Forward Air Archives - The Loadstar Making sense of the supply chain Tue, 05 Nov 2024 14:19:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 31889032 Forward Air – unfixable? https://theloadstar.com/forward-air-unfixable/ https://theloadstar.com/forward-air-unfixable/#respond Tue, 05 Nov 2024 13:17:27 +0000 https://theloadstar.com/?p=284252 The last time I looked at the Forward Air (FWRD) story in mid-October, waiting for Q3 24 numbers to be released, I was so focused on possible divestments – as previously promised* – by year-end, that I wrongly stated the company wasn’t guiding the market for Ebitda this year.
(*Conf call in May – when the new CEO had just started – then-FWRD CFO Rebecca Garbrick said – emphasis in bold ...

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]]> https://theloadstar.com/forward-air-unfixable/feed/ 0 284252 FW: Forward Air retains investment bankers to sell company, sources say https://theloadstar.com/fw-forward-air-retains-investment-bankers-to-sell-company-sources-say/ https://theloadstar.com/fw-forward-air-retains-investment-bankers-to-sell-company-sources-say/#respond Thu, 17 Oct 2024 20:35:12 +0000 https://theloadstar.com/?p=282981 FREIGHTWAVES reports:
Forward Air has retained two prominent investment banking firms to lead a formal sales process, people close to the matter have told FreightWaves. Pressure on the expedited trucking company’s board to sell has mounted in recent weeks in the wake of a messy merger with freight forwarder Omni Logistics.
To read the full story, please click here.

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]]> https://theloadstar.com/fw-forward-air-retains-investment-bankers-to-sell-company-sources-say/feed/ 0 282981 Forward Air – does it take a Ceva to know a Ceva? https://theloadstar.com/forward-air-does-it-take-a-ceva-to-know-a-ceva/ https://theloadstar.com/forward-air-does-it-take-a-ceva-to-know-a-ceva/#respond Tue, 15 Oct 2024 11:33:39 +0000 https://theloadstar.com/?p=282665 The earnings season, starting with JB Hunt after the US stock market close today, will soon reveal the true financial health of a sick patient in freight management and supply chain: Forward Air.
Where, incidentally, the ex-Ceva crew is slowly growing just as the noise surrounding a change of ownership intensifies.
Divestment 
Forward Air’s Q3 24 numbers – expected to be released towards the end of the month – should be accompanied by ...

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]]> https://theloadstar.com/forward-air-does-it-take-a-ceva-to-know-a-ceva/feed/ 0 282665 Analysis: Forward Air – the tortuous road to that ‘magical break-even point’ https://theloadstar.com/analysis-forward-air-the-tortuous-road-to-that-magical-break-even-point/ https://theloadstar.com/analysis-forward-air-the-tortuous-road-to-that-magical-break-even-point/#respond Thu, 08 Aug 2024 11:55:09 +0000 https://theloadstar.com/?p=278203 Mergers and acquisitions can turn into a nightmare both when announced and when execution starts.
With Greeneville, Tennessee-based Forward Air (FWRD), we have obviously gone through the former stage (extensively covered by Premium).
As far as the latter aspect, however, is concerned, we are in the very early innings but yesterday’s post-US market disclosure of Q2 24 figures fully focused on any possible value-accretive hints stemming from this disastrous M&A story.
Notably, the ...

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]]> https://theloadstar.com/analysis-forward-air-the-tortuous-road-to-that-magical-break-even-point/feed/ 0 278203 Forward Air revises Q1 24 Ebitda calculation https://theloadstar.com/forward-air-revises-q1-24-ebitda-calculation/ https://theloadstar.com/forward-air-revises-q1-24-ebitda-calculation/#respond Fri, 28 Jun 2024 07:02:37 +0000 https://theloadstar.com/?p=275322 PRESS RELEASE 
27/06/2024
Consolidated EBITDA Increases from $300 Million to $324 Million Following Addition of Allowable Addbacks
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 ...

