Forward Air (FWRD) provided Monday a mid-quarter update for Q3 through Aug
Forward Air (FWRD) had declared $0.24/share quarterly dividend, in line with previous.
Forward Air Corporation (NASDAQ:NASDAQ:FWRD) Q2 2022 Earnings Conference Call July 28, 2022 09:00 ET Company Participants Tom Schmitt - Chief Executive Officer Rebecca Garbrick - Chief…
Raymond James analyst Patrick Tyler Brown raised the price target for Forward Air Corp (NASDAQ: FWRD ) to $140 (an upside of 33%) from $135 while maintaining the Strong Buy rating on the shares. The analyst maintains the rating following a record Q2 and continued strength into Q3, driven by stellar pricing with tonnage holding firm. Brown remains enamored by FWRD''s actions to improve revenue quality by culling loose/over-sized/non-palletized freight for high-value/denser freight. These actions, paired with benefits from momentum in the … Full story available on Benzinga.com
Forward Air (NASDAQ: FWRD ) reported its Q2 earnings results on Wednesday, July 27, 2022 at 04:00 PM. Here''s what investors need to know about the announcement. Earnings Forward Air beat estimated earnings by 16.57%, reporting an EPS of $2.04 versus an estimate of $1.75. Revenue was up $94.55 million from the same period last … Full story available on Benzinga.com
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and six months ended June 30, 2022 as presented in the tables below on a continuing operations basis. Tom Schmitt, Chairman, President and CEO, commenting on second quarter results from continuing operations said, “I want to thank our teammates, independent contractors and business partners for the achievement of our most profitable quar
In a regulatory filing, Asset-light freight and logistics company Forward Air (FWRD) said it will report Q2 revenues of ~$515.0M, a slight increase above the high end of the 2022…
Raymond James analyst Patrick Tyler Brown lowered the price target for Forward Air Corp (NASDAQ: FWRD ) to $135 (an upside of 50%) from $145 while maintaining the Strong Buy rating on the shares. The analyst states that the sharp decline in truck spot rates has continued to dominate headlines — as per data, it is estimated that current truck spot rates per mile have fallen back to "peak" 2014 levels. Brown … Full story available on Benzinga.com
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) will release its second quarter 2022 earnings after the market closes on Wednesday, July 27, 2022 and hold a conference call to discuss those results on the following day, Thursday, July 28, 2022 at 9:00 a.m. EDT. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844) 867-6163, Access Code: 4227639. Since we use our
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Today, Forward announced that it was named top Air/Expedited Carrier by Transport Topics, for the fourth consecutive
Asset-light freight and logistics company Forward Air (FWRD) said it will exceed the top end of its Q2 net income per diluted share guidance of $1.59 to $1.63.
As part of its inorganic growth strategy, Forward Air (FWRD) entered into an agreement to acquire the assets of Kent, Washington-based Edgmon Trucking, privately held intermodal…
Forward Air Corporation (NASDAQ:NASDAQ:FWRD) Q1 2022 Earnings Conference Call April 28, 2022, 09:00 AM ET Company Participants Thomas Schmitt - Chairman, President and Chief Executive…
Upgrades Fox Advisors upgraded the previous rating for Seagate Technology Holdings PLC (NASDAQ: STX ) from Equal-Weight to Overweight. Seagate Tech Hldgs earned $1.81 in the third quarter, compared to $1.48 in the year-ago quarter. The current stock performance of Seagate Tech Hldgs shows a 52-week-high of $117.67 and a 52-week-low of $78.20. Moreover, at the end of the last trading period, the closing price was at $82.17. According to Jefferies, the prior rating for MACOM Technology Solutions Holdings Inc (NASDAQ: MTSI ) was changed from Hold to Buy. In the second quarter, MACOM Technology Solns showed an EPS of $0.68, compared to $0.51 from the year-ago quarter. At the moment, the stock has a 52-week-high of $80.30 and a 52-week-low of $48.68. MACOM Technology Solns closed at $51.89 at the end of the last trading period. According to B of A Securities, the prior rating for Sprouts Farmers Market Inc (NASDAQ: SFM ) was changed from Underperform to Buy. Sprouts Farmers Market earned $0.32 in the fourth quarter, compared to $0.59 in the year-ago quarter.
