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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GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward” or “the Company”) today announced that it has completed its previously announced acquisition of Omni Logistics, LLC (“Omni”). Together, Forward and Omni will create a category leader in the expedited LTL market, built on precision execution. With a differentiated service offering, industry-leading team and expanded geographic footprint, the combined company will offer high-value freight to its expedited LTL n.

Forward Air Announces Closing of Omni Logistics Transaction

Companies to Amend Terms of Merger Agreement and Resolve All Outstanding Litigation Combined Company Will Create Category Leader in Expedited LTL DALLAS , Jan. 22, 2024 /PRNewswire/ -- Omni Logistics, LLC ("Omni") today announced an agreement with Forward Air (NASDAQ: FWRD) ("Forward") to amend the terms of the existing merger agreement relating to their previously announced transaction. This agreement resolves the litigation between the parties, and the two companies are targeting a transaction close by the end of the week.

Forward Air to Close Acquisition of Omni Logistics

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward”) today announced an agreement with Omni Logistics, LLC (“Omni”), a private company that is majority owned by Ridgemont Equity Partners (“Ridgemont”) and EVE Partners, LLC (“EVE”), to amend the terms of the existing merger agreement relating to their previously announced acquisition. This agreement ends the litigation between the parties, which will now be dismissed. Under the terms of the amended merger agree.

Forward Air Amends Agreement to Acquire Omni Logistics

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is pleased to announce the sale of its Final Mile business to Hub Group, Inc. for an estimated total cash consideration of $262 million. For the twelve months ended September 30, 2023, Final Mile generated approximately $289 million in revenue. Final Mile has approximately 45 locations and more than 640 employees that will transfer to Hub Group, Inc. Tom Schmitt, Chairman, President, and CEO.

Forward Air Announces Sale of Final Mile Business

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 5, 2024. The rate changes will enable the Company to continue investing in customer support, safety and service enhancement, as operating costs have risen for many in the freight transportation industry. Factors necessitating the GRI include increased costs in real estate, equipment, cost.

Forward Air Announces 2024 General Rate Increase

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 2023. Weight per shipment increased 11.0%, revenue per shipment excluding fuel increased 2.6% and pounds per day increased 5.5%, all over the same period last year. Tom Schmitt, Chairman, President and Chief Executive Officer of Forward Air commented, "W.

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

Highlights Powerful Strategic Rationale for Combined Company, Shared Interests with Forward Air Shareholders, and Highly Compelling Value Creation Opportunity DALLAS , Nov. 17, 2023 /PRNewswire/ -- The Board of Directors of Omni Logistics ("Omni"), a technology-driven provider of global multimodal logistics solutions and specialized services, today issued a public letter to shareholders of Forward Air Corporation (NASDAQ: FWRD) ("Forward Air"). ### Dear Shareholders of Forward Air, Much has been said about the combination of Omni Logistics and Forward Air, particularly in the last few weeks.

Omni Logistics Board of Directors Issues Letter to Forward Air Shareholders

CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today issued the following open letter to the Chief Executive Officer of Omni Logistics, LLC (“Omni”). *** November 16, 2023 Omni Logistics, LLC Attn: JJ Schickel, Chief Executive Officer 3200 Olympus Blvd, Suite 300 Dallas, Texas 75019 Mr. Schickel, Ancora is a top shareholder of Forward A.

Ancora Sends Open Letter to Omni Logistics Regarding Apparent Efforts to Suppress Opposition to the Transaction with Forward Air

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”), announced that on Tuesday, November 14, 2023, at approximately 12:00 p.m. EST, Tom Schmitt, Chief Executive Officer, and Rebecca Garbrick, Chief Financial Officer, will participate in a fireside chat at the Stephens 25th Annual Investment Conference in Nashville, Tennessee. Forward is a leader in providing consistent and reliable transit and streamlined, damage-free deliveries for time-sens.

Forward Air Corporation to Present at the Stephens 25th Annual Investment Conference

Denies Baseless Forward Air Claims; Reiterates Compelling Benefits to Shareholders by Creating the Premier Global Expedited LTL Provider DALLAS , Nov. 13, 2023 /PRNewswire/ -- Omni Logistics ("Omni"), a technology-driven provider of global multimodal logistics solutions and specialized services, today responded to the press release issued by Forward Air Corporation (NASDAQ: FWRD) ("Forward Air") regarding the companies' previously announced transaction. Omni categorically denies the claims made in Forward Air's Counterclaim.

Omni Logistics Responds to Forward Air Counterclaim

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward”) today announced that it has filed under seal an answer and counterclaim against Omni Newco LLC (“Omni”) in the Delaware Court of Chancery relating to the transactions contemplated by the Merger Agreement, dated August 10, 2023, entered into by Forward, Omni and certain other parties. As previously disclosed by Forward, on October 31, 2023, Omni filed a complaint against Forward in the Delaware Court of Chanc.

