Expedited LTL Demand Accelerates in Forward Air's 4Q, but Network Costs Spike
In the fourth quarter, narrow-moat expedited less-than-truckload provider Forward Air’s consolidated revenue increased 15.5% year over year; roughly in line with our forecast. Relative to the same period last year, sales growth came from the addition of Atlantic in the drayage division, along with solid LTL tonnage expansion driven by a very healthy demand backdrop in the second half of 2017. Growth of 6% in both the truckload premium (brokerage and refrigerated logistics) and pool distribution ...
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