Item 2.02. Results of Operations and Financial Condition.

Preliminary Financial Information

For the three months ended September 30, 2020, on a continuing operations basis, the Company anticipates operating revenue of approximately $330 million and net income per diluted share of approximately $0.60, which reflects approximately $0.06 for a one-time charge related to a litigated contract dispute.

"During the third quarter we continued our recovery from the impacts of COVID-19. Our teams drove improved volumes across the portfolio, including sequential monthly increases in year-over-year daily LTL tonnage. During the third quarter, our LTL daily tonnage increased approximately 3.5% above its prior-year level. As we restored density, we implemented pricing and other actions during the back half of the quarter to improve shipment-level profitability, which will drive sequential improvements in Expedited Freight operating margin," said Tom Schmitt, Chairman, President and CEO.

Since we are currently in our quiet period prior to our release of earnings results for the third quarter of 2020, our management team will not be discussing our third quarter financial performance until our third quarter earnings call which is scheduled to occur on Friday, October 30, 2020 at 9:00 a.m. EDT.

The preliminary estimated information set forth above does not represent a comprehensive statement of our results of operations or financial condition as of or for the quarter ended September 30, 2020. The final comprehensive statements of our results of operations and financial condition as of and for the quarter ended September 30, 2020 may vary from our current expectations and may be different from the information described above as our quarterly financial statement close process is not yet complete and additional developments and adjustments may arise between now and the time the financial information for this period is finalized. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved for the remainder of 2020 or in any future period. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control particularly future developments relating to the COVID-19 pandemic which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to treat or contain COVID-19 or to otherwise limit its impact, among others.

Accordingly, you should not place undue reliance on the preliminary estimated financial information set forth herein.

This Form 8-K will be accessible on the Company's Investor Relations portion of the Company's website at www.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company's website to easily find or navigate to current and pertinent information about us.

The information in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


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Forward-Looking Statements

This current report on Form 8-K ("Current Report") contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements included in this Current Report relate to our expectations regarding sequential operating margin growth.

Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements including as a result of the risks described in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Reports filed in 2020. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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