Financial Performance - The company reported operating revenue of $311,856,000 for the three months ended June 30, 2024, with total operating expenses amounting to $1,417,727,000, resulting in a loss from operations of $(1,105,871,000) [115] - Total operating expenses for the six months ended June 30, 2024, were $1,671,150,000, with a loss from operations of $(1,134,456,000) [117] - Income from operations decreased by $1,122,080, or 4,262.4%, resulting in a loss of $1,095,755 for the three months ended June 30, 2024, compared to income of $26,325 for the same period in 2023 [123] - Net loss attributable to Forward Air was $645,433 for the three months ended June 30, 2024, compared to net income of $19,951 for the same period in 2023, marking a decrease of $665,384 [120] - Net income decreased by $1,116,460, or 1,982.4%, resulting in a net loss of $1,060,141 for the six months ended June 30, 2024, compared to a net income of $56,319 for the same period in 2023 [153] Revenue and Segment Performance - Operating revenues increased by $310,044, or 92.9%, to $643,666 for the three months ended June 30, 2024, compared to $333,622 for the same period in 2023 [121] - The Omni Logistics segment contributed $311,856 to operating revenues, while the Expedited Freight segment saw an increase of $21,846, offset by a decrease of $4,952 in the Intermodal segment [121] - Total operating revenues for the Expedited Freight segment were $564,577, a 4.7% increase from $539,013 in the prior year [156] - Expedited Freight operating revenues increased by $25,564, or 4.7%, to $564,577 for the six months ended June 30, 2024, driven by a 7.3% increase in tonnage [160] - Intermodal operating revenues decreased by $36,829, or 24.2%, to $115,591, primarily due to a 9.3% decrease in drayage shipments [172] Expenses and Costs - Operating expenses surged by $1,432,124, or 466.0%, to $1,739,421 for the three months ended June 30, 2024, primarily due to $1,417,727 in expenses from the Omni Logistics segment, including an impairment charge of $1,092,714 [122] - Operating expenses surged by $1,729,156, or 279.9%, to $2,346,966 for the six months ended June 30, 2024, primarily due to $1,671,150 in expenses from the Omni Logistics segment, including a goodwill impairment charge of $1,092,714 [149] - Interest expense increased to $47,265 for the three months ended June 30, 2024, from $2,585 in the same period in 2023, driven by higher borrowings and an increase in the average interest rate [124] - Interest expense increased to $88,018 for the six months ended June 30, 2024, compared to $4,940 for the same period in 2023, due to higher variable interest rates [151] Acquisitions and Strategic Initiatives - The Omni Acquisition was completed on January 25, 2024, for a total consideration of $100,499,000 in cash and 14,015 shares of common stock [114] - The company plans to grow its LTL geographic footprint through greenfield start-ups and acquisitions, focusing on increasing density within its existing network [99] - The company incurred significant indebtedness in connection with the Omni Acquisition, which could impact future business operations [187] - The company has a Tax Receivable Agreement obligating it to pay certain Omni Holders 83.5% of tax benefits realized from the Omni Acquisition [198] Operational Metrics - The average length of haul is used to analyze tonnage and pricing trends, with changes directly affecting revenue per hundredweight [106] - The total number of shipments in the Expedited Freight segment increased by 2.4% to 1,698 for the six months ended June 30, 2024 [158] - Revenue per shipment in the Expedited Freight segment increased by 2.5% to $257.94 for the six months ended June 30, 2024 [158] Cash Flow and Financing Activities - Net cash used in operating activities of continuing operations was $96,924 for the six months ended June 30, 2024, compared to net cash provided of $117,454 for the same period in 2023 [200] - Net cash used in investing activities was $1,583,406 for the six months ended June 30, 2024, primarily due to the Omni Acquisition with a preliminary purchase price of $2,313,653 [201] - Net cash used in financing activities was $162,957 for the six months ended June 30, 2024, an increase from $74,627 in the same period of 2023 [202] Market Conditions and Risks - The company experienced a slowdown in global economic activity, leading to a softening of customer demand and declines in rates during 2023 [111] - Risks identified that could affect future results include economic factors such as inflation, interest rates, and competition, which may impact the company's growth and financial condition [208] - As of the first quarter of 2024, there were no material changes in the company's exposure to market risk [210]

