Forward Air Stock Price, News & Analysis

Forward Air Corporation (NASDAQ:FWRD) is set to release its second quarter 2021 earnings on July 29, 2021, after market close, followed by a conference call on July 30, 2021, at 9:00 a.m. EDT. Investors can access the call online or via phone. The company specializes in asset-light freight and logistics services across the U.S. and Canada, offering expedited less-than-truckload services, truckload brokerage, and intermodal services.

For detailed information, visit the Forward Air website.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy with both organic infrastructure enhancements and strategic acquisitions. The company has been recognized as the top Air/Expedited Carrier by Transport Topics, reflecting its strong market position. Additionally, Forward ranks 12^th among intermodal drayage providers and 33^rd overall in the Top 100 For-Hire Carriers list. CEO Tom Schmitt emphasizes the outstanding performance of their frontline employees and drivers in achieving this recognition.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic and inorganic investments, notably in LTL network expansion and acquisitions. The company announced the appointment of Rebecca Garbrick as Chief Financial Officer, effective July 4, 2021, who previously held significant roles including Vice President and Controller. CEO Tom Schmitt praised her leadership capabilities, emphasizing her impact on investor relations and strategic growth goals. Forward specializes in asset-light freight and logistics, operating around 200 facilities and employing over 5,200 people across the U.S. and Canada.

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.

Forward Air Corporation (NASDAQ: FWRD) is enhancing its growth strategy through both organic and inorganic investments, including an LTL network expansion and acquisitions. The Company has announced a new destination-based compensation increase for its fleet partners, which is the fifth rate increase in four years. This model aims to improve profitability for owner operators by compensating them based on load destinations. Furthermore, Forward recently implemented a significant rate increase for leased capacity providers and offers enticing sign-on bonuses for new fleet members.

Forward Air Corporation (NASDAQ: FWRD) has implemented a new destination-based compensation increase for its fleet partners in the LTL and Truckload divisions. This adjustment aims to enhance profitability for drivers, addressing challenges such as urban congestion and maintenance costs. This marks the fifth rate increase in four years. The company also introduced a $10,000 sign-on bonus for team trucks and $4,000 for solo drivers, fostering driver retention and attracting new fleet owners. This reflects Forward’s commitment to expanding its business and supporting its drivers.

Forward Air Corporation (NASDAQ: FWRD) is enhancing its growth strategy by expanding its less-than-truckload (LTL) services in Wichita, Kansas. This new terminal marks Forward's first LTL operation in the state, enabling it to cross-utilize resources with its Final Mile services. This organic growth approach requires less investment compared to traditional expansions and aims to improve service efficiency in the region. With a strong demand for expedited LTL services, Forward positions itself as a leading carrier in the area, offering enhanced freight options for various businesses.

Forward Air Corporation (NASDAQ:FWRD) reported strong first quarter results for 2021, with revenue reaching $362.2 million, surpassing guidance. Net income per diluted share was $0.60, above expectations, despite a $0.26 total impact from cybersecurity fees and adverse weather. The company's LTL segment achieved a higher operating margin than during peak economy in 2018.

Looking ahead, second quarter revenue growth is projected at 35% to 40%, with net income per share expected between $0.96 to $1.00.

Forward Air Corporation (NASDAQ: FWRD) has announced its acquisition of J&P Hall Express, a privately held expedited transportation provider with estimated annual revenues of $15.8 million. This acquisition, expected to finalize in May 2021, enhances Forward's LTL network expansion and increases its operational footprint in Atlanta and Albany, GA. With approximately 70 trucks and 110 employees, J&P Hall Express offers a range of transportation services, allowing Forward to broaden its service offerings in southern Georgia and northern Florida markets.