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GREENEVILLE, Tenn. - Forward Air Corp., an air cargo industry contractor, said Monday it has lowered its fourth-quarter expectations because of a slump in its cargo business.
The company expects earnings per share in the three-month period ended in December between 27 cents and 29 cents, down from its previous guidance of earnings per share between 40 cents and 44 cents.
Analysts polled by Thomson Reuters, on average, expect profit of 40 cents per share in the quarter.
Forward Air, which consolidates small shipments and separates them at the receiving end, said its core business of shipping goods between airports tumbled in the quarter, with tonnage shipped falling 14 percent from the same period last year.
Chief Financial Officer Rodney L. Bell said December was one of the worst operating months in the company's history. But he said the company had profitable operating results and generated positive cash flow.
Chief Executive Bruce A. Campbell said the company is focused on controlling its expenses to lessen the impact of the drop in business.
Forward Air is due to announce its fourth quarter results on Feb. 9.
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