Nucor earnings beat by $0.08, revenue fell short of estimates
CHICAGO - Lakeview Investment Group & Trading Company, LLC, a notable shareholder in Forward Air Corp. (NASDAQ:FWRD), has declared its intention to withhold support for three incumbent directors at the company’s annual meeting. The investment firm is advocating for an expedited strategic review process, suggesting a sale of the company could benefit shareholders.
Lakeview, which specializes in investments in small to mid-sized companies, is targeting Forward Air’s Chairman George Mayes, Jr., Director Javier Polit, and Director Laurie Tucker. This move aligns with recommendations from leading proxy advisory firms and other investors who have expressed concerns about the directors’ historical approval of acquisitions deemed detrimental to shareholder value.
The firm’s push for change comes amid growing investor dissatisfaction, prompting calls for a swift strategic review to explore the sale of Forward Air. Lakeview believes that such a sale could result in a substantial premium for shareholders.
Forward Air has not publicly responded to Lakeview’s statements. This situation highlights a growing trend of activist shareholders seeking more significant influence over company decisions they perceive as impacting shareholder value negatively.
The information regarding Lakeview’s stance and its plans for the upcoming shareholder meeting is based on a recent press release statement.
In other recent news, Forward Air Corporation reported its first-quarter 2025 earnings, revealing a notable miss on both earnings per share (EPS) and revenue compared to analyst forecasts. The company posted an EPS of -$1.68, falling short of the expected -$0.44, while revenue came in at $613 million, below the anticipated $651.3 million. Despite the earnings miss, Forward Air’s consolidated EBITDA for the quarter was $69 million, with an 11.2% margin, attributed to improved margins in its Expedited Freight and Intermodal segments. Stifel analysts have lowered the price target for Forward Air shares to $21 from $22, maintaining a Hold rating, while Jefferies reduced their target to $35 from $45, but retained a Buy rating. Jefferies cited trade and macroeconomic uncertainties as factors impacting future forecasts, suggesting a private approach could be more advantageous for the company. In addition to earnings, proxy advisory firms Glass Lewis & Co. and Institutional Shareholder Services Inc. recommended voting against the reelection of certain Forward Air directors, aligning with the stance of Ancora Holdings Group and Irenic Capital Management. These firms have expressed concerns over the directors’ oversight of strategic transactions, particularly the acquisition of Omni Logistics LLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.