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) has announced its acquisition of J&P Hall Express, a privately held expedited transportation provider with estimated annual revenues of $15.8 million. This acquisition, expected to finalize in May 2021, enhances Forward's LTL network expansion and increases its operational footprint in Atlanta and Albany, GA. With approximately 70 trucks and 110 employees, J&P Hall Express offers a range of transportation services, allowing Forward to broaden its service offerings in southern Georgia and northern Florida markets.
Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic and inorganic means. In Q1 2021, the Company added 11 new Final Mile terminal locations, utilizing existing LTL terminal infrastructure in 8 instances. This strategy enhances operational efficiencies and reduces investment costs for market expansion. The new terminals are located in major cities including Denver, Miami, and Nashville. CEO Tom Schmitt highlights the positive trajectory and focus on improving speed-to-market and service quality by integrating operations.
Forward Air Corporation (NASDAQ:FWRD) will announce its Q1 2021 earnings on April 29, 2021, post-market. A conference call to discuss these results is set for April 30, 2021, at 9:00 a.m. EDT, accessible via their website or by phone. Forward Air is a premier asset-light freight and logistics provider in North America, offering various services including expedited LTL, truckload brokerage, and intermodal logistics. Investors are encouraged to visit their Investor Relations website for ongoing updates and a replay of the call after it concludes.
Forward Air Corporation (NASDAQ: FWRD) has announced significant rate-per-mile increases for its independent contractor fleet, marking the largest hike in its history. Team owner operators will see an increase of $0.11 per mile, while individual operators will receive an additional $0.05. This move is part of Forward's growth strategy focusing on organic infrastructure and acquisitions. A new sign-on bonus program offers $10,000 for team trucks and $4,000 for solo trucks, aimed at enhancing profitability for new fleet partners. This marks the fourth notable rate increase in four years.
Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic infrastructure investments and acquisitions. The company has released its first Environmental, Social and Governance (ESG) report, demonstrating its commitment to sustainability and accountability. CEO Tom Schmitt emphasizes the importance of precision execution in operations and community responsibility. This report outlines Forward's ESG goals and progress, reinforcing the company's dedication to transparency. The full report is accessible on their investor relations website.
Forward Air Corporation (NASDAQ: FWRD) continues its growth strategy through organic and inorganic investments, including LTL network expansion and acquisitions. Recently, Forward was awarded Surface Carrier of the Year by the Airforwarders Association for excellence in on-time performance, customer service, and overall value. The award reflects the dedication of Forward's team, particularly its drivers, in maintaining service quality during challenging times. The company operates approximately 200 facilities across the U.S. and Canada, employing over 5,200 people.
Forward Air Corporation (FWRD) has appointed five new independent directors to its Board of Directors, effective immediately. This move follows an agreement with significant shareholder Ancora Holdings, which owns 6.4% of FWRD's shares. The new directors bring substantial expertise in operations, finance, and technology, aiming to enhance governance and shareholder value. Concurrently, two current directors will not seek re-election, which will result in a predominantly independent Board. The 2021 Annual Meeting of Shareholders is scheduled for May 19, 2021, with a record date of March 24, 2021.
Forward Air Corporation (NASDAQ: FWRD) has announced the sale of its Pool Distribution business to Ten Oaks Group for an estimated $20 million. This includes an $8 million upfront cash payment and an additional earnout of up to $12 million based on 2021 revenue. This divestment will enable Forward to invest further in its core operations, with management expressing confidence in Ten Oaks' ability to enhance the Pool business's growth. The sale aligns with Forward's broader strategy of organic and inorganic growth through infrastructure investments and acquisitions.
Forward Air Corporation (NASDAQ: FWRD) has announced its acquisition of Proficient Transport for $15 million, enhancing its intermodal presence across several key cities, including Atlanta, Chicago, and Dallas. Proficient Transport generates approximately $23 million in annual revenue and has been in operation since 2004. The transaction is set to close in February 2021 and will be funded using cash on hand. This strategic move aims to strengthen Forward's position as a top-tier provider of intermodal drayage in the U.S.
Forward Air Corporation (NASDAQ:FWRD) reported its fourth quarter 2020 results, highlighting a record revenue of $350.3 million, a 9.6% increase year-over-year. Despite this, net income decreased by 32.2% to $15.1 million, influenced by a cyber attack and an increase in an earn-out liability due to strong growth in Final Mile services. The Company announced its decision to sell its Pool Distribution business for $20 million and acquire Proficient Transport for approximately $15 million. First quarter 2021 guidance suggests 11% to 15% revenue growth year-over-year.
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