Forward Air Provides Mid-Quarter Update on Third Quarter 2023 Performance

Forward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today provided the following key Expedited Freight Operating statistics for the quarter-to-date period through August 2023. Weight per shipment increased 7.8%, revenue per shipment excluding fuel increased 0.9% and pounds per day decreased 3.0% over the same period last year. While pounds per day for July decreased by 5.9%, it improved in August as pounds per day were relatively flat over the same period last year.

Tom Schmitt, Chairman, President and Chief Executive Officer of Forward Air commented: "In the month of August, we started seeing positive momentum in volumes. In the first few days of September, we are seeing a continuation of the increase in volumes.”

Mr. Schmitt further stated: “We believe our Grow Forward initiative, a focus on high value freight, is continuing to gain traction. Our freight quality continues to improve as reflected in the 7.8% increase in weight per shipment through August 2023 over the same period last year. Similarly, our revenue quality remains at top levels as our revenue per ton mile excluding fuel increased 2.2% and our revenue per shipment excluding fuel increased 0.9% for the quarter-to-date period through August 2023 over the same period last year.”

The Company’s expectations regarding the Company’s performance in the third quarter and in any future period are based on information available at the time of this release, and are subject to changing conditions, many of which are outside of the Company’s control.

About Forward Air Corporation

Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload (“LTL”) services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer final mile services, including delivery of heavy-bulky freight, truckload brokerage services, including dedicated fleet services; and intermodal, first-and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.

This press release may contain statements that might be considered as forward-looking statements or predictions of future operations including with respect to the Company’s expectations regarding (i) its performance for the third quarter of 2023, (ii) volumes in 2023 and (iii) performance of the Company’s initiatives. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including that the Company’s performance in 2023 is worse than anticipated. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date.

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