Industry veteran Shawn Stewart appointed as
Chief Executive Officer
First quarter results impacted by elongated
weak freight market and Omni Logistics deal closing
Cost synergy realization in line with
initial diligence estimates
Preliminary April results providing early
indication of improvement
Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “Forward”,
“we”, “our”, or “us”) today reported financial results for the
three months ended March 31, 2024 as presented in the tables below
on a continuing operations basis (Final Mile is being reported as a
discontinued operations).
Recently appointed Chief Executive Officer Shawn Stewart, said,
“It is a privilege to be leading Forward during this pivotal time.
Together, Forward and Omni have created an industry leader
dedicated to delivering world-class service to customers. Forward
excels at providing best-in-class premium less-than-truckload
service to an attractive and broad customer base, while Omni
provides custom supply chain solutions across multiple service
modes to domestic and international customers. Together, Forward
and Omni, provide customers a seamless partnership and flawless
execution for their time-sensitive and mission-critical
freight.”
Mr. Stewart continued, “I see tremendous opportunity for the
combined entity to maximize value for customers, employees and
shareholders. I am committed to aggressively taking action to
improve profitability, maximize synergy capture and drive our
leadership in global supply chain and domestic transportation
services. With the distractions of the deal closing behind us, our
team is focused on execution. I look forward to sharing our
progress along the next phase of our journey. To that end, we look
forward to sharing our full year 2024 guidance and our path to
achievement on our second quarter earnings call.”
Rebecca J. Garbrick, Chief Financial Officer, said, “Our first
quarter results did not meet our expectations. We continue to face
challenging market conditions, characterized by weak freight
demand, excess carrier capacity, and pressure on pricing. Omni's
first quarter results were more adversely impacted as a result of
its exposure to the international freight market. While these
conditions led to decreased customer demand for our intermodal,
truckload brokerage and Omni lines of business, we saw momentum in
our less-than-truckload line of business where we experienced
positive volume trends and improved freight quality metrics. In the
first quarter, our shipments per day growth was +1.4%, weight per
shipment was +7.4%, and revenue per shipment excluding fuel was
+0.7% over the same period in the prior year. Unfortunately, this
momentum did not offset softer demand for our intermodal and
truckload brokerage services, resulting in an 8% decline in
revenues and 41% decline in adjusted EBITDA on a continuing
operations basis over the same period in the prior year, excluding
the results of Omni. From the acquisition date, January 25, 2024,
through the end of the quarter, Omni contributed $225 million in
revenues and $(5.9) million in adjusted EBITDA.”
Ms. Garbrick continued, “Our first quarter results are not
indicative of what we expect for 2024, and we are taking aggressive
steps to improve profitability. One early positive indicator is the
sequential growth in revenue as reflected in our preliminary April
results. From the month of March 2024 to April 2024, we saw
sequential revenue growth of 6% as compared to a sequential decline
in revenue from March to April of (15%) over the same period in the
prior year. We are also successfully executing on the cost
synergies associated with the Omni transaction, which are in line
with initial diligence estimates. While our first quarter EBITDA
was not reflective of run-rate synergies, we expect to see a steady
increase in subsequent quarters until synergies are fully realized
by the end of 2025.”
Three Months Ended
(in thousands, except per
share data)
March 31, 2024
March 31, 2023
Change
Percent Change
Operating revenue
$
541,813
$
357,709
$
184,104
51.5%
(Loss) income from operations
$
(65,732
)
$
47,196
$
(112,928
)
(239.3)%
Operating margin
(12.1
)%
13.2
%
(2,530) bps
Net (loss) income
$
(88,794
)
$
33,904
$
(122,698
)
(361.9)%
Net (loss) income per diluted share
$
(2.35
)
$
1.27
$
(3.62
)
(285.0)%
Cash (used in) provided by operating
activities
$
(51,719
)
$
60,839
$
(112,558
)
(185.0)%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
12,534
$
47,196
$
(34,662
)
(73.4)%
Adjusted net (loss) income
$
(24,172
)
$
33,904
$
(58,076
)
(171.3)%
Adjusted net (loss) income per diluted
share
$
(0.64
)
$
1.27
$
(1.91
)
(150.4)%
Adjusted EBITDA
$
29,390
$
59,568
$
(30,178
)
(50.7)%
Free cash flow
$
(55,840
)
$
56,135
$
(111,975
)
(199.5)%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
Review of Financial Results
Forward Air will hold a conference call to discuss first quarter
2024 results on Thursday, May 9, 2024 at 10:00 a.m. ET. An Earnings
Presentation has been posted online on the Investor Relations
portion of the Company’s website at ir.forwardaircorp.com, and will
be referenced during the conference call. The Company’s conference
call will be available online on the Investor Relations portion of
the Company’s website at ir.forwardaircorp.com, or by dialing (877)
876-9173, Access Code: FWRDQ124.
