended June 30, 2017 increased 12.1% to USD 267.5 million from USD 238.6 million for the same quarter in 2016. Income from operations was USD 29.8 million, compared to loss from operations of USD 14.3 million in the prior year quarter, which includes a one-time non-cash charge of USD 42.4 million primarily resulting from intangible asset impairments related to the company´s TQI acquisition.
Net income during the period was USD 19.6 million compared to a net loss of USD 10.1 million in the second quarter of 2016. Net income per diluted share for the second quarter of 2017 was USD 0.64 compared to a net loss per share of USD 0.33 in the prior year quarter. Net of tax effects, the TQI impairment charge accounted for USD 27.4 million, or USD 0.90 per share of the second quarter of 2016 net loss. Adjusted to exclude the TQI impairment, prior year quarter adjusted earnings per share was USD 0.57.
Forward Air provides services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Premium Services (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region).