Forward Air

Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. It operates through the following segments: Expedited LTL and Intermodal. The Expedited LTL segment provides expedited regional, inter-regional and national LTL, final mile and truckload services. The Intermodal segment provides first and last-mile high value intermodal container drayage services to and from seaports and railheads. The company was founded by Scott M. Niswonger on October 23, 1981 and is headquartered in Greeneville, TN.

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Forward Air (FWRD) reports record year with focus on high-value freight and strategic growth initiatives

Forward Air (FWRD) navigated challenges in Q4 with a focus on high-value freight and cost management. Optimistic outlook for 2023 with growth initiatives targeting EPS ahead of 2022. Mitigation strategies in place for challenges like fuel headwinds and GRI adjustments.

Forward Air revises 2023 expectations, sees growth opportunities ahead

Forward Air revised its 2023 performance expectations lower due to Q1 challenges but remains focused on strategic initiatives for growth.
Despite revenue and cost management challenges, the company is seeing positive outcomes from its Go Forward strategy and operational improvements.
With a conservative outlook for Q2 and confidence in navigating the freight recession, Forward Air is poised for future growth opportunities.

Forward Air shows resilience in tough freight market, eyes growth

Forward Air navigated challenges in the freight market with improved tonnage trends and a strategic focus on high-value freight and service excellence.
The company's emphasis on margin expansion, industry-leading service levels, and proactive volume guidance positions it well for growth opportunities amidst market uncertainties.
Despite ongoing challenges and the need for cautious guidance, Forward Air remains resilient and adaptive, leveraging its strengths to drive profitability and customer satisfaction.
Opportunities in industrial sectors, margin expansion efforts, and strategic growth initiatives offer Forward Air avenues for growth and market expansion in the upcoming quarters.

Forward Air reports Q3 turnaround in LTL performance and strategic growth plans

Forward Air's Q3 performance showed improvement in LTL operations and a commitment to organic growth strategies. Despite challenges with the Omni acquisition and legal issues, the company is focused on stability and clarity for stakeholders. Opportunities exist in strategically growing the LTL business and deploying capital for growth initiatives.

Forward Air reports Q4 earnings decline, focuses on deleveraging

Forward Air's Q4 performance reflected challenges from one-off costs related to the Omni acquisition but showcased positive operational trends in its core business segments.
The company's focus on deleveraging and cost synergies post-merger highlights a commitment to financial stability and operational efficiency.
While facing challenges in 2023, Forward Air remains optimistic about opportunities for revenue growth, cost savings, and customer retention post-acquisition.

Forward Air reports Q1 revenue growth amidst EBITDA decline

Forward Air faced challenges in Q1 due to weak freight environment and distractions but expressed optimism for future performance.
Revenue growth in the less-than-truckload business was a highlight, with progress in Omni integration and cost synergies.
Management's confidence in meeting financial covenants, generating positive cash flow, and controlling costs is notable.
Actions taken to improve liquidity, deleverage, and achieve positive cash flow in the second half of the year show a proactive approach.

Forward Air reports robust Q2 revenue growth and transformation goals

Forward Air's Q2 2024 performance reflects strong revenue growth and improved EBITDA, driven by the Omni acquisition.
While facing challenges such as impairment charges and cash flow usage, the company is focused on operational enhancements and cost reductions.
Opportunities lie in the company's transformation goals, with a clear path to achieving breakeven to positive cash flow and continued financial improvement.

Forward Air reports robust Q3 results, eyes growth through Omni integration

Forward Air's Q3 2024 performance was strong, with revenue growth and improved liquidity, supported by ongoing transformation efforts and strategic initiatives.
While facing challenges in asset sales, revenue trends, and working capital management, the company is well-positioned to navigate these hurdles.
By capitalizing on the integration of Omni, enhancing the sales strategy, and addressing customer trends, Forward Air can unlock growth opportunities and drive future success.

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Forward Air announced Monday it has expanded its intermodal operations again. The Greeneville, Tennessee-based asset-light transportation provider said it is adding a drayage operation in Linden, New Jersey, to serve Port Newark.

