Forward Air Reports Mixed Q4 Amid Stabilization Efforts
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remained focused on stabilizing its operations in the aftermath of a major acquisition and change in direction leading up to the fourth quarter of 2024, the company reported Feb. 26.
The Greeneville, Tenn.-based ground transportation and logistics services provider posted a net loss of $35.4 million, or negative $1.23 a diluted share, for the three months ending Dec. 31. That compared with a loss of $14.7 million, 58 cents, during the 2023 period. Total revenue increased 87% to $632.9 million from $338.4 million.
“As is always the case with turnarounds with this much size, scale and complexity, there are usually bumps along the way, and this quarter was no exception,” Forward Air CEO Shawn Stewart said during a call with investors. “But we remain resolute and excited about our future.”
For the full year, Forward Air reported net loss of $1.12 billion, or negative $29.4 a share, on revenue of $2.47 billion. That compared with net income of $42.8 million, or $1.64, on revenue of $1.37 billion in 2023. The full year also led to a consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of $308 million, near the top of its guidance range.
“We successfully closed out a very busy and noisy year that began with the closing of the Omni transaction last January, just 13 months ago,” Stewart said. “I joined the company three months after the transaction closed and quickly centered our efforts on stabilizing the company, integrating the networks, and I am pleased with the pace and rigor at which we moved.”
Stewart noted that has involved building out the leadership team and refocusing efforts on customers by better leveraging the known capabilities of both companies. That has included leveraging the global freight forwarding capabilities of the legacy Omni entities while continuing domestic expedited less-than-truckload, truckload and intermodal offerings.
“We delivered on the targeted $75 million of integration synergies and cost savings that were circled out at the onset of the transaction,” Stewart said.
Expedited freight segment revenue decreased 4.7% to $265.9 million from $279.1 million year over year. Income from continuing operations fell 72.9% to $7.24 million from $26.8 million. The segment was negatively impacted by a pricing strategy put in place prior to the acquisition that focused more on growing volume than profitability, and the company implemented corrective pricing actions during the quarter. The segment includes network and truckload operations. The former final-mile business was reported as discontinued.
- Network revenue declined 8.4% to $199 million from $217.3 million.
- Truckload revenue increased 17% to $45.1 million from $38.5 million.
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- Omni Logistics reported Q4 revenue of $325.6 million while income from continuing operations reached $88.5 million. These operations won’t have year-over-year figures until early 2026, since the acquisition closed in January 2024.
- Intermodal segment revenue increased 0.7% to $59.8 million from $59.4 million during the prior year. Income from continuing operations grew 17% to $5.93 million from $5.07 million. The report noted that the segment maintained its steady performance and improved income from operations compared with a year ago.
Forward Air ranks No. 41 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 1 on the air/expedited carriers sector list. It ranks No. 31 on the TT Top 100 list of the largest logistics companies.
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