Loading...
•
Dec 31, 2023
Forward Air Q4 2023 Earnings Report
Reported positive volume trends and improved freight quality metrics amidst softer freight conditions.
Key Takeaways
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
Forward Air
Forward Air Revenue by Segment
Revenue by Segment
Expedited Freight Revenue
CapyFin.comIntermodal Revenue
CapyFin.com Forward Guidance
Forward Air has temporarily discontinued providing earnings guidance due to the ongoing integration of Omni Logistics.
Revenue & Expenses
Visualization of income flow from segment revenue to net income