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Jun 30, 2024
Forward Air Q2 2024 Earnings Report
Reported positive momentum despite softness in freight market and continued to accelerate integration, synergy capture and cost elimination.
Key Takeaways
Forward Air Corporation reported a net loss of $966.471 million and revenue of $643.666 million for Q2 2024. Consolidated EBITDA increased to $81.325 million from approximately $55 million in the first quarter. The company realized approximately $14 million in cost synergy capture and anticipates full run-rate savings earlier than previously anticipated.
Omni transaction provided a unique platform to drive long-term growth through domestic expedited and intermodal services, global freight forwarding and contract logistics services.
Closed several exciting sales wins and focused on capturing synergies and additional cost saving opportunities.
Consolidated EBITDA increased from approximately $55 million in Q1 to $81.325 million in Q2.
Realized approximately $14 million in cost synergy capture, in line with original estimates.
Forward Air
Forward Air
Forward Air Revenue by Segment
Revenue by Segment
Expedited Freight Revenue
CapyFin.comOmni Logistics Revenue
CapyFin.comIntermodal Revenue
CapyFin.com Forward Guidance
The company expects to deliver somewhere between $310 to $325 million in Consolidated EBITDA for 2024.
Positive Outlook
- Revised integration plans anticipate full run rate synergy levels by the end of the first quarter of 2025.
- Believe in the power of the combined company.
- Expect to demonstrate continued improvement in the quarters to come.
- Laser-focused on capturing synergies.
- Expect additional cost saving opportunities.
Challenges Ahead
- Integrations of this size, magnitude and complexity do not progress in a linear fashion.
- Market at large remains uncertain.
- Challenging market conditions.
- Continued weakening of the freight environment.
- More limited liquidity than expected which limits our ability to make key investments
Revenue & Expenses
Visualization of income flow from segment revenue to net income