Raymond James Stick to Their Buy Rating for Forward Air Corp.
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) will release its second quarter 2021 earnings after the market closes on Thursday, July 29, 2021 and hold a conference call to discuss those results on the following day, Friday, July 30, 2021 at 9:00 a.m. EDT. The Companys conference call will be available online on the Investor Relations portion of the Companys website at www.forwardaircorp.com, or by dialing (844) 867-6169, Access Code: 1588037. Since we use our Inv
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the Company or Forward) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Today, Forward was named top Air/Expedited Carrier by Transport Topics. The annual rankings list top companies across several transportation segments based on annual revenue. In additi
Forward Air Corp. announced it named Rebecca Garbrick chief financial officer and treasurer, effective July 4.
Forward Air Corporation (NASDAQ: FWRD) (the Company or Forward) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Today, Forward announced that Rebecca Garbrick has been named Chief Financial Officer and Treasurer of the Company,
Forward Air Corp. will expand its expedited less-than-truckload service into Spokane, Wash., the company announced June 14.
GREENEVILLE, Tenn., June 14, 2021 /PRNewswire/ -- Forward Air Corporation (NASDAQ: FWRD) (the "Company" or "Forward") is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as
Forward Air Corp. is pursuing a new destination-based compensation increase for its fleet partners within its LTL and truckload divisions, the company announced June 8.
Forward Air (NASDAQ: FWRD ) announced Tuesday a new way to tackle the trucking industry's capacity headwinds. The Greeneville, Tennessee-based asset-light trucking and logistics company will now provide additional compensation to team and solo owner-operators depending on the destination of the load. The "destination-based" pay increases for fleet partners in its less-than-truckload and truckload segments are designed to incent capacity providers to carry loads into congested markets that present additional challenges for drivers. "We are excited to make this adjustment, as it helps level-set supply and demand," said Tim Parker, SVP of linehaul logistics. "Some areas of the country are less attractive for drivers due to factors such as urban road congestion, crowded fuel stops, limited parking or frequent road construction. These factors can lead to reduced utilization and higher equipment maintenance costs." The new model raises … Full story available on Benzinga.com
Forward Air (NASDAQ: FWRD ) announced Tuesday a new way to tackle the trucking industry''s capacity headwinds. The Greeneville, Tennessee-based asset-light trucking and logistics company will now provide additional compensation to team and solo owner-operators depending on the destination of the load. The "destination-based" pay increases for fleet partners in its less-than-truckload and truckload segments are designed to incent capacity providers to carry loads into congested markets that present additional challenges for drivers. "We are excited to make this adjustment, as it helps level-set supply and demand," said Tim Parker, SVP of linehaul logistics. "Some areas of the country are less attractive for drivers due to factors such as urban road congestion, crowded fuel stops, limited parking or frequent road construction. These factors can lead to reduced utilization and higher equipment maintenance costs." The new model raises Full story available on Benzinga.com
GREENEVILLE, Tenn., June 8, 2021 /PRNewswire/ -- Forward Air Corporation (NASDAQ: FWRD) (the "Company" or "Forward") is executing a growth strategy that involves organic infrastructure investments such as its ongoing LTL network expansion, as well as inorganic investments, including
In case they needed one, the transportation and logistics industry got a reminder in the form of the ransomware attack on Colonial Pipeline of the kind of havoc hackers can wreak on businesses and their customers. The shutdown of a vital supplier of the diesel that keeps trucks moving could just as easily have happened to a major truckload carrier or any other company in the supply chain. And chances are a catastrophic attack will hit the industry again. In 2020, the big ones struck Forward Air (NASDAQ: FWRD ) and CMA CGM, causing widespread disruption to their complex operations. Meanwhile smaller companies keep getting hit on a regular basis. "The trucking and logistics industry is an attractive target because many of its customers are expecting deliveries," Jérôme Segura, director of threat intelligence at Malwarebytes, told FreightWaves in an email. Ransomware attacks have been around for years. They involve malware that infiltrates a system or systems and then encrypts data.
