Forward Air provided mid-quarter operational update

Forward Air provided Expedited Freight Operating statistics for the quarter-to-date period through August 2023. Weight per shipment increased 7.8%, revenue per shipment excluding fuel increased 0.9% and pounds per day decreased 3.0% over the same period last year. While pounds per day for July decreased by 5.9%, it improved in August as pounds per day were relatively flat over the same period last year. CEO Tom Schmitt commented: “In the month of August, we started seeing positive momentum in volumes. In the first few days of September, we are seeing a continuation of the increase in volumes. We believe our Grow Forward initiative, a focus on high value freight, is continuing to gain traction. Our freight quality continues to improve as reflected in the 7.8% increase in weight per shipment through August 2023 over the same period last year. Similarly, our revenue quality remains at top levels as our revenue per ton mile excluding fuel increased 2.2% and our revenue per shipment excluding fuel increased 0.9% for the quarter-to-date period through August 2023 over the same period last year.”