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.
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Airlines and tagged acquisitions, air cargo, Bruce Campbell, dividends, Economy, Forward Air, growth, net income, profits, revenue on . July 25, 2012
With cash on hand and the economy growing again, a pair of Tennessee trucking companies are on the prowl for competitors they can buy, according to a recent Reuters report.
Memphis-based FedEx and Greeneville-based Forward Air are among a handful of logistics companies cited in the report as looking for growth through acquisition.
“I think we are going to see a very active consolidation wave over the next 24-36 months,” Tom Connolly, managing partner at investment banking firm Eve Partners, told Reuters.
If the consolidation speculation is right, it will boost the companies’ stock, the report says.
Read the full story here.
Second quarter earnings are turning out pretty good for publicly traded companies with East Tennessee connections — much to the surprise of analysts.
On Thursday, Greeneville-based air freight company Forward Air reported its 2Q profit nearly tripled and Maryville-based restaurant chain Ruby Tuesday reported a profit of $21 million, up 45 percent from a year ago.
Earlier this month, aluminum maker Alcoa
reported a profit of $136 million, a reversal of fortune from a loss of $454M a year ago. Even First Horizon National Corp., parent of First Tennessee bank, has returned to profitability with a slender profit of $2.7 million, or 1 cent per share.
Will the trend continue? Will analysts predictions be any better?