Forward Air tumbles on Q1 results miss

Forward Air (Delaware)

09/05/2024 13:10

** Shares of air freight and logistics provider Forward Air
 FWRD.O  crash 30.2% to $15 premarket
    ** Co reports Q1 adj. loss/ share of $0.64, wider than Wall
Street view of a loss of $0.11/ share - LSEG data 
    ** Quarterly revenue of $541.8 mln missed average analyst
estimate of $604 mln 
    ** Co posts net loss of $61.7 mln in the quarter; compared
to a net profit of $36.4 mln a year ago
    ** Continue to face challenging market conditions,
characterized by weak freight demand, excess carrier capacity,
and pressure on pricing - co 
    ** Two of six brokerages rate the stock "buy" or higher,
four "hold"; their median PT is $33
  

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com;))