Forward Air Corp

FWRD

Equity

ISIN US3498531017 / Valor 947646

NASDAQ (2024-12-24)

USD 28.40-0.25%

Forward Air Corp
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About company

Forward Air Corp is a leading ground transportation provider offering shipping services to the North American air freight and expedited LTL market. With over 40 years of experience, the company's transportation service portfolio includes Expedited LTL, LTL, Full Truckload, Intermodal, and Brokerage services. Forward Air Corp was founded on the concept of improving reliability and reducing costs by focusing on short-distance air freight transportation. The company's partnerships with owner-operators and surface transportation providers allow them to remain cost-competitive, while their nationwide network of facilities provides a comprehensive linehaul network in the industry.

Summarized from source with an LLMView SourceSector: Consumer Services

Revenue Growth

Forward Air Corp reported operating revenue of $643.7 million for the second quarter of 2024, a significant increase of 92.9% compared to $333.6 million in the same quarter of 2023. This growth was driven by the integration of Omni Logistics and other strategic initiatives.

Net Loss

For the second quarter of 2024, Forward Air Corp experienced a net loss of $966.5 million, a stark contrast to the net income of $17.1 million reported in the second quarter of 2023. This substantial loss was primarily due to a $1.1 billion impairment of goodwill.

EBITDA Improvement

Despite challenging market conditions, Forward Air Corp saw positive momentum in its Consolidated EBITDA, which increased from approximately $55 million in the first quarter of 2024 to $81 million in the second quarter. This improvement reflects the company's progress in capturing synergies from the Omni Logistics transaction.

Cost Synergies

During the second quarter of 2024, Forward Air Corp realized approximately $14 million in cost synergies, aligning with their original estimates. The company anticipates achieving full run-rate savings earlier than previously expected, aiming for full synergy levels by the end of the first quarter of 2025.

Cash Flow

Forward Air Corp reported a negative free cash flow of $59.1 million for the second quarter of 2024, compared to a positive free cash flow of $47.7 million in the same period of 2023. This decline was influenced by increased operating expenses and investments related to the integration of Omni Logistics.

Summarized from source with an LLMView Source

Key figures

-56.7%1Y

-75.6%3Y

-58.9%5Y

Performance

71.4%1Y

53.7%3Y

48.3%5Y

Volatility