Forward Air Stock Price, News & Analysis

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.

Forward Air Corporation (NASDAQ: FWRD) announced today the acquisition of Land Air Express for $56.5 million. This acquisition enhances Forward's growth strategy by expanding its LTL network, particularly in the central U.S. Land Air Express operates across 25 terminals and employs approximately 270 individuals. The deal is expected to close in January 2023, funded by cash reserves and credit facilities. Chairman Tom Schmitt emphasized the strategic importance of this acquisition in improving service capacity and customer satisfaction.

Forward Air Corporation (NASDAQ: FWRD) reported key statistics for the quarter ending November 2022. Shipments per day rose by 2.4%, and revenue per hundredweight increased by 14.7%. However, there was a notable decline in pounds per day by 11.9% and a 14.0% decrease in weight per shipment compared to the previous year. The company announced a General Rate Increase of 5.9% effective February 6, 2023, to support ongoing investments aimed at enhancing service quality and efficiency. Despite a temporary softening in the freight environment, Forward remains optimistic about achieving record performance in 2023.

Forward Air Corporation (NASDAQ: FWRD) announced a 5.9% general rate increase effective from February 6, 2023, for shipments. This decision comes in response to rising operating costs in the freight transportation sector, which have surged significantly in 2022 due to inflation, real estate, and equipment expenses. The company aims to enhance service delivery and maintain its commitment to providing premium expedited services.

Forward Air Corporation (NASDAQ: FWRD) announced its updated Environmental, Social, and Governance (ESG) report, reflecting its commitment to sustainable operations. The report sets ambitious targets, including a 42% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2030. This follows the company's first ESG report published in March 2021, aimed at enhancing governance and accountability. The new ESG report includes measurable goals in line with SASB and GRI guidance, emphasizing Forward's dedication to its people, community impact, and environmental responsibility through its new ESG website.

Forward Air Corporation (NASDAQ: FWRD) is advancing its growth strategy through organic infrastructure investments and acquisitions. On November 15, 2022, at 1:00 p.m. CST, CEO Tom Schmitt and CFO Rebecca Garbrick will present a fireside chat at the Stephens 24th Annual Investment Conference in Nashville, Tennessee. A live webcast will be available here. The replay will be accessible on the company's website for 90 days.