Shares of Forward Air soared 16% after hours following news of ongoing strategic review, potentially including a sale. The company faced pressure after reports of a sale being less likely. Forward reported a $16.3 million loss in Q3 with consolidated revenue down 4% year over year and EBITDA down 10%.

The expedited segment saw a 9% decline in revenue with tonnage per day down 14%, offset by a 4% increase in revenue per hundredweight. Operating margin was 7.5%, up 70 bps year over year. Expenses saw a 20 bps increase in salaries, wages, and benefits, but a 70 bps decline in purchased transportation expenses.

The expedited segment reported $30 million in EBITDA, flat year over year but with an improved margin of 11.5%. Omni, on the other hand, reported a 2% increase in revenue with adjusted EBITDA up 22% year over year. Consolidated adjusted EBITDA for the last 12 months was $299 million. Net debt stood at $1.65 billion.

Read more at Yahoo Finance: Forward Air says strategic review, potential sale still on track