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]]> https://theloadstar.com/forward-air-revises-q1-24-ebitda-calculation/feed/ 0 275322 US Logistics Solutions files for liquidation, with significant job losses https://theloadstar.com/us-logistics-solutions-files-for-liquidation-with-some-2000-job-losses/ https://theloadstar.com/us-logistics-solutions-files-for-liquidation-with-some-2000-job-losses/#respond Mon, 24 Jun 2024 15:59:05 +0000 https://theloadstar.com/?p=275042 UPDATED 26.06.24 TO INCLUDE TEN OAKS STATEMENT
US Logistics Solutions, formerly known as Forward Air Solutions, has filed for Chapter 7 bankruptcy, with the loss of a significant number of jobs.
US Logistics Solutions had 870 direct employees, 62 independent contract drivers and 322 laborers contracted through third-party agencies. All have received their last paycheck, according to PE owner Ten Oaks.
According to the filing, the company has between 1,000 and 5,000 creditors ...

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]]> https://theloadstar.com/us-logistics-solutions-files-for-liquidation-with-some-2000-job-losses/feed/ 0 275042 Struggling Forward Air sharpens its job axe again in bid to cut costs https://theloadstar.com/struggling-forward-air-sharpens-its-job-axe-again-in-bid-to-cut-costs/ https://theloadstar.com/struggling-forward-air-sharpens-its-job-axe-again-in-bid-to-cut-costs/#respond Thu, 20 Jun 2024 11:52:15 +0000 https://theloadstar.com/?p=274785 Forward Air has embarked on another round of job cuts as management tries to develop a more solid footing for the struggling company.
According to reports citing sources inside the company, the firm is parting with more than 150 employees, ranging from clerical staff to the c-suite – a cull allegedly affecting many positions in sales and technology.
Forward Air has confirmed it was “initiating workforce changes through restructuring and reductions”, as ...

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]]> https://theloadstar.com/struggling-forward-air-sharpens-its-job-axe-again-in-bid-to-cut-costs/feed/ 0 274785 Cash call now? Forward Air – kinda from heaven to hell and back https://theloadstar.com/cash-call-now-forward-air-kinda-from-heaven-to-hell-and-back/ https://theloadstar.com/cash-call-now-forward-air-kinda-from-heaven-to-hell-and-back/#respond Thu, 06 Jun 2024 09:53:14 +0000 https://theloadstar.com/?p=273066 Up +71.6% to $19.24 since 21 May’s hellish low of $11.21, in line with stock levels of 25 years ago, that’s where…
… the recent rally leaves the most distressed M&A story of 2024, Forward Air (FWRD).
What it means is not that difficult to understand, price-wise, drawing from certain balance sheet figures.
As we wrote on 10 May, if we go with a theoretical liquidation value of $721.7m for most of its ...

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]]> https://theloadstar.com/cash-call-now-forward-air-kinda-from-heaven-to-hell-and-back/feed/ 0 273066 Forward Air – that sinking feeling https://theloadstar.com/forward-air-that-sinking-feeling/ https://theloadstar.com/forward-air-that-sinking-feeling/#respond Tue, 21 May 2024 12:28:54 +0000 https://theloadstar.com/?p=272444 …THAT was pretty damn quick!
Rewind to 10 days ago or so when, looking at the depressing M&A-induced Forward Air + Omni Logistics malaise in the wake of dreadful Q1 24 numbers for the combined entity, we wrote that a chief financial officer with a different kind of experience than CFO Rebecca Garbrick – “you could tell yesterday, performed well but really felt the pressure (let her keep the treasurer title ...

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]]> https://theloadstar.com/forward-air-that-sinking-feeling/feed/ 0 272444 At liquidation value: M&A mongrel Forward Air – how exciting! https://theloadstar.com/at-liquidation-value-ma-mongrel-forward-air-how-exciting/ https://theloadstar.com/at-liquidation-value-ma-mongrel-forward-air-how-exciting/#respond Fri, 10 May 2024 11:11:35 +0000 https://theloadstar.com/?p=271557 My old-school two-fingers approach to spot value at liquidation all the way through the balance sheet (only) – rather than (only) giving the middle finger to those mad dogs* in banking who came up with the brilliant idea of creating Forward Air (FWRD) + Omni Logistics.
(*Promptly skip to the bottom of this column for the greetings.)
That’s the mood today.
Emotions aside: a) massively over-leveraged; b) with debt covenants firmly on all ...

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]]> https://theloadstar.com/at-liquidation-value-ma-mongrel-forward-air-how-exciting/feed/ 0 271557