GREENEVILLE, Tenn. (AP) _ Forward Air Corp. (FWRD) on Thursday reported second-quarter net income of $3.2 million.
On a per-share basis, the Greeneville, Tennessee-based company said it had profit of 11 cents. Earnings, adjusted to account for discontinued operations, were 33 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The contractor for the air cargo industry posted revenue of $281.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $277 million.
Forward Air shares have declined 24% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $52.85, a drop of 15% in the last 12 months.