The value of small cap stock for Forward Air Corporation (NASDAQ:FWRD), a logistics service provider, rose on Friday after the company reported strong quarterly earnings and an overall increase in revenue.
Forward stated that its profit jumped 12.2 percent to $148.3 million in the quarter ended June 30, compared with $132.2 million reported in the same quarter in 2011. Operations income jumped to $23.1 million, up from $19.9 million in the same period last year, while net income grew to 14.2 million, up from $12.0 million in the second quarter of 2011.
"As anticipated, we delivered a solid second quarter operation performance," said Bruce Campbell, chairman, president and CEO of Forward. "Additionally, we continued to have strong demand for our Forward Air, Inc. service offerings, which, in turn, drove double digit revenue growth and produced a 20 percent increase in our income per diluted share."
According to Jags Report, Analysts at Avondale Partners increased their rating of their stock to "market perform," which also led to the gains.
On Friday, July 20, Forward's shares closed 6.11 percent higher at $33.89.