Forward Air Q1 net loss $88.8M; appoints Shawn Stewart CEO; Omni integration in progress

FORWARD AIR CORP

2024-Q1 EPS reported -$2.81 revenue$541,813,000

Q1 net loss of $88.8M ($2.35 diluted loss) vs net income of $33.9M ($1.27) in Q1 2023.
Operating revenue $541.8M (+51.5%) includes $225M from Omni from Jan 25; Omni contributed ($5.9M) adjusted EBITDA.
Appointed Shawn Stewart as CEO; he pledges to improve profitability and capture synergies.
Legacy (ex-Omni) adjusted EBITDA declined 41% YoY; April showed 6% sequential revenue growth vs 15% decline in prior year.
Cost synergies on track; full-year 2024 guidance to be provided on Q2 earnings call.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FORWARD AIR CORP reported three months ended March 31, 2024 results: revenue $541,813, net income $(88,794), EPS $(2.35).

Period: three months ended March 31, 2024
Revenue: $541,813
Net income: $(88,794)
EPS: $(2.35)
Result: reported results

Exact text from the filing

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) $

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Source: SEC EDGAR

accession 0001628280-24-021897

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