Forward Air Corporation Files Answer and Counterclaim Against Omni

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) announced today the release of its updated Environmental, Social and Governance (ESG) report, providing a detailed overview of its ESG commitments, goals and progress. The 2023 ESG report includes measurable targets and data that reflect Sustainability Accounting Standards Board, Task Force on Climate-Related Financial Disclosures and Global Reporting Initiative guidance.

Forward Air Releases 2023 Environmental, Social and Governance Report

Complaint Seeks Ruling to Require Forward Air to Close Transaction Under Legally Binding Terms of Contractual Agreement Omni Also Issues Open Letter to Forward Air Shareholders to Share Its Views on Strategic Wisdom of Combination DALLAS , Oct. 31, 2023 /PRNewswire/ -- Omni Logistics ("Omni"), a technology-driven provider of global multimodal logistics solutions and specialized services, today announced that it has filed a complaint in the Delaware Court of Chancery against Forward Air Corporation (NASDAQ: FWRD) ("Forward Air") regarding the companies' previously announced transaction. Omni's lawsuit seeks specific performance under the Agreement and Plan of Merger between Omni and Forward Air dated August 10, 2023 (the "Merger Agreement"), requiring Forward Air to comply with its obligations to complete the transaction.

Omni Logistics Files Lawsuit Against Forward Air to Enforce Merger Agreement

Forward Air Corporation (NASDAQ:FWRD ) Q3 2023 Results Conference Call October 31, 2023 9:00 AM ET Company Participants Tom Schmitt - CEO Rebecca Garbrick - CFO Conference Call Participants Jack Atkins - Stephens Bascome Majors - Susquehanna Christopher Kuhn - Benchmark Company Bruce Chan - Stifel Nicolaus Scott Group - Wolfe Research Stephanie Moore - Jefferies Operator Thank you for joining Forward Air Corporation's Third Quarter 2023 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 Corporation (FWRD) Q3 2023 Earnings Call Transcript

Although the revenue and EPS for Forward Air (FWRD) give a sense of how its business performed in the quarter ended September 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Forward Air (FWRD) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Forward Air (FWRD) came out with quarterly earnings of $0.99 per share, missing the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.93 per share a year ago.

Forward Air (FWRD) Q3 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 nine months ended September 30, 2023 as presented in the tables below. Tom Schmitt, Chairman, President and CEO, commenting on third quarter results said, “Precision execution of our revenue growth strategies led to positive volume trends and improved freight quality metrics. In the first weeks of the fourth quarter, we have seen con.

Forward Air Corporation Reports Third Quarter 2023 Results

CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today issued the following statement regarding the Company's previously announced transaction with Omni Newco LLC (“Omni”). Frederick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented: “We are very pleased with Fo.

Ancora Supports Forward Air's Decision to Evaluate Termination of Prospective Transaction with Omni

DALLAS , Oct. 26, 2023 /PRNewswire/ -- Omni Logistics ("Omni"), a technology-driven provider of global multimodal logistics solutions and specialized services, today responded to the press release issued by Forward Air Corporation (NASDAQ: FWRD) ("Forward Air") regarding the companies' previously announced transaction. Omni has fully complied with all the required provisions of the Agreement and Plan of Merger between Omni and Forward Air dated August 10, 2023 (the "Merger Agreement").

Omni Logistics Responds to Forward Air Update on Transaction

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward”) today provided an update on the previously announced transaction with Omni Newco LLC (“Omni”). As previously disclosed, certain shareholders of Forward obtained an ex parte temporary restraining order (“TRO”) enjoining certain transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) dated August 10, 2023, entered into by Forward, Omni, and certain other parties, relating to Forw.

Forward Air Corporation Provides Omni Transaction Update

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) will release its third quarter 2023 earnings after the market closes on Monday, October 30, 2023 and hold a conference call to discuss those results on the following day, Tuesday, October 31, 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 (844) 767-5679, Access Code: 7274129. Since we use our I.

Forward Air Corporation Announces Timing of Third Quarter 2023 Earnings Release and Conference Call

An activist investor is calling on Forward to scrap its planned $3.2 billion acquisition and focus on internal improvements instead. The activist is also pushing to replace the CEO and some members of the board.

Why Forward Air Stock Is Advancing Today

Shares of Forward Air Corp. FWRD, +5.04% were driven up 4.8% in morning trading Tuesday, after activist investor Ancora Alternatives LLC said it believes the less-than-truckload and freight services company value could nearly double if shareholders take action. Ancora, which said it is a “top 5” shareholder of Forward Air, said the stock can trade “north of $100” over the next six months, if shareholders vote down the cash-and-stock deal to buy Omni Logistics LLC announced on Aug. 10, then vote to replace the board of directors and management team.

Forward Air's stock driven higher after activist investor says stock can soar more than 80% if shareholders take action

CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is a top shareholder of Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”), today released a presentation detailing the value creation opportunity at Forward Air. DOWNLOAD AND VIEW ANCORA'S PRESENTATION AT THE LINK ABOVE. About Ancora Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to.

Ancora Issues Presentation Detailing Value Creation Opportunity at Forward Air

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