Forward Air Corp
NASDAQ:FWRD
Forward Air Corp
Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. The company is headquartered in Greeneville, Tennessee and currently employs 4,035 full-time employees. The firm provides less-than-truckload (LTL), final mile, truckload and intermodal drayage services across the United States and in Canada. The firm operates through two segments: Expedited Freight and Intermodal. The Expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional and national LTL services. Expedited Freight offers customers local pick-up and delivery and other services including final-mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. The Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and Container Freight Station (CFS) warehouse and handling services.
Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. The company is headquartered in Greeneville, Tennessee and currently employs 4,035 full-time employees. The firm provides less-than-truckload (LTL), final mile, truckload and intermodal drayage services across the United States and in Canada. The firm operates through two segments: Expedited Freight and Intermodal. The Expedited Freight segment operates a comprehensive national network to provide expedited regional, inter-regional and national LTL services. Expedited Freight offers customers local pick-up and delivery and other services including final-mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. The Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and Container Freight Station (CFS) warehouse and handling services.
EBITDA Stability: Forward Air reported consolidated EBITDA of $78 million for Q3, essentially flat from $77 million in Q2 and showing resilience in a tough freight market.
Cost Reduction: Annualized cost savings of $12 million were realized, primarily from rightsizing the business and ongoing transformation efforts.
Segment Performance: Expedited Freight and Omni Logistics both sustained or improved margins and EBITDA, with Omni posting its highest revenue and EBITDA since the acquisition, and Expedited Freight keeping margins above 11%.
Liquidity Improvement: Total liquidity increased to $413 million at quarter-end, up $45 million from Q2, with $140 million in cash.
Strategic Alternatives: The review process is ongoing, with strong interest from multiple parties, but no timeline or further updates were provided.
Tech and Efficiency: Continued investment in tech upgrades and operational optimization is driving efficiency gains and supporting stable service levels.
