Forward Air Stock Price, News & Analysis

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.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic and inorganic means. In Q1 2021, the Company added 11 new Final Mile terminal locations, utilizing existing LTL terminal infrastructure in 8 instances. This strategy enhances operational efficiencies and reduces investment costs for market expansion. The new terminals are located in major cities including Denver, Miami, and Nashville. CEO Tom Schmitt highlights the positive trajectory and focus on improving speed-to-market and service quality by integrating operations.

Forward Air Corporation (NASDAQ:FWRD) will announce its Q1 2021 earnings on April 29, 2021, post-market. A conference call to discuss these results is set for April 30, 2021, at 9:00 a.m. EDT, accessible via their website or by phone. Forward Air is a premier asset-light freight and logistics provider in North America, offering various services including expedited LTL, truckload brokerage, and intermodal logistics. Investors are encouraged to visit their Investor Relations website for ongoing updates and a replay of the call after it concludes.

Forward Air Corporation (NASDAQ: FWRD) has announced significant rate-per-mile increases for its independent contractor fleet, marking the largest hike in its history. Team owner operators will see an increase of $0.11 per mile, while individual operators will receive an additional $0.05. This move is part of Forward's growth strategy focusing on organic infrastructure and acquisitions. A new sign-on bonus program offers $10,000 for team trucks and $4,000 for solo trucks, aimed at enhancing profitability for new fleet partners. This marks the fourth notable rate increase in four years.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through both organic infrastructure investments and acquisitions. The company has released its first Environmental, Social and Governance (ESG) report, demonstrating its commitment to sustainability and accountability. CEO Tom Schmitt emphasizes the importance of precision execution in operations and community responsibility. This report outlines Forward's ESG goals and progress, reinforcing the company's dedication to transparency. The full report is accessible on their investor relations website.

Forward Air Corporation (NASDAQ: FWRD) continues its growth strategy through organic and inorganic investments, including LTL network expansion and acquisitions. Recently, Forward was awarded Surface Carrier of the Year by the Airforwarders Association for excellence in on-time performance, customer service, and overall value. The award reflects the dedication of Forward's team, particularly its drivers, in maintaining service quality during challenging times. The company operates approximately 200 facilities across the U.S. and Canada, employing over 5,200 people.

Forward Air Corporation (FWRD) has appointed five new independent directors to its Board of Directors, effective immediately. This move follows an agreement with significant shareholder Ancora Holdings, which owns 6.4% of FWRD's shares. The new directors bring substantial expertise in operations, finance, and technology, aiming to enhance governance and shareholder value. Concurrently, two current directors will not seek re-election, which will result in a predominantly independent Board. The 2021 Annual Meeting of Shareholders is scheduled for May 19, 2021, with a record date of March 24, 2021.

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.