Forward Air Corporation (FWRD)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	88,210	157,628	213,800	259,134	265,976	256,538	227,349	193,928	159,301	128,050	109,084	80,874	73,922	86,048	91,724	106,880	115,842	118,037	118,730	122,530
Revenue (ttm)	US$ in thousands	1,571,371	1,711,459	1,809,146	1,923,575	1,965,894	1,946,041	1,856,214	1,761,536	1,655,923	1,547,601	1,460,946	1,323,276	1,269,573	1,238,888	1,220,574	1,241,783	1,215,187	1,252,092	1,269,784	1,297,240
Operating profit margin		5.61%	9.21%	11.82%	13.47%	13.53%	13.18%	12.25%	11.01%	9.62%	8.27%	7.47%	6.11%	5.82%	6.95%	7.51%	8.61%	9.53%	9.43%	9.35%	9.45%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $88,210K ÷ $1,571,371K
= 5.61%

The operating profit margin of Forward Air Corporation has exhibited some fluctuations over the past few years. The trend shows a general increase in the operating profit margin from the end of 2020 to the middle of 2023, reaching a peak of 13.53% in December 2022. However, there was a slight decline in the most recent quarter, with the operating profit margin dropping to 5.61% in December 2023.

Overall, the company's operating profit margin has generally been in the single-digit to low double-digit range, indicating its ability to generate profits from its core operations relative to its revenue. It is important for the company to closely monitor and manage its operating expenses and revenue generation strategies to maintain and improve its profitability in the future.