Forward Air

Forward Air touts Q1 achievements, investors await next steps

Forward Air saw modest improvements on some financial metrics during the first quarter, but pressure from investors is mounting for the company to complete a strategic review of potential options for its business following a controversial merger with Omni Logistics.

Activist investor Ancora Holdings Group, which holds a 4.1% equity stake in the Greeneville, Tennessee-based company, advised shareholders on Wednesday to vote against three of Forward’s directors at the upcoming annual meeting.

A...

https://www.freightwaves.com/news/forward-air-touts-q1-achievements-investors-await-next-steps

Activist investor pushes board shake-up at Forward Air

Activist investor Ancora Holdings Group is calling on Forward Air shareholders to vote against three legacy board directors who it asserts have “egregious M&A records” and “histories of presiding over massive value destruction.”

The Wednesday letter calls for the removal of board Chairman George Mayes and directors Javier Polit and Laurie Tucker. All three have served on Forward’s (NASDAQ: FWRD) board for at least four years, a period which included a controversial acquisition of Omni Logistics...

https://www.freightwaves.com/news/activist-investor-pushes-board-shake-up-at-forward-air

Forward Air looks for a fresh start in Delaware

Forward Air is asking shareholders to approve a plan to reincorporate from Tennessee to Delaware. The calculated move would provide the troubled trucking and logistics company with improved optionality as it navigates a strategic review following the fallout from a controversial merger with Omni Logistics. One potential outcome from the review process includes the sale of the company, which may be easier to accomplish if it is domiciled in Delaware.

A preliminary proxy statement filed with the...

https://www.freightwaves.com/news/forward-air-looks-for-a-fresh-start-in-delaware

Forward Air ups Q1 EBITDA forecast

Forward Air has issued another update to first-quarter guidance, upping expectations from an April 9 notification filed with the Securities and Exchange Commission.

The Greeneville, Tennessee-based expedited trucking and freight forwarding company said consolidated revenue for the period should be in a range of $611 million to $615 million with operating income of $2 million to $6 million. The company generated revenue of $542 million in the 2024 first quarter ($624 million including the full...

https://www.freightwaves.com/news/forward-air-ups-q1-ebitda-forecast

Forward Air gains needed breathing room, awaits demand recovery

The new management team at Forward Air continues to plot a path to profitability following the closing of a messy acquisition a little more than a year ago. A still-tough demand backdrop during the fourth quarter impeded those efforts, but the company touted some wins on a Wednesday evening call with analysts.

Forward (NASDAQ: FWRD) reported a net loss from continuing operations of $35.4 million, or $1.23 per share. That compared to a consensus expectation for a 12-cent-per-share loss, but it’s...

https://www.freightwaves.com/news/forward-air-gains-needed-breathing-room-awaits-demand-recovery

Las ganancias de aire hacia adelante necesitan espacio para respirar, espera la recuperación de la demanda

El nuevo equipo de gestión de Forward Air continúa trazando un camino hacia la rentabilidad después del cierre de un adquisición desordenada hace poco más de un año. Un telón de fondo de la demanda de la tinción durante el cuarto trimestre impidió esos esfuerzos, pero la compañía promocionó algunas...

https://fullavantenews.com/las-ganancias-de-aire-hacia-adelante-necesitan-espacio-para-respirar-espera-la-recuperacion-de-la-demanda/?lang=es

Forward Air exploring options, may sell company

Forward Air said Monday its board has initiated a strategic review, which potentially includes selling the company or entering a merger agreement. The update comes after months of public criticism from investors, who have called on the company to engage in a sale process following its contested merger with freight forwarder Omni Logistics.

Investors have pointed to “misguided capital allocation” and poor oversight as the reasons for the Greeneville, Tennessee-based trucking company’s current...

https://www.freightwaves.com/news/forward-air-exploring-options-may-sell-company

2024’s most notable trucking deals

A slowdown in trucking M&A was met by interest rate cuts for the first time in more than four years in 2024. The anticipation of lower lending rates fostered more constructive transaction dialogues during the year, but deal count across the industry was still off 5% from 2023, according to data compiled by the research team at Left Lane Associates.

The supply chain M&A advisory firm said there is noise in the number as some deals were paused until after the election, which pushed closings into...

https://www.freightwaves.com/news/2024s-most-notable-trucking-deals

Forward Air parts ways with president, COO

Forward Air announced Friday it has parted ways with its President and Chief Operating Officer Chris Ruble. The announcement comes as the beleaguered company tries to appease customers and shareholders following a messy merger with Omni Logistics.

The abrupt separation was “without cause,” meaning Ruble is eligible for severance, according to a filing with the Securities and Exchange Commission released Friday after the market closed.

No replacement was named. 

Ruble joined Forward (NASDAQ: FWRD)...

https://www.freightwaves.com/news/forward-air-parts-ways-with-president-coo

Forward Air names new chief commercial officer

Forward Air announced a new chief commercial officer Wednesday after the market closed. Eric Brandt has joined the embattled company following its messy merger with freight forwarder Omni Logistics.

Brandt has more than 20 years of experience in transportation and logistics, most recently serving as executive vice president of business development at Ceva Logistics (North America). He has also served in other customer-facing leadership roles at Agility and Panalpina.

Brandt is tasked with leading...

https://www.freightwaves.com/news/forward-air-names-new-chief-commercial-officer

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