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 an asset-light transportation and logistics company that publicly reports on developments across its expedited freight, Omni Logistics and intermodal segments. The FWRD news feed on Stock Titan brings together company-issued press releases and other coverage that reflect how Forward Air is operating within the transportation and warehousing sector.
In its recent communications, Forward Air has highlighted quarterly financial results, including updates on operating income, segment performance and liquidity. Earnings releases describe trends in the Expedited Freight segment, which the company characterizes as encompassing one of the largest expedited LTL networks in North America, as well as results from Omni Logistics and Intermodal operations. These updates often discuss cost management, transformation initiatives and the impact of freight market conditions.
Beyond earnings, Forward Air’s news includes announcements about customer awards and project wins. Examples include combined Forward Air and Omni Logistics service offerings for a global athletics brand, nationwide automotive replenishment projects managed through Omni, and expanded partnerships with a leader in package delivery services. Such items illustrate how the company applies its expedited LTL, truckload brokerage, intermodal drayage and multimodal capabilities in real-world customer settings.
Corporate governance and strategic updates are also part of the news flow. The company has reported Board changes, a comprehensive strategic alternatives review and shareholder meeting outcomes, along with philanthropic activities such as the Drive for Hope Golf Tournament benefiting Hope For The Warriors. Investors and observers can use this news page to follow Forward Air’s operational performance, strategic direction and community initiatives over time.
Forward Air (NASDAQ:FWRD) reported its fourth quarter and full year 2024 financial results, achieving full-year Consolidated EBITDA of $308 million, near the top end of guidance. The company exceeded its integration synergy targets following the Omni acquisition, delivering over $100 million in annualized savings versus the initially planned $75 million.
Q4 2024 highlights include consolidated revenue of $633 million and income from continuing operations of $76 million, which includes a favorable $79 million goodwill impairment adjustment. The Omni Logistics segment reported its best quarterly EBITDA since acquisition, while Intermodal segment improved year-over-year. The Expedited Freight segment faced challenges due to volume-focused pricing strategies, with corrective actions implemented in Q4.
Quarter-end liquidity stood at $382 million, down from $460 million in Q3, impacted by a $40 million reduction in credit facility size and $60 million in interest payments.
Forward Air (NASDAQ: FWRD) has announced it will release its fourth quarter and full year 2024 earnings after market close on Wednesday, February 26, 2025. The company will host a conference call to discuss the results at 4:30 p.m. ET on the same day.
Investors can access the conference call online through the Investor Relations section of Forward Air's website at ir.forwardaircorp.com or by phone at (800) 445-7795 using Access Code: FWRDQ424. 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 announced that its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value, including potential sale, merger, or other strategic transactions. The company has also amended its Senior Secured Term Loan Credit Agreement, modifying leverage ratios through 2026.
As part of its transformation strategy, Forward Air has implemented cost-reduction measures expected to save approximately $20 million annually. These savings are in addition to the $75 million in synergies from the merger integration, targeted for completion by Q1 2025.
The company has reaffirmed its full-year 2024 Consolidated EBITDA guidance of $300 million to $310 million. The Board has not set a timetable for the strategic review conclusion and has appointed Goldman Sachs & Co. as financial advisor and Jones Day as legal counsel.
Forward Air (NASDAQ: FWRD) has released its 2024 Environmental, Social and Governance (ESG) report, outlining the company's ESG commitments, goals, and progress. The report follows standards set by the Sustainability Accounting Standards Board, Task Force on Climate-Related Financial Disclosures, and Global Reporting Initiative.
CEO Shawn Stewart emphasized the company's commitment to its stakeholders, highlighting their focus on fostering an inclusive culture and supporting customer sustainability goals while maintaining positive community and environmental impact.
Forward Air (NASDAQ: FWRD) hosted its third annual Drive for Hope Golf Tournament, raising $350,000 for Hope For The Warriors, a nonprofit supporting post-9/11 veterans and military families. The event took place November 11-12 at Chateau Elan Winery & Resort in Braselton, GA. Through its charitable platform, Operation Forward Freedom, the company has raised a total of $1.25 million since the tournament's inception in 2022. The event featured celebrity guests, a silent auction, and a color guard presentation.
Forward Air (NASDAQ: FWRD) has appointed Eric Brandt as Chief Commercial Officer to spearhead its strategic growth plan and business development initiatives. Brandt, who previously served as Executive Vice President of Business Development at CEVA Logistics, brings extensive experience from leadership roles at Agility, Panalpina, and Kraft Foods. CEO Shawn Stewart emphasized that Brandt's expertise in strategic leadership and large-scale transformation will be important for the company's global logistics expansion and service enhancement efforts.
Forward Air (NASDAQ:FWRD) reported Q3 2024 financial results with operating revenue of $656 million, up 92.4% year-over-year, and operating income of $23 million. The company reported a net loss of $34.2 million, or $2.62 per diluted share. Cash flow from operations improved to $52.6 million, increasing liquidity to $460 million. The company remains on track to capture $75 million in synergies from the Omni integration by Q1 2025. Management provided 2024 Consolidated EBITDA guidance of $300-310 million, reflecting expectations of continued macro softness.
Forward Air (NASDAQ: FWRD) has scheduled its third quarter 2024 earnings release for Monday, November 4, 2024, after market close. The company will host a conference call to discuss the results at 4:30 p.m. ET on the same day. Investors can access the call online through the company's investor relations website or by phone at (800) 225-9448 using Access Code: FWRDQ324. A replay of the conference call will be available on the company's investor relations website after the call concludes.
Forward Air (NASDAQ:FWRD) has issued a statement acknowledging the perspectives of its shareholders. The company has recently undergone a significant transformation, including refreshing its Board and management team. Forward Air is focused on continuing to provide industry-leading service and executing its strategic plan with a renewed emphasis on continuous improvement, transparency, and accountability.
The refreshed Board and management team are actively analyzing the business and strategy to ensure the company pursues the best path forward to enhance shareholder value. Forward Air describes itself as a leading asset-light provider of transportation services across the United States, Canada, and Mexico, offering a range of services including expedited less-than-truckload, truckload brokerage, and intermodal solutions.
Alta Fox Capital Management, owning over 3% of Forward Air (NASDAQ: FWRD), has issued a letter to the company's Board of Directors calling for an immediate strategic review. The activist investor criticizes the Board's track record and urges them to initiate a formal sales process to maximize shareholder value. Alta Fox highlights that:
1. Approximately 25% of Forward Air's shareholders support exploring strategic alternatives.
2. Several private equity firms hold significant positions in the company.
3. The recent 80% share price rally indicates market anticipation of a takeover premium.
The letter also condemns the Board's handling of the Omni Logistics acquisition and warns of potential accountability at the upcoming Annual Meeting if the Board fails to act on shareholders' demands.
FAQ
What is the current stock price of Forward Air (FWRD)?
What is the market cap of Forward Air (FWRD)?
