Business
Forward Air Corporation Reports First Quarter 2025 Results
Consolidated Financial Results Improved Year-Over-Year Operational Execution Leads to Sequential Pricing and Margin Improvement at the Expedited Freight
About this update from Forward Air Corporation
[{"type":"text","content":"\nConsolidated Financial Results Improved Year-Over-Year\n\nOperational Execution Leads to Sequential Pricing and Margin Improvement at the Expedited Freight Segment\n\nStrong Liquidity Position Increased to $393 Million\n\n GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ:FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today reported financial results for the three months ended March 31, 2025 as presented in the tables below.\n\n“Our team made progress in the first quarter by focusing our efforts on meeting customers’ needs with award-winning service and solid operational execution,” said Shawn Stewart, Chief Executive Officer. “I am proud of our team’s ability to manage through a backdrop of economic and tariff uncertainty. Income from operations improved by $70 million and Consolidated EBITDA improved by $6 million compared to a year ago.”\n\n“An area of emphasis has been improving pricing at the Expedited Freight segment. We began taking corrective actions late last year and finished implementing the strategy in February. The preliminary pricing results are meeting internal expectations with first quarter revenue per hundredweight, excluding fuel surcharge, up 4.3 percent compared to the fourth quarter 2024, and up 2.5 percent compared to a year ago. The segment’s reported EBITDA margin in the first quarter was 10.4 percent, a nearly a 400-basis point sequential improvement compared to the fourth quarter 2024. We continue to keep our focus on the customer, execute our strategy, grow the company and enhance shareholder value,” concluded Stewart.\n\nJamie Pierson, Chief Financial Officer added, “For the first quarter 2025, we reported consolidated revenue of $613 million compared to $542 million a year ago. Income from operations improved to $5 million compared to a $66 million loss from operations last year. For year-over-year comparison purposes the Omni acquisition closed on January 25, 2024 so the prior year numbers do not include the first 24 days of Omni’s results for that year.\n\n“For the first quarter, Consolidated EBITDA (\"Consolidated EBITDA\"), a non-GAAP measure calculated pursuant to our Senior Secured Term Loan Credit Agreement (the \"Credit Agreement\"), was $69 million. The last twelve months Consolidated EBITDA as of March 31, 2025, was $313 million, which resulted in an approxim...