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 (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.
Forward Air reported first quarter 2024 results impacted by weak freight market and Omni Logistics deal closing. New CEO Shawn Stewart sees opportunity for value creation. Despite challenging market conditions, positive trends in less-than-truckload business. Preliminary April results show sequential revenue growth.
Forward Air (NASDAQ:FWRD) announced the granting of equity awards to the newly-hired CEO, Shawn Stewart, as a material inducement to his employment. The awards consist of restricted shares of common stock and performance share units, subject to vesting conditions. The grants were approved by the Board of Directors and the Compensation Committee of the Company.
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