In case they needed one, the transportation and logistics industry got a reminder — in the form of the ransomware attack on Colonial Pipeline — of the kind of havoc hackers can wreak on businesses and their customers. The shutdown of a vital supplier of the diesel that keeps trucks moving could just as easily have happened to a major truckload carrier or any other company in the supply chain. And chances are a catastrophic attack will hit the industry — again. In 2020, the big ones struck Forward Air (NASDAQ: FWRD ) and CMA CGM, causing widespread disruption to their complex operations. Meanwhile smaller companies keep getting hit on a regular basis. "The trucking and logistics industry is an attractive target because many of its customers are expecting deliveries," Jérôme Segura, director of threat intelligence at Malwarebytes, told FreightWaves in an email. Ransomware attacks have been around for years. They involve malware that infiltrates a system or systems and then encrypts data.
The company said that the Forward LTL facility is its first Kansas-based LTL terminal, adding that it will cross-utilize space and resources within its Wichita-based Final Mile operation, with a focus on bringing a larger service offering to the Wichita area. And it also noted that the cohabitation of Final Mile and LTL operations allows Forward to grow organically, with less investment than a traditional new market expansion.
Forward Air (NASDAQ:FWRD) was upgraded by equities research analysts at Raymond James from an outperform rating to a strong-buy rating in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a $120.00 price objective on the transportation companys stock, up from their previous price objective of $100.00. Raymond []
Forward Air Co. (NASDAQ:FWRD) Director George M. Lynch sold 3,056 shares of the businesss stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $98.69, for a total transaction of $301,596.64. Following the sale, the director now owns 9,455 shares in the company, valued at $933,113.95. The transaction []
Robert W. Baird Stick to Their Buy Rating for Forward Air Corp.
On a call with analysts Friday, management from Forward Air (NASDAQ: FWRD ) laid out some margin targets after posting a first-quarter earnings beat and issuing guidance well ahead of expectations. Thursday after the close, the Greeneville, Tennessee-based asset-light trucking and logistics company reported net income from continuing operations of 60 cents per share, which was 3 cents ahead of consensus and 19 cents better year-over-year. Continuing operations exclude the high-frequency pool distribution segment, which was sold in February . Outlook Moves Higher The outlook for the second quarter came in notably higher than analysts' expectations. Revenue is expected to increase between 35% and 40% year-over-year, implying $387 million at the midpoint compared to the consensus estimate of $349 million. Earnings per share were forecast to a range of 96 cents to $1 compared to consensus of 79 cents. Behind the bullish outlook is the company's "strongest March ever," according to Tom Schmitt, chairman, president and CEO.
Forward Air Corporation shares closed today at 1.1% below its 52 week high of $93.53, giving the company a market cap of $2B. The stock is currently up 20.4% year-to-date, up 99.2% over the past 12 months, and up 127.8% over the past five years. This week, the Dow Jones Industrial Average rose 3.2%, and the S&P 500 rose 2.3%. Trading Activity Trading volume this week was 9.6% lower than the 20-day average.Beta, a measure of the stocks volatility relative to the overall market stands at 1.1. Technical Indicators The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.MACD, a trend-following momentum indicator, indicates an upward trend.The stock closed below its Bollinger band, indicating it may be oversold. Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and beats it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and beats it on a 5-year basis The company share price is the same as the performance of its peers in the Industrials industry sector , beats it on a 1-year basis, and beats it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by -0.2% The company's stock price performance over the past 12 months lags the peer average by -29.1% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 295.9% higher than the average peer. This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
An activist investor group led by Ancora Advisors has effected change to five seats on asset-light trucking and logistics company Forward Air's (NASDAQ: FWRD ) board. Forward announced Monday after the market close that it has "appointed five independent and highly qualified directors" in connection with an agreement with Ancora. The directors will join the board immediately and stand for election at the annual meeting on May 19. New agreement brings back former leadership The cooperation agreement between Forward and Ancora resulted in two director seats being designated by Ancora — Scott Niswonger and Richard Roberts, both of whom held prior leadership roles at Forward. Ancora has endorsed the other three additions chosen by Forward — George Mayes, Chitra Nayak and Javier Polit, which are said to have "substantial experience across operations, finance and technology." Niswonger founded Landair Transport in 1981 and sister company Forward Air in 1990. The companies were split into separate publicly traded companies in 1998.
