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GREENEVILLE, Tenn. - Forward Air Corporation (NASDAQ:FWRD) reported fourth quarter results that fell short of analyst expectations, sending shares down 7.3% in after-hours trading Wednesday.
The transportation and logistics company posted a loss of $1.23 per share for Q4, significantly wider than the $0.12 loss per share analysts were anticipating. Revenue came in at $632.85 million, below the consensus estimate of $667.72 million.
"As we turn the page on the first year operating as a combined company following the acquisition of Omni, I want to express my gratitude to our associates for their dedication to making our customers their top priority," said CEO Shawn Stewart.
Stewart noted the company delivered full year 2024 Consolidated EBITDA results near the top end of its guidance range and executed over $100 million in annualized cost synergies in the first year after the Omni transaction.
However, the Expedited Freight segment was negatively impacted by a pricing strategy implemented prior to the acquisition that focused more on growing volume than profitability. The company has since taken corrective pricing actions.
For the fourth quarter, Consolidated EBITDA was $69 million. Full year 2024 Consolidated EBITDA came in at $308 million.
Forward Air’s liquidity stood at $382 million at the end of Q4, down from $460 million at the end of Q3. The decrease was partly due to $60 million in interest payments made during the quarter.
The company is transitioning from integration to transformation as it looks to leverage its enhanced suite of global, vertically-integrated services. Management expects foundational changes made in 2024 to improve results going forward.
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