A replay of the conference call will be available on the
Investor Relations portion of the Company’s website at
www.forwardaircorp.com, which we use as a primary mechanism to
communicate with our investors. Investors are urged to monitor the
Investor Relations portion of the Company’s website to easily find
or navigate to current and pertinent information about us.
About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload (“LTL”) services, including local
pick-up and delivery, shipment consolidation/deconsolidation,
warehousing, and customs brokerage by utilizing a comprehensive
national network of terminals. In addition, we offer truckload
brokerage services, including dedicated fleet services; and
intermodal, first-and last-mile, high-value drayage services, both
to and from seaports and railheads, dedicated contract and
Container Freight Station warehouse and handling services. Forward
also operates a full portfolio of multimodal solutions, both
domestically and internationally, via Omni Logistics. Omni
Logistics is a global provider of air, ocean and ground services
for mission-critical freight. We are more than a transportation
company. Forward is a single resource for your shipping needs. For
more information, visit our website at www.forwardaircorp.com.
Forward Air
Corporation
Condensed Consolidated
Statements of Comprehensive (Loss) Income
(Unaudited, in thousands,
except per share data)
Three Months Ended
March 31, 2024
March 31, 2023
Operating revenues:
Expedited Freight
$
273,295
$
269,577
Intermodal
56,292
88,169
Omni Logistics
224,838
—
Eliminations and other operations
(12,612
)
(37
)
Operating revenues
541,813
357,709
Operating expenses:
Purchased transportation
277,015
145,171
Salaries, wages and employee benefits
128,867
66,647
Operating leases
38,803
24,073
Depreciation and amortization
31,786
12,372
Insurance and claims
12,881
13,258
Fuel expense
5,246
5,686
Other operating expenses
112,947
43,306
Impairment of goodwill, intangibles and
other assets
—
—
Total operating expenses
607,545
310,513
Income (loss) from continuing
operations:
Expedited Freight
19,498
29,685
Intermodal
3,586
11,203
Omni Logistics
(28,585
)
—
Other Operations
(60,231
)
6,308
(Loss) income from continuing
operations
(65,732
)
47,196
Other expense:
Interest expense, net
(40,753
)
(2,355
)
Foreign exchange loss
(668
)
—
Other income, net
9
—
Total other expense
(41,412
)
(2,355
)
(Loss) income before income taxes
(107,144
)
44,841
Income tax expense
(18,350
)
10,937
Net (loss) income from continuing
operations
(88,794
)
33,904
Income from discontinued operation, net of
tax
—
2,464
Net (loss) income
(88,794
)
36,368
Net loss attributable to Non-controlling
interest
(27,082
)
—
Net (loss) income attributable to Forward
Air
$
(61,712
)
$
36,368
Net income per common share:
Basic net (loss) income per share
Continuing operations
$
(2.35
)
$
1.28
Discontinued operation
—
0.09
Basic
$
(2.35
)
$
1.37
Diluted net (loss) income per share
Continuing operations
$
(2.35
)
$
1.27
Discontinued operation
—
0.09
Diluted
$
(2.35
)
$
1.37
Dividends per share:
$
—
$
0.24
Net (loss) income
$
(88,794
)
$
36,368
Other comprehensive (loss)
income:
Foreign currency translation
adjustments
(151
)
—
Comprehensive (loss) income
$
(88,945
)
$
36,368
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2024
Percent of Revenue
March 31, 2023
Percent of Revenue
Change
Percent Change
Operating revenues:
Network 1
$
214,493
78.5
%
$
205,931
76.4
%
$
8,562
4.2
%
Truckload
37,055
13.6
41,744
15.5
(4,689
)
(11.2
)
Other
21,747
8.0
21,902
8.1
(155
)
(0.7
)
Total operating revenues
273,295
100.0
269,577
100.0
3,718
1.4
Operating expenses:
Purchased transportation
127,760
46.7
125,194
46.4
2,566
2.0
Salaries, wages and employee benefits
62,553
22.9
