Shares of Forward Air Corp. jumped 1.5% in morning trading Monday, putting them on track for a fifth-straight gain, after the trucker raised its first-quarter profit and revenue outlook, citing "continued strong demand for services." The company raised its net earnings-per-share guidance range to $1.52 from $1.61 from $1.15 to $1.19, which compares with FactSet consensus of $1.21. For revenue, the company is expecting $453.0 million to $481.0 million, while the previous year-over-year growth guidance of 18% to 22% implied revenue of about $427.4 million to $441.9 million; the FactSet revenue consensus was $449.3 million. "The company sees continued strong performance going into the second quarter and will elaborate further on the upcoming quarterly conference call scheduled for April 28, 2022," Forward Air said in a statement. The company said it expects to report first-quarter results on April 27, after the closing bell. The stock has gained 8.0% in the five sessions since closing at a six-month low on April 8. It has dropped 23.9% year to date, while the Dow Jones Transportation Average has has declined 9.8% and the Dow Jones Industrial Average has lost 4.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
