Forward Air sees Q4 adjusted EPS 98c-$1.02, consensus $1.13

Rebecca J. Garbrick, CFO, said, regarding Q4 guidance, “We expect our year-over-year revenue to decline 7% to 17% and adjusted net income per diluted share in the range of 98c-$1.02, compared to reported net income per diluted share of $1.60 and adjusted net income per diluted share of $1.65 in the Q4 of 2022.” And added, “Market demand continues to be challenged for our intermodal and truckload brokerage services as both lines of business are navigating an extended weak freight environment. Softer demand for our intermodal and truckload brokerage services combined with a decrease in the price of diesel over the same period in the prior year resulted in a 19% decline in revenues on a consolidated basis, and reported net income per diluted share of 36c and adjusted net income per diluted share of 99c.”