Forward Air Provides Update on January 2024 Performance

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GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward”) today provided the following LTL Expedited Freight operating statistics for January 2024.

During this period, weight per shipment increased 9.8%, pounds per day also increased 9.2% compared to the same period last year. Finally, revenue per ton mile increased 1.9% over the same period last year, excluding fuel.

Tom Schmitt, Chairman and Chief Executive Officer of Forward, commented: "We continue to improve on the three metrics that matter most to us – increasing tonnage, refining freight quality and maximizing revenue per shipment. We have executed the first phase of the operational synergies ahead of schedule, folding Omni linehaul into the Forward Air network, which led to higher than 20 percent year over year pounds per day increase in the most recent week. We look forward to updating the market on a comprehensive plan and key milestones in the weeks ahead.”

About Forward Air

Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services; and intermodal, first-and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain statements that might be considered as forward-looking statements or predictions of future operations including with respect to Forward’s expectations regarding (i) its ability to continue to improve its key operational metrics and (ii) the risk that Forward may be unable to achieve the expected strategic, financial and other benefits of the acquisition of Omni Logistics, LLC, including the realization of expected synergies within the expected time-frames or at all. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including that Forward’s future performance is worse than anticipated. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date.

Forward Air Corporation
Brandon Hammer, 423-636-7173
bhammer@forwardair.com

Source: Forward Air Corporation

Released February 5, 2024