UPDATE 1-Forward Air Q2 profit beats Street, sees strong Q3

Thu Jul 22, 2010 5:54pm EDT

* Q2 EPS $0.27 vs est $0.23

* Q2 oper. rev up 23 pct at $122.1 mln

* Sees Q3 EPS $0.28-$0.32, above Street view

July 22 (Reuters) - Air cargo company Forward Air Corp's (FWRD.O) posted quarterly income that beat market estimates, helped by higher volumes, and forecast third-quarter earnings above view. For the second quarter, the company earned $7.9 million, or 27 cents per share, compared with $2.8 million, or 10 cents a share, a year ago.

Operating revenue was up 23 percent to $122.1 million, the company said.

Analysts on average were expecting the company to post earnings of 23 cents per share on revenue of $115.8 million, according to Thomson Reuters I/B/E/S.

The company, which provides surface transportation and related logistics to the deferred airfreight market, forecast third-quarter earnings between 28 cents a share and 32 cents a share.

It expects third-quarter revenue to increase 20 percent to 25 percent.

Analysts expect the company to post earnings of 26 cents a share on revenue of $119.9 million.

Shares of the company closed at $29.50 Thursday on Nasdaq. (Reporting by Siddharth Cavale in Bangalore; Editing by Don Sebastian)

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