Forward Air Corporation reported a 16% decline in revenue compared to the previous year, driven by challenging market conditions and decreased demand for intermodal and truckload brokerage services, partially offset by positive trends in less-than-truckload services. The company's adjusted net income per diluted share was $0.81, exceeding the guidance range. The acquisition of Omni Logistics was completed, positioning the combined entity as a premier provider for mission-critical freight transportation.
Less-than-Truckload volume trending positive with pounds per day growth of +6% and weight per shipment increased +11% year-over-year.
Comprehensive efforts are underway to integrate Omni Logistics.
The company remains committed to delivering exceptional service to customers, with on-time service performance at 98% and a cargo claims ratio of 0.09%.
The Board of Directors has decided to suspend Forward’s quarterly dividend while the Company continues to execute on de-risking the capital structure.
Forward Air has temporarily discontinued providing earnings guidance due to the ongoing integration of Omni Logistics.
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