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GREENEVILLE, Tenn. - Forward Air Corporation (NASDAQ:FWRD), a transportation services provider with a market capitalization of approximately $951 million, announced it has secured a significant contract with a leading package delivery services company that will substantially increase its business with this customer. According to InvestingPro data, the company has demonstrated strong revenue growth of ~64% over the last twelve months.
Under the new agreement, Forward Air expects to transport more than 15,000 expedited full truckload shipments annually across the customer’s national network. The company indicated in a press release statement that this award is expected to boost year-over-year revenue significantly with this client.
"We are incredibly proud to build this level of trust with our customers," said Eric Brandt, Chief Commercial Officer of Forward Air. "It simply wouldn’t be possible without a fully committed team that’s focused on understanding our customers and delivering solutions."
The partnership is expected to continue growing through 2025 and beyond, according to the company.
Forward Air operates as an asset-light transportation services provider across the United States, Canada, and Mexico. The company offers expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage through its national terminal network.
The company also provides truckload brokerage services, dedicated fleet services, and intermodal, first and last-mile, high-value drayage services to and from seaports and railheads, as well as dedicated contract and Container Freight Station warehouse and handling services.
In other recent news, Forward Air Corporation has made significant changes to its leadership and corporate structure. Jerome Lorrain has been appointed as Executive Chairman of the Board of Directors with a new compensation package that includes an annualized base salary of $450,000 and a one-time equity award valued at $500,000. Additionally, Forward Air shareholders have approved the reincorporation to Delaware, resulting in a streamlined Board of Directors now consisting of eight members, six of whom are independent. In a notable development, Stifel has upgraded Forward Air’s stock rating from Hold to Buy, citing progress in integrating Omni Logistics after its acquisition. Meanwhile, shareholder dynamics have shifted as a majority of unaffiliated shareholders voted against the reelection of three directors, amid pressure from Ancora Holdings Group, which is advocating for a strategic review. Lakeview Investment Group has also declared its intention to withhold support for the same directors, aligning with other investors’ concerns about past acquisitions. These developments reflect ongoing strategic evaluations and leadership adjustments within Forward Air.
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