Forward Air books big loss in post-merger Q1; stock drops 30% premarket

This story has been updated to include commentary from the company’s Thursday call with analysts.

Shares of Forward Air plunged 30% in pre-market trading Thursday following a rough first-quarter report that was issued five hours after Wednesday’s market close.

Forward (NASDAQ: FWRD) reported a headline net loss of $88.8 million, or $2.35 per share. Excluding one-off costs from the acquisition and integration of Omni Logistics as well as severance expenses tied to changes in leadership, the company reported an adjusted net loss of 64 cents per share. That compared to consensus estimates ranging from an adjusted net loss of 15 to 11 cents per share and the year-ago adjusted EPS result of $1.27.

“I am committed to aggressively taking action to improve profitability, maximize synergy capture and drive our leadership in global supply chain and domestic transportation services,” said CEO Shawn Stewart. “With the distractions of the deal closing behind us, our team is focused on execution.”

Source: freightwaves.com