Welcome to our dedicated page for Forward Air news (Ticker: FWRD), a resource for investors and traders seeking the latest updates and insights on Forward Air stock.
Forward Air Corporation (NASDAQ: FWRD) is a leading provider of time-definite surface transportation and related logistics services, specifically catering to the North American air freight and expedited LTL (less-than-truckload) market. The company offers scheduled surface transportation of cargo, providing a cost-effective and reliable alternative to air transportation. Forward Air specializes in transporting air freight that needs to be delivered at a specific time but is less time-sensitive than traditional integrated services.
Over the past decade, Forward Air has significantly expanded its service offerings to include an array of logistics solutions. These services comprise pick-up and delivery, intermodal drayage, pool distribution, and specialized temperature-controlled logistics. The company's network includes freight terminals located on or near airports in 92 U.S. and Canadian cities, featuring a central sorting facility in Columbus, Ohio, and 11 regional sort centers, which contribute to one of the most efficient linehaul networks in the industry.
Forward Air operates through two main segments: Expedited Freight and Intermodal. The Expedited Freight segment, which generates the majority of the company's revenue, operates a comprehensive national network to provide expedited regional, inter-regional, and national LTL services. It also offers customers local pick-up and delivery, final mile services, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling services.
The company continues to expand its footprint and enhance its service portfolio, aiming to provide unparalleled logistics solutions across the United States, Canada, and Mexico. Recently, Forward Air announced an agreement with Omni Logistics to amend the terms of their existing merger agreement, which resolves the litigation between the parties. Upon closing, this merger is expected to position the combined entity as a premier global integrated provider of comprehensive LTL services, generating significant value for shareholders, customers, and employees.
Forward Air Corporation’s asset-light business model and extensive service offerings make it a pivotal player in the logistics and transportation industry, helping customers achieve efficient and reliable freight management.
Forward Air Corporation (NASDAQ: FWRD) will attend the Stifel 2022 Transportation and Logistics Conference on February 8-9, 2022. The company reported strong operating statistics for the quarter ending December 31, 2021, including a 59.6% increase in revenue per shipment and a 13.4% rise in revenue per hundredweight compared to 2020. CEO Tom Schmitt highlighted the positive momentum driven by collaboration with customers and demand for premium services, indicating a strong Q4 performance relative to Q3.
Forward Air Corporation (NASDAQ:FWRD) is set to release its fourth quarter 2021 earnings on February 9, 2022, after market close. The earnings call will be held on February 10, 2022, at 9:00 a.m. EST, and will be accessible online through the company's Investor Relations website. Forward Air is a leader in asset-light freight and logistics services across the U.S. and Canada. The company provides expedited less-than-truckload (LTL) services, final mile services, and truckload brokerage among other logistics offerings.
Forward Air Corporation (NASDAQ: FWRD) announces its largest rate-per-mile increase for its independent contractor fleet, implementing a 15 cent increase. This historic adjustment boosts earning potential for independent contractors, with forecasts suggesting team drivers could earn over $497,250 annually and solo contractors over $203,500. This represents a 25% and 43% increase in average rates since 2016. The company aims to enhance freight capacity and attract new contractors amid record volume growth, providing a supportive environment for independent operators.
Forward Air Corporation (NASDAQ: FWRD) reported significant growth in its Expedited Freight Operating Statistics for November 2021. Revenue per shipment rose by 60.5%, while revenue per hundredweight increased by 14.4%. The weight per shipment surged by 37.0%, and pounds per day grew by 5.5% compared to November 2020. CEO Tom Schmitt highlighted that the company experienced a 10.8% increase in total pounds from October, driven by strong demand and collaboration with customers for higher-quality freight.
Forward Air Corporation (NASDAQ: FWRD) announced a general rate increase (GRI) of 7.9% effective February 1, 2022. This decision aims to offset rising operational costs due to a challenging environment. The increase will also impact select accessorial and minimum charges. Forward Air intends to use additional revenue generated from the GRI to continue investing in service enhancements, fleet maintenance, and technology innovations to better serve its customers.
Forward Air Corporation (NASDAQ: FWRD) announced a $10,000 donation to Hope For The Warriors in honor of Veterans Day. The funds, sourced from online store sales and a company match, will support veteran rehabilitation efforts, focusing on adaptive driving equipment. Tom Schmitt, the CEO, emphasized Forward's commitment to military personnel. Hope For The Warriors has aided over 36,000 veterans and families since 2006. This initiative aligns with Forward's Operation Forward Freedom, aimed at providing life-changing support for veterans transitioning to civilian life.
Forward Air Corporation (NASDAQ: FWRD) reported a strong mid-quarter update for October 2021, highlighting a 16% year-over-year increase in pounds per day and a 33% rise in weight per shipment. Revenue metrics also saw significant growth, with a 11% boost in revenue per hundredweight and a remarkable 52% increase in revenue per shipment. CEO Tom Schmitt expressed optimism for the fourth quarter, noting a strong demand for their services and improved freight quality in their network, suggesting a promising outlook for the company's performance.
Forward Air Corporation (NASDAQ: FWRD) has announced the acquisition of BarOle Trucking, Inc. and TKI Intermodal, LLC, aimed at enhancing its intermodal transportation capabilities.
The deals will add approximately $25 million in revenue and quadruple its driver fleet in the Minneapolis market.
These acquisitions are part of Forward’s growth strategy, allowing for efficiency improvements and expansion of service footprints in Minnesota.
BarOle's acquisition is expected to close in December 2021, while TKI's acquisition has already been completed.
Forward Air Corporation (NASDAQ:FWRD) reported record financial results for the third quarter of 2021, achieving the highest monthly net income ever in September. The company reported quarterly income from operations of $42.5 million, with a net income per diluted share of $1.12, exceeding guidance. Revenue increased by 26%, reaching $419.6 million. For the fourth quarter, guidance predicts a revenue growth of 23% to 27% and a net income per diluted share between $1.25 and $1.29. Looking ahead, the full year 2021 targets revenue of $1.6 billion to $1.7 billion and net income per diluted share of $4.08 to $4.12.
Forward Air Corporation has been recognized as one of the 2021 Top Companies for Women to Work For in Transportation by the Women In Trucking Association. This honor highlights Forward's commitment to fostering a gender-diverse workplace, providing growth opportunities, and maintaining a supportive corporate culture. The award acknowledges organizations that promote women's achievements in the trucking industry. CEO Tom Schmitt emphasized the importance of tapping into the full talent pool, showcasing the company's dedication to improving the work environment for women.
FAQ
What is the current stock price of Forward Air (FWRD)?
What is the market cap of Forward Air (FWRD)?
What services does Forward Air Corporation offer?
Where are Forward Air Corporation's terminals located?
What are the main segments of Forward Air Corporation?
What is the focus of Forward Air Corporation's Expedited Freight segment?
How has Forward Air Corporation expanded its service offerings in recent years?
What is the significance of the merger agreement between Forward Air and Omni Logistics?
What markets does Forward Air Corporation serve?
What type of logistics model does Forward Air Corporation use?
Who is the incoming President of Forward Air Corporation following the merger with Omni Logistics?
How does Forward Air Corporation differentiate itself in the logistics industry?