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or “the Company”) today announced that it has appointed five independent and highly qualified directors to its Board of Directors (the “Board”) in connection with an agreement with Ancora Holdings, Inc. (together with its affiliates, “Ancora”), a significant shareholder which currently owns approximately 6.4% of the Company’s outstanding shares. George Mayes, Chitra Nayak, Scott Niswonger, Javier Polit an
Forward Air Corporation shares closed today at 0.7% below its 52 week high of $93.53, giving the company a market cap of $2B. The stock is currently up 21.2% year-to-date, up 83.9% over the past 12 months, and up 134.0% over the past five years. This week, the Dow Jones Industrial Average rose 4.1%, and the S&P 500 rose 2.7%. Trading Activity Trading volume this week was 40.2% lower than the 20-day average.Beta, a measure of the stocks volatility relative to the overall market stands at 1.2. Technical Indicators The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.MACD, a trend-following momentum indicator, indicates an upward trend.The stock closed below its Bollinger band, indicating it may be oversold. Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and beats it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and beats it on a 5-year basis The company share price is the same as the performance of its peers in the Industrials industry sector , beats it on a 1-year basis, and beats it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 1.1% The company's stock price performance over the past 12 months lags the peer average by -37.3% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 298.1% higher than the average peer. This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
Forward Air (NASDAQ: FWRD ) was the victim of a massive cyberattack at the end of 2020 that hurt its fourth-quarter results. Now Ancora Advisors is moving to get its four candidates on the Forward board. On this episode of Great Quarter, Guys, Andrew Cox and Seth Holm discuss what this means for the asset-light trucking and logistics company going forward. First in "you care or nah?" they break down today's hot topics. Consumer sentiment has slipped in recent weeks and Holm was surprised by this. Cox says he cares but wasn't necessarily worried about the … Full story available on Benzinga.com
The activist investor group seeking changes at asset-light trucking and logistics company Forward Air (NASDAQ: FWRD ) issued another letter to shareholders Tuesday. The group provided its summary on Forward's fourth-quarter earnings results as well as a rebuttal to Forward's take on the recent dialogue between the two parties. The group, which is led by Ancora Advisors and includes Forward founder Scott Niswonger and former CFO Andy Clarke, said it remains "highly disappointed by the operating performance at Forward Air as recent results and guidance continue to underwhelm." The group also called into question the timing of Forward's earnings announcement, suggesting that it delayed reporting until after the period for nominating directors to the board had passed. Ancora wants changes made to Forward's capital allocation strategy as well as changes to the management team and board. The group announced Wednesday that it nominated four candidates for election to the board after talks between the two parties failed to produce an agreeable solution.
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings, Inc. (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (“Forward Air” or the “Company”) (NASDAQ:FWRD), which together with the other participants in its solicitation beneficially owns approximately 6.3% of the Company’s outstanding shares, today issued an open letter to shareholders commenting on the Company’s disappointing fourth quarter 2020 earnings report and addressing certain misleading state
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Forward today announced the sale of its Pool Distribution business to Ten Oaks Group for an estimated total consideration of $20 million, consisting of $8 million upfront cash payment
Following scrutiny from an activist investor group, which includes the company's founder and former CFO, management at asset-light trucking and logistics company Forward Air (NASDAQ: FWRD ) doubled down on its approach to the business during its fourth-quarter call with analysts Friday. The investor group led by Ancora Advisors issued an open letter to shareholders Wednesday, voicing discontent with the current direction of the company and announcing its decision to nominate four candidates for election to the board. The letter followed weeks of dialogue between investors and the board, which were unable to reach an agreement. At the core, the group has concerns with Forward's capital allocation strategy, which has continued to diversify beyond the company's legacy airport-to-airport expedited trucking offering. Specifically, the group believes investments and acquisitions in drayage and intermodal are driving margins and returns lower. Forward's core expedited less-than-truckload offering has seen operating ratios deteriorate, while competitors are seeing improvement.
