Forward Air - FWRD STOCK NEWS

Forward Air (NASDAQ:FWRD) has announced the appointment of Jerome Lorrain to its Board of Directors, effective October 1, 2024. Lorrain brings over 30 years of experience in the logistics and transportation industry, having previously served as COO of CEVA Logistics and currently holding director positions at Log-Hub and FluentCargo. The company also announced that R. Craig Carlock will step down from the Board on October 15, 2024, as part of Forward's commitment to ongoing refreshment.

Following these changes, Forward's Board will maintain twelve directors, with eleven being independent and seven appointed since the Omni transaction. The company emphasizes that Lorrain's expertise will add significant value as they continue their integration and transformation journey, leveraging their expanded platform to provide domestic expedited less-than-truckload services, global freight forwarding, and contract logistics services.

Ancora Holdings Group, a top 10 shareholder of Forward Air (NASDAQ: FWRD), has issued an open letter to the company's Board of Directors urging them to initiate a strategic review for a potential sale. The letter highlights Forward Air's poor performance, with negative Total Shareholder Return across 1-, 3-, 5- and 10-year periods, significantly underperforming market indices. Ancora criticizes the company's recent acquisition of Omni Logistics, which has increased debt and destroyed shareholder value. The investor group believes that a sale to a private buyer would be the best option to address Forward Air's balance sheet issues, improve operations, and deliver value to shareholders. Ancora suggests that approximately 22% of shareholders support a strategic review and warns of a potential campaign to replace Board members at the 2025 Annual Meeting if shareholder interests are ignored.

Forward Air (NASDAQ:FWRD) reported financial results for Q2 2024, showing positive momentum despite softness in the freight market. The company's Consolidated EBITDA increased from $55 million in Q1 to $81 million in Q2. Forward Air realized approximately $14 million in cost synergy capture following the Omni transaction, in line with original estimates. The company anticipates reaching full run-rate savings earlier than expected, projecting to operate at full run rate synergy levels by the end of Q1 2025. For 2024, Forward Air expects to deliver Consolidated EBITDA between $310 to $325 million. However, the company faced challenges, reporting a net loss of $966.5 million for the quarter, compared to a net income of $17.1 million in the same period last year.

Forward Air (NASDAQ: FWRD) has announced the timing for its second quarter 2024 earnings release and conference call. The company will release its Q2 2024 earnings after the market closes on Wednesday, August 7, 2024, followed by a conference call to discuss the results at 4:30 p.m. ET on the same day.

Investors and interested parties can access the conference call online through the Investor Relations section of Forward Air's website at ir.forwardaircorp.com or by dialing (800) 343-4136 with the Access Code: FWRDQ224. A replay of the conference call will be available on the company's Investor Relations website shortly after the call concludes.

Forward Air (NASDAQ: FWRD) has achieved a trifecta of recognitions, highlighting its leadership and operational excellence in the logistics industry. For the fourth consecutive year, Forward Air has been named a Top 100 Third-Party Logistics Provider by Inbound Logistics magazine. Additionally, Omni Logistics' Asia team, a Forward subsidiary, received an award from Cirrus Logic for their long-standing partnership and exceptional service. Furthermore, Erika Tolar, Forward's National Vice President of Sales, was named one of the Top Women Leaders of Texas for 2024 by Women We Admire.

CEO Shawn Stewart emphasized that these accolades reflect the company's dedication to customer service and its impact on the industry, despite recent distractions. Forward Air continues to focus on providing top-tier solutions and exceptional customer service as it strives to become a leader in the logistics industry.

Forward Air (NASDAQ: FWRD) has appointed Jamie G. Pierson as permanent Chief Financial Officer and James Faught as Chief Accounting Officer, effective July 3, 2024. Pierson was previously the interim CFO from May 2024 and brings experience from MV Transportation and YRC Worldwide. Faught joins from EVO Transportation, where he served as CFO, and previously held roles at Yellow CEO Shawn Stewart emphasized that these appointments are important for the financial integration with Omni Logistics, aiming for long-term financial success and a unified leadership team.

Forward Air has revised its Consolidated EBITDA for the twelve months ending March 31, 2024, from $300 million to $324 million. This update follows a thorough assessment of addbacks permitted under its credit agreement. The company’s revised Consolidated First Lien Net Leverage Ratio is now 5.1x, down from the previously reported 5.5x. Forward Air anticipates adding approximately $20 million of incremental Consolidated EBITDA in the second quarter of 2024 through further cost reductions. CEO Shawn Stewart emphasized the company's commitment to transparency, profitability, and long-term growth, with more details to be shared in the upcoming earnings conference call.

Forward Air announced the appointment of Jamie G. Pierson as interim Chief Financial Officer effective May 20, 2024. He succeeds Rebecca Garbrick, who will assist with the transition. CEO Shawn Stewart expressed gratitude for Garbrick's contributions since 2020 and welcomed Pierson, highlighting his extensive experience in transportation and logistics. Pierson previously served as CFO of MV Transportation and held leadership roles at Ecobat Technologies and YRC Worldwide. Forward Air has initiated a search for a permanent CFO with the help of an executive search firm.

Forward Air (NASDAQ: FWRD) has filed its definitive proxy statement with the SEC on May 20, 2024, in preparation for its annual shareholder meeting on June 3, 2024. Shareholders as of March 25, 2024, are eligible to participate. The company emphasizes its commitment to continuous improvement, transparency, and accountability. The management team is focused on integrating Omni, reducing costs, and enhancing investor engagement to drive sustainable shareholder value. Forward Air's Board is also refreshing its composition to ensure a mix of skills and experience aligned with strategic priorities. Shareholders are encouraged to review the proxy statement for detailed information on the matters to be voted on.