Forward Air adds drayage outpost to serve Port Newark

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) continues to execute a growth strategy that involves organic infrastructure investments, including its ongoing less-than-truckload (LTL) network expansion, as well as acquisitions of complementary businesses. Today, Forward announced that it will expand its intermodal drayage service offering in the New York and New Jersey area with new operations in Linden, NJ.

Forward Air Announces New Intermodal Drayage Operations in Linden, NJ Servicing Port Newark

The companies are delivering expedited freight 24 hours a day, six days a week MOUNTAIN VIEW, Calif. and GREENEVILLE, Tenn.

Forward and Kodiak Robotics Become First Companies to Operate Consistent Autonomous Trucking Service Between Dallas and Atlanta

Kodiak Robotics and Forward Air Corp. are beginning thrice-weekly autonomous freight round-trip runs between Dallas and Atlanta using teams of safety drivers to comply with hours-of-service regulations that likely won't apply to driverless trucks. Mountain View, California-based Kodiak expects to pull the driver on specific routes in 2024.

Kodiak Robotics, Forward Air begin Dallas-Atlanta autonomous runs

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today provided the following key Expedited Freight Operating statistics for the quarter-to-date period through February 2023. Shipments per day decreased 6.7%, revenue per hundredweight ex fuel increased 2.6%, while pounds per day decreased 12.7% and weight per shipment decreased 6.5% over the same period last year.

Forward Air Provides Mid-Quarter Update on First Quarter 2023 Performance

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The month of February had a couple of very interesting insider purchases. In this article, we discuss the 10 biggest insider purchases by value. In addition, we will take a look into 2 companies more in-depth, which we found particularly interesting this month.

Top Insider Picks For February 2023

Forward Air offers ground transportation and related logistics services in the United States and Canada. It is also worth noting that the company expects to open 30 new terminals in the next five years, which will likely result in revenue growth generation.

Forward Air: Cost Cutting Efforts Announced, But There Are Risks

Forward Air Corp (NASDAQ:FWRD ) Q4 2022 Earnings Conference Call February 9, 2023 9:00 AM ET Company Participants Thomas Schmitt - President, CEO & Executive Chairman Rebecca Garbrick - CFO & Treasurer Conference Call Participants Grant Smith - Stephens Inc. Patrick Brown - Raymond James & Associates Todd Fowler - KeyBanc Capital Markets Scott Group - Wolfe Research Bascome Majors - Susquehanna Financial Group Operator Thank you for joining Forward Air Corporation's Fourth Quarter 2022 Earnings Release Conference Call. Before we begin, I'd like to point out that both the press release and webcast presentation for this call are accessible on the Investor Relations section of Forward Air's website at www.forwardaircorp.com.

Forward Air Corp (FWRD) Q4 2022 Earnings Call Transcript

Forward Air Corp. shares fell sharply in Thursday morning trading after the transportation company reported a significant weakness in fourth-quarter less-than-truckload tonnage caused by unexpected reversals in size and weight per shipment totals. Weight per shipment dropped 12% in the quarter, worse than the company and its customers had anticipated.

Forward Air shares whacked after tonnage, shipment size and weight fall

The company's fourth quarter failed to live up to its expectations.

Why Forward Air Stock Is Falling Today

Forward Air (FWRD) delivered earnings and revenue surprises of -15.38% and 4.37%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

Forward Air (FWRD) Q4 Earnings and Revenues Lag Estimates

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “we,” “our,” or “us”) today reported financial results for the three and twelve months ended December 31, 2022 as presented in the tables below on a continuing operations basis. Tom Schmitt, Chairman, President and CEO, commenting on fourth quarter and full year 2022 results from continuing operations said, “We had a record fourth quarter and a record year by a mile.

Forward Air Corporation Reports Fourth Quarter 2022 Results

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, including its ongoing less-than-truckload (LTL) network expansion, as well as inorganic investments, such as the recently-signed acquisition of Land Air Express, Inc. Today, Forward announced that it will expand its expedited LTL service offering in the Chicagoland area with a new terminal in Bolingbrook, IL, near Midway International Airport (MDW).

Forward Air Announces Chicagoland Expansion with New Bolingbrook Terminal

Forward Air (FWRD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Forward Air (FWRD) Earnings Expected to Grow: Should You Buy?