The company is showing positive signs after a difficult period. It has been a tough year for Forward Air (FWRD 18.99%) investors, but the company's latest results provide some evidence that the company is finally moving in the right direction. Investors are taking notice, sending Forward shares up 20% as of noon ET. Pulling out of a ditch Forward Air has been driving through potholes over the last year. The transportation company has been on the defensive since last year, when it announced its intention to ...

NEWS RELEASE FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2024 RESULTS Positive momentum despite softness in freight market Continues to accelerate integration, synergy capture and cost elimination GREENEVILLE, Tenn. – (BUSINESS WIRE) – August 7, 2024 – Forward Air Corporation (NASDAQ:FWRD) (the "Company", "we", "our", or "us") today reported financial results for the three months ended June 30, 2024, as presented in the tables below on a continuing operations basis, with the Company's former Final Mile b ...

Long-suffering shareholders of Forward Air (FWRD -0.42%) got a boost in June following reports that an activist investor is building a stake in the transportation and logistics company. Shares of Forward spiked nearly 20% on the news and finished June up 13.3%, according to data provided by S&P Global Market Intelligence. The deal closed in January but cost Forward's CEO his job. It is now up to new management to properly integrate Omni in what is a sluggish demand environment for transportation. Irenic, ac ...

A bad deal creates bad results Forward Air is an asset-light provider of transportation services. The stock has been under pressure since last year when the company announced its intention to acquire Omni Logistics. The deal raised objections from activist investors who argued that Forward Air was overpaying. The deal closed in January, and in early May, Forward Air announced a $0.64 per-share quarterly loss on revenue of $541.8 million. This was considerably worse than the $0.11 per-share loss on sales of ...

BRAZIL - 2022/07/28: In this photo illustration, the Forward Air Corporation logo is displayed on a ... [+] smartphone screen. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images The stock price of Forward Air (NASDAQ: FWRD), an asset-light freight and logistics company with operations in the United States and Canada, trades at $15 per share, about 90% below its peak level of $125 seen in January 2022. FWRD stock was trading at $92 in ear ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 000-22490 FORWARD AIR CORPORATION (Exact name of registrant as specified in its charter) | Tennessee | 62-1120025 | | --- | --- | | (State or other jurisdiction of incorporation) | ...

Forward Air Corporation (NASDAQ:FWRD) Q1 2024 Results Conference Call May 9, 2024 10:00 AM ET Company Participants Michael Hance - Interim CEO, Chief Legal Officer & Secretary Rebecca Garbrick - CFO & Treasurer Shawn Stewart - Incoming CEO Conference Call Participants Andrew Cox - Stifel Bascome Majors - Susquehanna Stephanie Moore - Jefferies Christopher Kuhn - Benchmark Tyler Brown - Raymond James Operator At this time, all participants have been placed in a listen-only mode and the floor will be open for ...

The embattled trucking company has a tough road ahead.Shipping company Forward Air (FWRD -22.25%) reported a disappointing quarter, weighed down by market conditions and a controversial acquisition. Investors are taking the exit ramp, sending Forward shares down as much as 40% for the day and down 25% as of 2:15 p.m. ET.Tough conditions, even worse quarterForward is an asset-light provider of transportation services. In January, the company completed a deal for Omni Logistics over the objections of an activ ...

NEWS RELEASE FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2024 RESULTS Industry veteran Shawn Stewart appointed as Chief Executive Of icer First quarter results impacted by elongated weak freight market and Omni Logistics deal closing Cost synergy realization in line with initial diligence estimates Preliminary April results providing early indication of improvement GREENEVILLE, Tenn.- (BUSINESS WIRE) - May 8, 2024 - Forward Air Corporation (NASDAQ:FWRD) (the "Company", "Forward", "we", "our", or "us") tod ...