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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "authorName": "Frederick DiSanto",
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  "presentationDate": "2021-02-16 00:00:00",
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      "text": "Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%).",
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      "text": "Grouped bar chart comparing cost per ton increase vs revenue per cwt increase for ODFL, SAIA, XPO, and FWRD",
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      "text": "EBIT per Shipment: -45.0%",
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      "text": "FY 2020 was yet another year where cost on a per ton basis increased at a higher rate than pricing within Forward Air's core Expedited LTL business, while LTL peers successfully managed to increase this delta during 2020.",
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      "text": "Finally, we want to highlight Forward Air's initial 1Q21 guidance. On the surface, guidance looks favorable as consolidated revenue is expected to grow 11-15% year-over-year...",
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