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ:FWRD) will release its fourth quarter 2022 earnings after the market closes on Wednesday, February 8, 2023 and hold a conference call to discuss those results on the following day, Thursday, February 9, 2023 at 9:00 a.m. ET. The Company's conference call will be available online on the Investor Relations portion of the Company's website at ir.forwardaircorp.com, or by dialing (877) 226-8189, Access Code: 8042513. Since we use our Investor Relations website as a primary mechanism to communicate with our investors, investors are urged to monitor the Investor Relations portion of the Company's website to easily find or navigate to current and pertinent information about us. A replay of the conference call will be available on the Investor Relations portion of the Company's website at ir.forwardaircorp.com beginning shortly after completion of the live call.

Forward Air Corporation Announces Timing of Fourth Quarter 2022 Earnings Release and Conference Call

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) today announced a $12,000 donation to Hope For The Warriors on behalf of the Company's charitable arm, Operation: Forward Freedom (OFF), which supports veteran-related causes throughout the year. The donation from OFF is a combination of a percentage of sales from the Forward company store and a match from Forward.

Forward Air Raises $12,000 for Hope For The Warriors in Veterans Fund Raising Campaign

Asset-light trucking provider Forward Air announced Wednesday it will acquire expedited less-than-truckload provider Land Air Express for $56.5 million. Bowling Green, Kentucky-based Land Air Express' network includes 270 employees and over 200 drivers operating out of more than 25 terminals throughout the U.S. Its offering includes guaranteed, same-day, hot shot and pickup and delivery services of shipments as small as an individual parcel up to a full trailer load.

Forward Air to buy expedited LTL provider Land Air Express

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as the ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. As part of its inorganic growth strategy, Forward today announced that it has entered into an agreement to acquire the assets of Land Air Express, Inc. (“Land Air Express”), a privately held full service expedited LTL provider, for $56.5 million. The transaction is expected to be funded from both cash on hand and the Company's credit facility and is expected to close in January 2023.

Forward Air Corporation Expands LTL Operations with Acquisition of Land Air Express

Forward Air CEO Tom Schmitt on how long the decline in consumer demand and slowdown in shipping from China will last.

What's next for global demand after an 'unusually slow' holiday quarter: Forward Air CEO

Less-than-truckload provider Forward Air announced Thursday further deceleration in tonnage during the fourth quarter as pieces per shipment have declined 20% year over year (y/y). “Our customers and we are experiencing what we believe is a temporary but significant softening in the freight environment,” Chairman, President and CEO Tom Schmitt commented in regard to declines the company logged in October and November.

Forward Air sees near-20% tonnage decline in November

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today provided the following key Expedited Freight Operating statistics for the quarter-to-date period through November 2022. Shipments per day increased 2.4%, revenue per hundredweight increased 14.7%, while pounds per day decreased 11.9% and weight per shipment decreased 14.0% over the same period last year.

Forward Air Provides Mid-Quarter Update on Fourth Quarter 2022 Performance

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) today announced a 5.9 percent general rate increase (GRI) on any shipments tendered on or after February 6, 2023.

Forward Air Announces 2023 General Rate Increase

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Some of the nation's largest less-than-truckload carriers are seeing demand continue to retreat from the all-time highs recently established.  Following third-quarter reports, which showed year-over-year (y/y) tonnage declines at most LTL shops during September and October, the trend appears to have hastened so far in November.

LTL carriers point to shrinking tonnage in November

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Today, Forward announced the release of its updated Environmental, Social and Governance (ESG) report, providing a detailed overview of the Company's ESG commitments through a new ESG-specific website.

Forward Air Releases Updated Environmental, Social and Governance Report Via New Dedicated Website

GREENEVILLE, Tenn.--( BUSINESS WIRE )--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Today, Forward announced that on Tuesday, November 15, 2022, at approximately 1:00 p.m. CST, Tom Schmitt, Chief Executive Officer, and Rebecca Garbrick, Chief Financial Officer, will participate in a fireside chat at the Stephens 24th Annual Investment Conference in Nashville, Tennessee.

News for Forward Air Stock (FWRD)