Forward Air says shipments per day fell 6.7% QTD

Forward Air provided the following key Expedited Freight Operating statistics for the quarter-to-date period through February 2023. Shipments per day decreased 6.7%, revenue per hundredweight ex fuel increased 2.6%, while pounds per day decreased 12.7% and weight per shipment decreased 6.5% over the same period last year. Tom Schmitt, Chairman, President and Chief Executive Officer of Forward Air commented: "We entered the year seeing declines in volumes. However, we have recently seen improving momentum in volumes as we ended February and began March with a 6.2% decrease in pounds vis-a-vis a record period last year." Mr. Schmitt further stated: "Our Grow Forward initiative, a focus on high value freight, an efficient operating network, strategic pricing discipline, and an expanded customer base, has gained traction over the past three years. The Forward Force growth initiatives and Forward Game Shape efficiency and cost management initiatives, as discussed on the fourth quarter 2022 earnings call, are underway as planned. Our Forward Force growth initiatives are bolstered by externally validated research confirming our industry leading on time and damage free shipments. This premium service is reflected in our increased shipment quality. For the quarter-to-date period through February 2023, our weight per piece increased 13.4% and revenue per ton mile increased 9.0% over the same period last year. We often talk about stretches in the live events business, and we stretched in 2023 as shipments for our live events business increased 12.7% in January as compared to the same period last year. We also stretched with our Canadian business, which is up 21.4% quarter-to-date through February 2023 as compared to the same period last year. Under our Forward Game Shape initiative, we reduced our headcount by more than 200 full time employees, excluding the impact of recent acquisitions, over the past three months, our outside miles continue to be below 5% and all other cost management efforts including travel reduction are on track."