CCH Holdings prices IPO at $4 per share on NASDAQ
Forward Air Corporation (NASDAQ:FWRD), currently valued at approximately $900 million with its stock trading near $29, announced that Michael B. Hodge resigned from its board of directors, effective Friday. According to InvestingPro data, the company has seen a strong 34% price return over the past six months despite facing profitability challenges. The company stated that Mr. Hodge’s departure was due to personal and professional reasons and was not the result of any disagreement with Forward Air regarding its operations, policies, or practices. Mr. Hodge had served on the board’s Corporate Governance and Nominating Committee.
Following Mr. Hodge’s resignation, Eve Omni Investor, LLC agreed to waive its director designation rights under a shareholders agreement dated January 25, 2024, between Forward Air, Eve Omni, and Omni Investor Holdings, LLC.
As a result of the resignation, Forward Air’s board will decrease in size from eight to seven directors.
This information is based on a statement included in a recent SEC filing.
In other recent news, Forward Air Corporation reported its second-quarter 2025 earnings, revealing a 3.9% decrease in revenue year-over-year, with consolidated revenue amounting to $619 million. Despite the revenue decline, the company managed to exceed expectations in adjusted earnings per share and EBITDA, with an adjusted EPS of ($0.01) and adjusted EBITDA of $74 million, outperforming both Stifel’s expectations and the Street’s consensus. In a move to optimize its operations, Forward Air is conducting a nationwide automotive replenishment program through its Omni Logistics division, collaborating with a global automaker to manage logistics across the United States and Canada. Analyst firms have shown varied reactions to Forward Air’s performance; Benchmark reiterated its Hold rating, while Susquehanna raised its price target to $43, maintaining a Positive rating on the stock due to potential transactional opportunities. Conversely, Stifel lowered its price target to $32, citing macroeconomic concerns but maintained a Buy rating. These developments come as Forward Air completes its integration with Omni and focuses on streamlining its operations amidst challenging market conditions.
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