55,918
20.7
6,635
11.9
Operating leases
14,982
5.5
15,738
5.8
(756
)
(4.8
)
Depreciation and amortization
10,290
3.8
7,626
2.8
2,664
34.9
Insurance and claims
10,652
3.9
9,219
3.4
1,433
15.5
Fuel expense
2,581
0.9
2,513
0.9
68
2.7
Other operating expenses
24,979
9.1
23,684
8.8
1,295
5.5
Total operating expenses
253,797
92.9
239,892
89.0
13,905
5.8
Income from operations
$
19,498
7.1
%
$
29,685
11.0
%
$
(10,187
)
(34.3
)%
1 Network revenue is comprised of all
revenue, including linehaul, pickup and/or delivery, and fuel
surcharge revenue, excluding accessorial and Truckload revenue.
Expedited Freight Operating
Statistics
Three Months Ended
March 31, 2024
March 31, 2023
Percent Change
Business days
64
64
—
%
Tonnage 1,2
Total pounds
684,995
629,080
8.9
Pounds per day
10,703
9,829
8.9
Shipments 1,2
Total shipments
828
817
1.4
Shipments per day
12.9
12.8
1.4
Weight per shipment
827
770
7.4
Revenue per hundredweight 3
$
31.32
$
33.36
(6.1
)
Revenue per hundredweight, ex fuel 3
$
24.15
$
25.75
(6.2
)
Revenue per shipment 3
$
259.14
$
256.89
0.9
Revenue per shipment, ex fuel 3
$
199.78
$
198.30
0.7
1 In thousands
2 Excludes accessorial and Truckload and
products
3 Includes intercompany revenue between
the Network and Truckload revenue streams
Intermodal Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2024
Percent of Revenue
March 31, 2023
Percent of Revenue
Change
Percent Change
Operating revenue
$
56,292
100.0
%
$
88,169
100.0
%
$
(31,877
)
(36.2
)%
Operating expenses:
Purchased transportation
17,443
31.0
20,014
22.7
(2,571
)
(12.8
)
Salaries, wages and employee benefits
15,082
26.8
18,914
21.5
(3,832
)
(20.3
)
Operating leases
4,692
8.3
8,335
9.5
(3,643
)
(43.7
)
Depreciation and amortization
4,627
8.2
4,746
5.4
(119
)
(2.5
)
Insurance and claims
2,606
4.6
2,349
2.7
257
10.9
Fuel expense
2,361
4.2
3,173
3.6
(812
)
(25.6
)
Other operating expenses
5,895
10.5
19,435
22.0
(13,540
)
(69.7
)
Total operating expenses
52,706
93.6
76,966
87.3
(24,260
)
(31.5
)
Income from operations
$
3,586
6.4
%
$
11,203
12.7
%
$
(7,617
)
(68.0
)%
Intermodal Operating
Statistics
Three Months Ended
March 31, 2024
March 31, 2023
Percent Change
Drayage shipments
62,659
72,465
(13.5)%
Drayage revenue per shipment
$
822
$
1,136
(27.6)%
Omni Logistics Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2024
Percent of Revenue
Operating revenue
$
224,838
100.0
%
Operating expenses:
Purchased transportation
144,424
64.2
Salaries, wages and employee benefits
48,775
21.7
Operating leases
19,127
8.5
Depreciation and amortization
16,869
7.5
Insurance and claims
2,053
0.9
Fuel expense
304
0.1
Other operating expenses
21,871
9.7
Total operating expenses
253,423
112.7
Loss from operations
$
(28,585
)
(12.7
)%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
March 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
172,270
$
121,969
Restricted cash equivalents
—
39,604
Accounts receivable, net
351,813
153,267
Other receivables
1,539
5,408
Prepaid expenses
39,512
25,682
Other current assets
4,299
1,098
Total current assets
569,433
347,028
Noncurrent restricted cash equivalents
—
1,790,500
Property and equipment
591,562
508,280
Less accumulated depreciation and
amortization
263,856
250,185
Property and equipment, net
327,706
258,095
Operating lease right-of-use assets
334,262
111,552
Goodwill
1,379,180
278,706
Other acquired intangibles, net
1,264,428
134,789
Other assets
84,251
58,863
Total assets
$
3,959,260
$
2,979,533
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
130,646
$
45,430
Accrued expenses
118,955
62,948
Other current liabilities
73,461
71,727
Current portion of debt and finance lease
obligations
28,134
12,645
Current portion of operating lease
liabilities
93,645
44,344
Total current liabilities
444,841
237,094
