Forward Air has been emphasizing the growth of its logistics segment. In the second quarter, logistics revenue increased 33.7 percent, a major boost toward the company's fourteenth consecutive record for operating revenue growth. Operating revenue for the second quarter increased 12 percent to a record $86.8 million.
Income from operations was $19.8 million or 22.8 percent of operating revenue, compared with $16.8 million or 21.7 percent of operating revenue in the prior-year quarter, an increase of 17.7 percent. Net income during the period increased by just over $1 million, or 8.9 percent, to $13 million from $12 million in the prior-year quarter.
During the last four quarters, the acquisition of XGS provided easy comparisons with prior years. Passing the anniversary date made comparisons tougher, said Bruce A. Campbell, president and CEO. But he feels the segment is positioned for future growth. Another element of promise is the company's partnership with DHL Global Forwarding to be their primary ground transportation provider effective July 1, said Campbell.