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) 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.
Forward Air Corporation (NASDAQ:FWRD) announced that Ancora Advisors has submitted a nomination notice for four candidates for election to the Board at the 2021 Annual Meeting. While the Company asserts that it has a competent Board of 10 directors, it acknowledges the ongoing discussions with Ancora regarding its strategic direction. Despite differing views, Forward has made settlement offers to Ancora, which were rejected. The Company emphasizes its commitment to enhancing shareholder value and its focus on operational performance and profitability following the pandemic's impact.
Forward Air Corporation (NASDAQ: FWRD) is implementing a growth strategy through both organic infrastructure investments and acquisitions. The company announced a 6% rate increase for shipments starting February 1, 2021, alongside changes to its accessorial and surcharge schedule. These adjustments aim to help Forward manage rising operating costs in the freight transportation sector while enhancing service quality. Forward Air is dedicated to delivering premium expedited services to its clientele nationwide.
Forward Air Corporation (NASDAQ:FWRD) is set to release its fourth quarter 2020 earnings after the market closes on February 11, 2021. A conference call detailing the results will follow on February 12, 2021, at 9:00 a.m. EST. Investors can join the call by dialing (844) 867-6169, Access Code: 6464581, or access it online via the Investor Relations section of the company's website. Forward Air is a leading asset-light freight and logistics company operating in the US and Canada, offering various expedited services.
Forward Air Corporation (NASDAQ: FWRD) is expanding its operations by launching expedited less-than-truckload (LTL) services in California's Inland Empire region. The new facility in Fontana represents Forward's fifth location in California and aims to enhance operational efficiency with its existing Los Angeles terminal. This strategic move supports both large and small customers, growing Forward's presence in Southern California and connecting the region to its nationwide network of premium freight management services.
Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic and inorganic investments, focusing on LTL network expansion and acquisitions. The company has appointed Rebecca Garbrick as the new Controller, who possesses over 20 years of experience in public and private accounting. Her role aims to fortify Forward's accounting framework to support future growth initiatives. Chief Financial Officer Mike Morris expressed enthusiasm about Garbrick’s expertise, highlighting her ability to integrate personnel and systems effectively.
Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy with an expansion of its expedited less-than-truckload (LTL) service in Bethlehem, Pennsylvania. This move follows previous success with local partnerships in LTL operations. By opening a new facility in Bethlehem, Forward aims to enhance its service coverage and support operations in Philadelphia, thereby connecting the market to its nationwide network of premium freight management services.
Forward Air Corporation (NASDAQ:FWRD) is set to release its third quarter 2020 earnings on October 29, 2020, after market close. A conference call to discuss these results will be held the following day, October 30, 2020, at 9:00 a.m. EDT. Investors can access the call via the Company’s Investor Relations website or by dialing in. Forward Air is a prominent asset-light freight and logistics company, providing a range of services including expedited less-than-truckload (LTL), truckload brokerage, and intermodal drayage services across North America.
Forward Air Corporation (NASDAQ: FWRD) has announced the acquisition of Value Logistics, Inc. for $2.25 million. Value Logistics, operating since 1996 in Memphis, generates approximately $6 million in annual revenue. This acquisition aims to strengthen Forward's intermodal drayage operations in the Memphis market, enhancing its strategic growth plan. The deal will be funded from cash reserves and is expected to close in October 2020. CEO Tom Schmitt emphasized the acquisition’s significance in expanding Forward Intermodal’s regional influence.
Forward Air Corporation (NASDAQ: FWRD) is expanding its less-than-truckload (LTL) service into Columbia, Missouri, and Roanoke, Virginia, using its existing Final Mile facilities. This organic growth strategy aims to enhance market coverage beyond its airport-to-airport model. Chairman and CEO Tom Schmitt highlighted that this initiative allows for reduced investment while connecting these markets to the national LTL network. The company now offers same-day pickup and delivery services, enhancing its logistical capabilities.
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?
