From Yahoo Finance: 2025-05-07 19:17:00

Forward Air faced pressure from investors to conduct a strategic review after a controversial merger with Omni Logistics. Activist investor Ancora Holdings Group advised shareholders to vote against three directors and criticized slow progress on the review. Forward reported a first-quarter net loss of $61 million, including merger-related expenses. Revenue was up 13% year over year, but the company flagged potential revenue impacts from tariffs.

Forward plans to double annual revenue to $5 billion over the next five years and will report results by mode in the future. The expedited segment reported a 9% revenue decline, but yield increased excluding fuel surcharges. Omni reported $323 million in revenue, and adjusted EBITDA increased 9% year over year to $69 million. Net debt leverage improved to 5.3 times.

Shares of Forward Air closed at $17.23, down from $110 before the merger announcement. The company is focused on maximizing shareholder value and addressing investor concerns after the merger with Omni Logistics. Investors await the outcome of the strategic review and future performance improvements.

Read more: Forward Air touts Q1 achievements, investors await next steps