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 three-month contribution from the Omni Logistics acquisition, which closed in late January 2024).
Adjusted earnings before interest, taxes, depreciation and amortization was raised on Monday to a range of $66 million to $70 million versus the prior guidance of $54 million to $59 million.
Shares of Forward (NASDAQ: FWRD) were up 0.9% in early trading on Monday compared to the S&P 500, which was off 2.1%. The stock is down 51% on the year and 86% since the controversial merger was announced in August 2023.
The Monday update didn’t reference liquidity, which was forecast on April 9 to increase $10 million sequentially from the fourth quarter to $392 million at the close of the first quarter. That update also flagged 10% to 15% of last year’s revenue as being impacted by recent tariff announcements.
Forward’s board initiated a strategic review in January. It is exploring options including a potential sale of the company.
Forward Air reports first-quarter results after the market closes on May 7.
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