Finance lease obligations, less current
portion
34,306
26,736
Long-term debt, less current portion
1,664,107
—
Long-term debt held in escrow
—
1,790,500
Operating lease liabilities, less current
portion
246,956
71,598
Liabilities under tax receivable
agreement
13,270
—
Other long-term liabilities
45,536
47,144
Deferred income taxes
177,806
42,200
Shareholders’ equity:
Preferred stock
—
—
Common stock
265
257
Additional paid-in capital
508,675
283,684
Retained earnings
417,282
480,320
Accumulated other comprehensive loss
(151
)
—
Total shareholders’ equity attributable to
Forward Air
926,071
764,261
Noncontrolling interest
406,367
—
Total shareholders’ equity
1,332,438
764,261
Total liabilities and shareholders’
equity
$
3,959,260
$
2,979,533
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2024
March 31, 2023
Operating activities:
Net (loss) income from continuing
operations
$
(88,794
)
$
33,904
Adjustments to reconcile net (loss) income
of continuing operations to net cash (used in) provided by
operating activities of continuing operations
Depreciation and amortization
31,786
12,372
Share-based compensation expense
1,567
2,906
Provision for revenue adjustments
1,038
1,098
Deferred income tax expense
2,945
1,857
Other
4,169
(1,091
)
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(20,495
)
16,397
Other receivables
5,367
—
Other current and noncurrent assets
(7,104
)
10,910
Accounts payable and accrued expenses
17,802
(17,514
)
Net cash (used in) provided by operating
activities of continuing operations
(51,719
)
60,839
Investing activities:
Proceeds from sale of property and
equipment
849
1,815
Purchases of property and equipment
(4,970
)
(6,519
)
Purchases of a business, net of cash
acquired
(1,565,242
)
(56,567
)
Other
(89
)
—
Net cash used in investing activities of
continuing operations
(1,569,452
)
(61,271
)
Financing activities:
Repayments of finance lease
obligations
(4,560
)
(2,086
)
Proceeds from credit facility
—
45,000
Payments on credit facility
(80,000
)
—
Payment of debt issuance costs
(60,591
)
—
Payment of earn-out liability
(12,247
)
—
Payments of dividends to shareholders
—
(6,345
)
Repurchases and retirement of common
stock
—
(54,783
)
Payment of minimum tax withholdings on
share-based awards
(1,328
)
—
Contributions from subsidiary held for
sale
—
4,852
Net cash used in financing activities of
continuing operations
(158,726
)
(13,362
)
Effect of exchange rate changes on
cash
94
—
Net decrease in cash and cash equivalents
from continuing operations
(1,779,803
)
(13,794
)
Cash from discontinued
operation:
Net cash provided by operating activities
of discontinued operation
—
5,154
Net cash used in investing activities of
discontinued operation
—
(270
)
Net cash used in financing activities of
discontinued operation
—
(4,884
)
Net decrease in cash and cash
equivalents
(1,779,803
)
(13,794
)
Cash and cash equivalents at beginning of
period of continuing operations
1,952,073
45,822
Cash at beginning of period of
discontinued operation
—
—
Net decrease in cash and cash
equivalents
(1,779,803
)
(13,794
)
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of period
of continuing operations
$
172,270
$
32,028
Forward Air Corporation Reconciliation of Non-GAAP Financial
Measures
In this press release, the Company uses non-GAAP financial
measures that are derived on the basis of methodologies other than
in accordance with GAAP. The Company believes that meaningful
analysis of its financial performance requires an understanding of
the factors underlying that performance, including an understanding
of items that are non-operational. Management uses these non-GAAP
financial measures in making financial, operating, compensation and
planning decisions as well as evaluating the Company’s
performance.
