Forward Air fourth-quarter profit falls nearly 23 pct to $6.4M as sales decline

Forward Air 4Q profit falls nearly 23 pct

GREENEVILLE, Tenn. — Forward Air Corp., which provides air freight services to cargo carriers and airlines, reported Monday that its fourth-quarter profit plunged nearly 23 percent as its sales fell 4.4 percent.

In the three months that ended Dec. 31, it earned $6.4 million, or 22 cents per share, compared with $8.3 million, or 29 cents per share, in the period a year earlier.

Revenue for the period fell to $118.0 million from $123.5 million.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items, were expecting earnings of 19 cents a share on revenue of $110.6 million.

Full-year profit came to $9.9 million, or 34 cents a share, compared with a profit of $42.5 million, or $1.47 a share, in 2008. Twelve-month revenue came to $417.4 million, compared with $474.4 million in 2008.

The company expects its first quarter 2010 revenue to increase 6 percent to 10 percent over 2009’s first quarter, and it expects income per diluted share between 8 cents and 12 cents.

Analysts were expecting first-quarter earnings of 8 cents per share on revenue of $101.1 million.