Forward Air Q1 Loss Narrows, But Revenue Declines
(RTTNews) - Forward Air Corporation (FWRD) reported a narrower first-quarter loss despite a decline in revenue, mainly helped by lower losses from other operations.
The company posted a net loss of $40.20 million or $1.09 per share, down from a loss of $61.19 million or $1.68 per share in the prior-year period.
In the year-earlier quarter, Forward Air recorded a loss of $19.79 million from other operations, compared with a loss of $1.56 million in the latest quarter.
Income from operations increased to $20.44 million from $4.76 million a year earlier.
Operating revenue declined 5.1% to $582.05 million from $613.28 million last year.
Forward Air shares decreased more than 40% to $9.69 in after-hours trading.
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