FWRD Stock Recent News

Ancora joined a chorus of activist investors who are pushing Forward Air for a strategic review.

Forward Air Corporation (NASDAQ:FWRD ) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET Company Participants Tony Carreño - Senior Vice President of Treasury and Investor Relations Shawn Stewart - Chief Executive Officer Jamie Pierson - Chief Financial Officer Conference Call Participants Bruce Chan - Stifel Bascome Majors - Susquehanna Scott Group - Wolfe Research Christopher Kuhn - Benchmark Stephanie Moore - Jefferies Operator Ladies and gentlemen thank you for standing by and welcome to the Forward Air Second Quarter 2024 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation.

Forward reported a massive loss in the quarter, including one-time charges, but underlying business trends improved. The company is under new management and slowly making progress after an unpopular acquisition and disappointing results.

Forward shares are down big due to current market conditions and an unpopular acquisition. An activist is reportedly preparing to push the company to restructure or find a buyer.

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today announced updates to certain previously released non-GAAP financial measures for the twelve months ended March 31, 2024, to include adjustments to the previously released non-GAAP financial measures. When Forward released first quarter 2024 earnings on May 8, 2024, the Company made available to investors a conference call presentation, page 19 of which set forth a c.

Forward Air reported disappointing quarterly results, confirming investor fears about a questionable acquisition from earlier in the year. Both activists and new management are now racing to turn the company around.

The stock price of Forward Air (NASDAQ: FWRD), an asset-light freight and logistics company with operations in the United States and Canada, trades at $15 per share, about 90% below its peak level of $125 seen in January 2022. FWRD stock was trading at $92 in early June 2022, just before the Fed started increasing rates, and is now 84% below that level, compared to a substantial 40% gain for the S&P 500 during this period.

Forward Air (NASDAQ:FWRD) finds itself in the spotlight as activist investor Irenic Capital Management made a significant move, acquiring nearly 5% stake in the company, according to a report by the Wall Street Journal.

Irenic Capital Management has a position of nearly 5%, making it one of the trucking company's top shareholders.

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) today announced the appointment of Jamie G. Pierson as interim Chief Financial Officer effective May 20, 2024. Mr. Pierson succeeds Rebecca Garbrick, who is departing the Company. Ms. Garbrick will remain with the Company to assist with the transition. “On behalf of the Board of Directors, I want to thank Rebecca for her commitment and significant contributions over the last several years. Since taking the CFO role in 2020, Rebecca has been a valuable member of our management team, and we wish her much success in her future endeavors,” stated Shawn Stewart, CEO. He continued, “We are excited to have Jamie step in to lead, and provide strategic insight, to the finance team during this critical time. Jamie is a seasoned executive with extensive experience in transportation and logistics, which coupled with his demonstrated track record in several financial leadership pos