For the three months ended March 31, 2024 and 2023, this press
release contains the following non-GAAP financial measures:
earnings before interest, taxes, depreciation and amortization
(“EBITDA”), adjusted EBITDA, free cash flow, adjusted income from
continuing operations, adjusted net income, and adjusted net income
per diluted share. All non-GAAP financial measures are presented on
a continuing operations basis.
The Company believes that EBITDA improves comparability from
period to period by removing the impact of its capital structure
(interest and financing expenses), asset base (depreciation and
amortization) and tax impacts. The Company believes that free cash
flow is an important measure of its ability to repay maturing debt
or fund other uses of capital that it believes will enhance
shareholder value. The Company believes providing adjusted EBITDA,
adjusted income from operations, adjusted net income and adjusted
net income per diluted share allows investors to compare Company
performance consistently over various periods without regard to the
impact of unusual, nonrecurring or nonoperational items.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the Company’s financial results prepared
in accordance with GAAP. Non-GAAP financial information does not
represent a comprehensive basis of accounting. As required by the
Securities and Exchange Act of 1933 and the rules and regulations
promulgated thereunder, the Company has included, for the periods
indicated, a reconciliation of the non-GAAP financial measure to
the most directly comparable GAAP financial measure.
The following is a reconciliation of net income to EBITDA for
the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended
March 31, 2024
March 31, 2023
Net (loss) income
$
(88,794
)
$
33,904
Interest expense
40,753
2,355
Income tax (benefit) expense
(18,350
)
10,937
Depreciation and amortization
31,786
12,372
Reported EBITDA
(34,605
)
59,568
Transaction and integration costs
58,226
—
Severance costs
5,769
—
Adjusted EBITDA
$
29,390
$
59,568
The following is a reconciliation of the change in operating
revenues and adjusted EBITDA excluding the impact of Omni Logistics
for the three months ended March 31, 2024 and 2023 (in
thousands):
Forward Air Corporation
(excluding Omni Logistics)
Three Months Ended
March 31, 2024
March 31, 2023
Change
Percent Change
Operating revenue
$
329,565
$
357,709
$
(28,144
)
(8
)%
Consolidated EBITDA
$
(34,605
)
$
59,568
Omni Logistics - Income from
Operations
28,585
—
Omni Logistics - Depreciation and
Amortization
(16,869
)
—
Reported EBITDA
(22,889
)
59,568
Transaction and integration costs
58,226
—
Adjusted EBITDA
$
35,337
$
59,568
(24,231
)
(41
)%
The following is a reconciliation of net cash provided by
operating activities to free cash flow for the three months ended
March 31, 2024 and 2023 (in thousands):
Three Months Ended
March 31, 2024
March 31, 2023
Net cash (used in) provided by
operating activities of continuing operations
$
(51,719
)
$
60,839
Proceeds from sale of property and
equipment
849
1,815
Purchases of property and equipment
(4,970
)
(6,519
)
Free cash flow
$
(55,840
)
$
56,135
The following is a reconciliation of reported income from
operations, net income, and net income per diluted share to
adjusted income from operations, net income, and net income per
diluted share for the three months ended March 31, 2024 and 2023
(in thousands, except net income per diluted share):
Three Months Ended March 31,
2024
Three Months Ended March 31,
2023
Loss From Operations
Net Loss1
Net Loss Per Diluted
Share1
Income From Operations
Net Income
Net Income Per Diluted
Share
As Reported
$
(65,732
)
$
(88,794
)
$
(2.35
)
$
47,196
$
33,904
$
1.27
Transaction and integration costs
58,226
48,076
1.27
—
—
—
Severance
5,769
4,763
0.13
—
—
—
Acquisition amortization
14,271
11,783
0.31
As Adjusted
$
12,534
$
(24,172
)
$
(0.64
)
$
47,196
$
33,904
$
1.27
1 Net loss and net loss per diluted share
amounts are based on the after-tax effect of each item. The income
tax effect is calculated by applying the effective tax rate to the
pre-tax amount. The total tax benefit effect of the above item is
$13,643.
