Forward Air Corporation Announces Expanded LTL Service Offering In Spokane, WA
Forward Air Corporation (NASDAQ: FWRD) is expanding its expedited less-than-truckload (LTL) service into Spokane, WA, enhancing its operational network.
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Rhea-AI Summary
Forward Air Corporation (NASDAQ: FWRD) is expanding its expedited less-than-truckload (LTL) service into Spokane, WA, enhancing its operational network. This move allows customers to pick up or drop off freight Monday through Friday, positioning Forward as the fastest expedited carrier in the region. According to CEO Tom Schmitt, Spokane's addition strengthens their competitive advantage and enables faster transit times to and from Seattle. The new service connects Spokane to Forward's national portfolio of freight management services, solidifying their growth strategy aimed at increased market penetration.
Positive
- Expansion into Spokane enhances Forward's LTL network.
- Positioning as the fastest expedited carrier in the Spokane region.
- Strengthened competitive advantage in the market.
- Increased service frequency to five days per week.
Negative
- Risks associated with potential underperformance of LTL service in Spokane.
- Uncertainties regarding the fulfillment of planned network expansions.
Details
News Market Reaction – FWRD
The recorded move for FWRD in the trading session of this news was +1.19%.
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GREENEVILLE, Tenn., June 14, 2021 /PRNewswire/ -- 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 it will expand its expedited less-than-truckload (LTL) service into Spokane, WA.
Using a local partner, Forward now offers expedited LTL service out of Spokane, allowing customers to now pick up or drop off freight for shipment Monday through Friday. Forward enters the market as the fastest expedited carrier in and out of Spokane.
Tom Schmitt, Chairman, President and Chief Executive Officer, said, "Spokane fits nicely into our network expansion strategy and it gives us a competitive advantage in the region. We are able to elevate our service offering to five days per week and serve as a one-day point out of Seattle, while delivering the fastest transit times in the region."
With the addition of direct expedited LTL service, the Spokane market is now connected to Forward's nationwide network and full portfolio of premium freight management services in LTL, full truckload, intermodal drayage and final mile delivery.
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light freight and logistics company. We provide LTL, final mile, truckload, intermodal drayage and pool distribution services across the United States and in Canada. Headquartered in Greeneville, Tennessee, Forward operates approximately 200 facilities across the country and employs more than 5,200 people nationwide. We are more than a transportation company. As a single resource for your shipping needs, Forward is your supply chain partner. For more information, visit our website at www.forwardaircorp.com.
This press release may contain statements that might be considered as forward-looking statements or predictions of future operations including with respect to the expected growth and future expansion of the Company's network and footprint. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including that the performance of the LTL service in Spokane is worse than anticipated and that the Company is not able to achieve its planned expansion. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. You should consider the forward-looking statement contained herein in light of such risks. We assume no duty to update these statements as of any future date.
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SOURCE Forward Air Corporation
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