The air cargo business is doing well despite the sluggish economy and that means Forward Air shareholders will get a 42.9 percent dividend bump in September.
The Greeneville, Tenn.-based company said Tuesday its board has approved an increase in the cash dividend to 10 cents per share, up from the current 7 cents a share.
The dividend is payable on Sept. 7 to shareholders of record on Aug. 23.
Rising profits and the company’s overall financial strength allow the company to return increased capital to shareholders, Forward Air Chairman, President and CEO Bruce Campbell said.
“We remain focused, first and foremost, on profitably growing the company, both organically and through acquisitions, and returning additional value to our shareholders through that growth,” Campbell said in a news release.
The company posted double digit percentage increases in net income and revenue in the second quarter.