Forward Air Stock Price, News & Analysis

Forward Air Corporation (NASDAQ: FWRD) has announced the sale of its Pool Distribution business to Ten Oaks Group for an estimated $20 million. This includes an $8 million upfront cash payment and an additional earnout of up to $12 million based on 2021 revenue. This divestment will enable Forward to invest further in its core operations, with management expressing confidence in Ten Oaks' ability to enhance the Pool business's growth. The sale aligns with Forward's broader strategy of organic and inorganic growth through infrastructure investments and acquisitions.

Forward Air Corporation (NASDAQ: FWRD) has announced its acquisition of Proficient Transport for $15 million, enhancing its intermodal presence across several key cities, including Atlanta, Chicago, and Dallas. Proficient Transport generates approximately $23 million in annual revenue and has been in operation since 2004. The transaction is set to close in February 2021 and will be funded using cash on hand. This strategic move aims to strengthen Forward's position as a top-tier provider of intermodal drayage in the U.S.

Forward Air Corporation (NASDAQ:FWRD) reported its fourth quarter 2020 results, highlighting a record revenue of $350.3 million, a 9.6% increase year-over-year. Despite this, net income decreased by 32.2% to $15.1 million, influenced by a cyber attack and an increase in an earn-out liability due to strong growth in Final Mile services. The Company announced its decision to sell its Pool Distribution business for $20 million and acquire Proficient Transport for approximately $15 million. First quarter 2021 guidance suggests 11% to 15% revenue growth year-over-year.

Forward Air Corporation (NASDAQ:FWRD) announced that Ancora Advisors has submitted a nomination notice for four candidates for election to the Board at the 2021 Annual Meeting. While the Company asserts that it has a competent Board of 10 directors, it acknowledges the ongoing discussions with Ancora regarding its strategic direction. Despite differing views, Forward has made settlement offers to Ancora, which were rejected. The Company emphasizes its commitment to enhancing shareholder value and its focus on operational performance and profitability following the pandemic's impact.

Forward Air Corporation (NASDAQ: FWRD) is implementing a growth strategy through both organic infrastructure investments and acquisitions. The company announced a 6% rate increase for shipments starting February 1, 2021, alongside changes to its accessorial and surcharge schedule. These adjustments aim to help Forward manage rising operating costs in the freight transportation sector while enhancing service quality. Forward Air is dedicated to delivering premium expedited services to its clientele nationwide.

Forward Air Corporation (NASDAQ:FWRD) is set to release its fourth quarter 2020 earnings after the market closes on February 11, 2021. A conference call detailing the results will follow on February 12, 2021, at 9:00 a.m. EST. Investors can join the call by dialing (844) 867-6169, Access Code: 6464581, or access it online via the Investor Relations section of the company's website. Forward Air is a leading asset-light freight and logistics company operating in the US and Canada, offering various expedited services.

Forward Air Corporation (NASDAQ: FWRD) is expanding its operations by launching expedited less-than-truckload (LTL) services in California's Inland Empire region. The new facility in Fontana represents Forward's fifth location in California and aims to enhance operational efficiency with its existing Los Angeles terminal. This strategic move supports both large and small customers, growing Forward's presence in Southern California and connecting the region to its nationwide network of premium freight management services.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic and inorganic investments, focusing on LTL network expansion and acquisitions. The company has appointed Rebecca Garbrick as the new Controller, who possesses over 20 years of experience in public and private accounting. Her role aims to fortify Forward's accounting framework to support future growth initiatives. Chief Financial Officer Mike Morris expressed enthusiasm about Garbrick’s expertise, highlighting her ability to integrate personnel and systems effectively.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy with an expansion of its expedited less-than-truckload (LTL) service in Bethlehem, Pennsylvania. This move follows previous success with local partnerships in LTL operations. By opening a new facility in Bethlehem, Forward aims to enhance its service coverage and support operations in Philadelphia, thereby connecting the market to its nationwide network of premium freight management services.