The profit warning sent shares of the company, which provides ground transportation services between airports, down 9 percent to $31.68 in premarket trading.
The company said that daily tonnage volumes became inconsistent in August and turned negative last week.
Forward Air is the seventh transportation company to cut its profit outlook since late August, RBC Capital Markets wrote in a client note. The brokerage cut its price target on the stock to $36 from $40.
Seasonally slow demand in the late fourth-quarter and early first-quarter period is likely to remain a headwind to contractual rate growth, analysts at Robert W. Baird & Co said, cutting their price target on the stock to $35 from $40.
Forward Air said it expects to earn between 39 cents and 41 cents per share for the quarter ending September 30, down from its earlier forecast of 47 cents to 51 cents. (Reuters)