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,”
“expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”
and similar references to future periods. Forward-looking
statements included in this press release relate to the Company’s
(i) ability to provide excellent service to its customers for their
time-sensitive and mission-critical freight; (ii) ability to
maximize value for customers, employees and shareholders and
ability to be a leader in the global supply chain and domestic
transportation services; (iii) ability and expectations regarding
improved profitability; (iv) ability to achieve the intended
benefits of the acquisition of Omni Logistics, including the timing
of recognizing these potential revenue and cost synergies; (v)
expectations regarding the Company’s ability to execute on its plan
to integrate Omni Logistics in order to generate long-term value
for shareholders and (vi) expectations regarding future market
conditions as well as expectations regarding customer demand for
the Company’s services.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. The following is a list of
factors, among others, that could cause actual results to differ
materially from those contemplated by the forward-looking
statements: economic factors such as recessions, inflation, higher
interest rates and downturns in customer business cycles, the
Company’s ability to achieve the expected strategic, financial and
other benefits of the acquisition of Omni Logistics, including the
realization and timing of expected synergies and the achievement of
deleveraging targets within the expected timeframes or at all, the
risk that the businesses will not be integrated successfully or
that integration may be more difficult, time-consuming or costly
than expected, the risk that operating costs, customer loss,
management and employee retention and business disruption
(including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers) as a
result of the acquisition of Omni Logistics may be greater than
expected, continued weakening of the freight environment, future
debt and financing levels, our ability to deleverage, including,
without limitation, through capital allocation or divestitures of
non-core businesses, our ability to secure terminal facilities in
desirable locations at reasonable rates, more limited liquidity
than expected which limits our ability to make key investments, the
creditworthiness of our customers and their ability to pay for
services rendered, our inability to maintain our historical growth
rate because of a decreased volume of freight or decreased average
revenue per pound of freight moving through our network, the
availability and compensation of qualified Leased Capacity
Providers and freight handlers as well as contracted, third-party
carriers needed to serve our customers’ transportation needs, our
inability to manage our information systems and inability of our
information systems to handle an increased volume of freight moving
through our network, the occurrence of cybersecurity risks and
events, market acceptance of our service offerings, claims for
property damage, personal injuries or workers’ compensation,
enforcement of and changes in governmental regulations,
environmental, tax, insurance and accounting matters, the handling
of hazardous materials, changes in fuel prices, loss of a major
customer, increasing competition, and pricing pressure, our
dependence on our senior management team and the potential effects
of changes in employee status, seasonal trends, the occurrence of
certain weather events, restrictions in our charter and bylaws and
the risks described in our Annual Report on Form 10-K for the year
ended December 31, 2023, and as may be identified in our subsequent
Current Reports on Form 8-K.
We caution readers that any forward-looking statement made by us
in this press release is based only on information currently
available to us and they should not place undue reliance on these
forward-looking statements, which reflect management’s opinion as
of the date on which it is made. We undertake no obligation to
publicly update any forward- looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise unless required
by law. developments or otherwise unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508991467/en/
Forward Air Corporation Justin Moss, 404-362-8933
jmoss@forwardair.com
Forward Air (NASDAQ:FWRD)
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