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, such as its ongoing LTL network expansion, as well as inorganic investments, including acquisitions of complementary businesses. As part of the inorganic growth strategy, Forward today announced that it has entered into an agreement to acquire the assets of Proficient Transport Incorporated and Proficient Trucki
In an open letter to shareholders on Wednesday, activist investor Ancora Advisors announced that it has nominated four candidates for election to the board of asset-light trucking and logistics company Forward Air (NASDAQ: FWRD ). After unsuccessful discussions between the board and the investor group, which also includes Forward's founder Scott Niswonger and former CFO Andy Clarke, it appears a proxy battle is now in the works. The letter asserts Forward has the potential to be a "best-in-class asset-light transportation company" as it operates one of the largest linehaul networks in North America. However, it "has been hampered by a board that has provided poor operational oversight, pursued an ineffective capital allocation strategy focused on acquisitions of margin- and return-dilutive service offerings and failed to optimize the company's balance sheet." A December SEC filing revealed that the activist group led by Ancora had acquired a 5.3% — $89.5 million — stake in the company with plans to make changes to the company's capital allocation strategy and divest noncore assets as well as make changes to the management team and board.
The Wall Street Journal looks at the activist investor's launch of a proxy fight at Forward Air Corp. Plus, the chair of Cleveland Clinic's Respiratory Institute is among the experts quoted in a Reuters article about the value of wearing two masks rather than just one to protect yourself against new coronavirus variants, and a beard products company analyzes Tinder profiles of men in 31 cities and finds Clevelanders have some work to do in spiffing up their profiles.
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the “Company” or “Forward”) today confirmed that Ancora Advisors (“Ancora”) has submitted a nomination notice for four candidates to stand for election to the Forward Air Board of Directors (the “Board”) at the Company’s 2021 Annual Meeting of Shareholders. Shareholders are not required to take any action at this time. The Company issued the following statement: Forward benefits from a strong and experienced Board that
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings, Inc. (together with its affiliates, “Ancora” or “we”), a significant shareholder of Forward Air Corporation (“Forward Air” or the “Company”) (NASDAQ: FWRD), which together with the other participants in its solicitation beneficially owns approximately 6.3% of the Company’s outstanding shares, today issued an open letter to shareholders and announced that it has nominated a slate of four highly qualified candidates – James Chadwick, Andrew C. Clarke,
Even if the company recovered from the ransomware attack, the incident left a mark on its Q4 2020 bottom line.
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company or “Forward”) is executing a growth strategy that involves organic infrastructure investments such as its ongoing less-than-truckload (LTL) network expansion, as well as inorganic investments, including acquisitions of complementary businesses. Today, Forward announces a six percent general rate increase on any shipments tendered on or after Feb. 1, 2021. Additional changes to the Company’s accessorial and
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) will release its fourth quarter 2020 earnings after the market closes on Thursday, February 11, 2021 and hold a conference call to discuss those results on the following day, Friday, February 12, 2021 at 9:00 a.m. EST. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844) 867-6169, Access Code: 6464581. Because we u
A group of investors is looking to shake things up at expedited trucking company Forward Air (NASDAQ: FWRD ), according to filings with the U.S. Securities and Exchange Commission. Cleveland-based Ancora Advisors has taken on an activist role alongside former Forward founder Scott Niswonger and former CFO Andy Clarke. The group seeks to "enhance shareholder value" through a variety of measures including changes to the management team and board as well as capital allocation strategy. The documents also signaled the potential divestiture of "non-core assets." The filings show that the investment group began acquiring shares in the Greeneville, Tennessee-based company at the end of October and now holds a 5.3% stake, $89.5 million, in Forward's 27.5 million outstanding shares, which represents more than $2 billion in market capitalization. The group has met with Forward's board and management team and will continue to engage in discussion to "create shareholder value," according to the documents.