Forward Air Stock Price, News & Analysis

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Forward Air Corporation (NASDAQ:FWRD) will announce its first quarter 2023 earnings on May 1, 2023, with a conference call scheduled for May 2, 2023, at 9:00 a.m. ET. Investors can access the call online via the Company’s Investor Relations website (ir.forwardaircorp.com) or by phone at (877) 336-4436, Access Code: 2402511. The conference will be available for replay after the live event. Forward Air is a significant player in transportation services, providing expedited less-than-truckload (LTL) services, warehousing, customs brokerage, and final mile services across the U.S., Canada, and Mexico. The Company focuses on a comprehensive network to meet shipping needs.

Forward Air Corporation (NASDAQ: FWRD) continues to grow its operations with the expansion of its intermodal drayage services in the New York and New Jersey area, specifically in Linden, NJ. This new terminal will operate a secure container drop yard alongside an existing less-than-truckload (LTL) terminal, enhancing transloading efficiencies and speed for customers. The Linden operation, which is Forward's 30th terminal, is expected to create approximately 35 new jobs. CEO Tom Schmitt emphasized that customer demand drives this growth and highlighted the importance of partnerships with customers and local communities in North America.

Forward Air is an asset-light transportation services provider across the U.S., Canada, and Mexico, specializing in expedited LTL services among other logistics solutions.

Forward Air Corporation (NASDAQ: FWRD) and Kodiak Robotics, Inc. have announced a partnership to operate a 24/6 autonomous freight service between Dallas and Atlanta. This arrangement, initiated in August 2022, has successfully completed over 100 loads and 100,000 miles. Forward's CEO, Tom Schmitt, noted the collaboration is part of exploring emerging technologies for operational efficiency. Kodiak's advanced autonomous system has maintained a perfect safety record while efficiently managing complex logistics. The partnership highlights a growing trend of integrating autonomous technology into logistics, enhancing supply chain resilience.

Forward Air Corporation (NASDAQ: FWRD) reported key statistics for the quarter-to-date period through February 2023. Shipments per day decreased by 6.7%, while revenue per hundredweight excluding fuel rose by 2.6%. Additionally, pounds per day fell by 12.7%, and weight per shipment declined by 6.5% compared to the previous year. However, the company noted a 6.2% improvement in volumes towards the end of February. Their 'Grow Forward' initiative has strengthened their focus on high-value freight. The company expects higher net income per diluted share in 2023, although the current business volume slowdown presents challenges. Forward anticipates volume increases in the latter half of 2023.

Forward Air Corporation (NASDAQ:FWRD) reported record financial results for Q4 and the full year 2022, with annual revenue growth of 18.7% and net income per diluted share up by 69.2%. Q4 revenue reached $481.2 million, but fell short of guidance; actual growth was 5% compared to the expected 7%-11%. Key challenges included a 12% decline in shipment sizes due to inflated inventory levels. The company remains optimistic, expecting to normalize operations and continue growing its high-value freight segment, despite forecasting Q1 2023 revenue to be flat or down 4%.

A quarterly dividend of $0.24 per share was also declared.

Forward Air Corporation (NASDAQ: FWRD) is enhancing its growth strategy through infrastructure investments and acquisitions, including the recent acquisition of Land Air Express, Inc. The company is set to expand its expedited less-than-truckload (LTL) service in the Chicagoland area with a new terminal in Bolingbrook, IL, which marks its third LTL location in Chicago. This facility aims to improve same-day delivery capabilities for approximately 4.4 million residents. CEO Tom Schmitt emphasized the company's commitment to customer needs, stating that speed and low damage rates differentiate Forward in the market.

Forward Air Corporation (NASDAQ:FWRD) will report its fourth quarter 2022 earnings on February 8, 2023, after market close. A conference call is scheduled for February 9, 2023, at 9:00 a.m. ET, accessible via their Investor Relations website or by calling (877) 226-8189, Access Code: 8042513. The company is a leading asset-light transportation service provider in North America, offering expedited LTL services, warehousing, customs brokerage, and more. Investors are encouraged to monitor their website for updates and future announcements.

Forward Air Corporation (NASDAQ: FWRD) announced a $12,000 donation to Hope For The Warriors through its charitable arm, Operation: Forward Freedom. This contribution is derived from a percentage of company store sales and a company match. The donation aims to support post-9/11 veterans and their families. Hope For The Warriors has served over 40,000 individuals since its founding in 2006, focusing on health, wellness, and transition programs. The organizations have previously collaborated on the Drive For Hope golf tournament, raising $375,000 in 2022.