Forward Air says strategic review nearing conclusion

Core Insights - Forward Air is nearing the conclusion of a strategic review, which may involve selling part or all of the business due to investor pressure following a contested merger with Omni Logistics [1] Financial Performance - Forward Air reported a net loss of $28.3 million, or 91 cents per share, for the fourth quarter, with consolidated revenue of $631 million, down nearly $2 million year over year [2] - Consolidated adjusted EBITDA for the fourth quarter was $77 million, a 6% increase year over year, while full-year EBITDA decreased by $4 million to $307 million [2] Segment Performance - The expedited segment reported $247 million in revenue, a 7% year-over-year decline, with tonnage down 11% and shipments down 9% [3] - Omni Logistics generated revenue of $360 million, an 11% year-over-year increase, with adjusted EBITDA of $36 million, up 12% year-over-year [5] Operational Metrics - The operating margin for the expedited segment improved to 6.2%, a 340 basis point increase year-over-year, while the EBITDA margin reached 10.1%, up 350 basis points [4] - Operating cash flow for 2025 was $209 million, primarily used for servicing debt and professional fees, with liquidity at $367 million, down $15 million year-over-year [6] Market Reaction - Shares of Forward Air (FWRD) rose 6.8% in after-hours trading following the announcement, despite a 9.1% decline during the regular trading session [6]