Tag Archives: Forward Air

Forward Air bumps dividend 43 percent

 

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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FedEx, Foward Air looking to buy competitors?

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.

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Analysts get it wrong — ET companies doing well

Second quarter earnings are turning out pretty good for publicly traded companies with East Tennessee connections — much to the surprise of analysts.

restaurant03.SY%2311158.jpgOn 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?

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