Forward Air Corporation (NASDAQ:FWRD ) Q3 2024 Earnings Conference Call November 4, 2024 4:30 PM ET Company Participants Tony Carreño - SVP, Treasury and IR Shawn Stewart - CEO Jamie Pierson - CFO Conference Call Participants Bruce Chan - Stifel Joe Hafling - Jefferies Scott Group - Wolfe Research Bascome Majors - Susquehanna Christopher Kuhn - Benchmark Company Operator Welcome to the Forward Air's Third Quarter 2024 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation.
Forward Air (FWRD) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
A voice within the company is pushing for a change in ownership.
Ancora joined a chorus of activist investors who are pushing Forward Air for a strategic review.
Forward Air Corporation (NASDAQ:FWRD ) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET Company Participants Tony Carreño - Senior Vice President of Treasury and Investor Relations Shawn Stewart - Chief Executive Officer Jamie Pierson - Chief Financial Officer Conference Call Participants Bruce Chan - Stifel Bascome Majors - Susquehanna Scott Group - Wolfe Research Christopher Kuhn - Benchmark Stephanie Moore - Jefferies Operator Ladies and gentlemen thank you for standing by and welcome to the Forward Air Second Quarter 2024 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation.
Forward reported a massive loss in the quarter, including one-time charges, but underlying business trends improved. The company is under new management and slowly making progress after an unpopular acquisition and disappointing results.
Even with the stock market's impressive gains, there's no shortage of undervalued stocks if you know where to look. The recent correction has just scratched the surface of the tech sector.
Forward shares are down big due to current market conditions and an unpopular acquisition. An activist is reportedly preparing to push the company to restructure or find a buyer.
Forward Air reported disappointing quarterly results, confirming investor fears about a questionable acquisition from earlier in the year. Both activists and new management are now racing to turn the company around.
The stock price of Forward Air (NASDAQ: FWRD), an asset-light freight and logistics company with operations in the United States and Canada, trades at $15 per share, about 90% below its peak level of $125 seen in January 2022. FWRD stock was trading at $92 in early June 2022, just before the Fed started increasing rates, and is now 84% below that level, compared to a substantial 40% gain for the S&P 500 during this period.
Forward Air (NASDAQ:FWRD) finds itself in the spotlight as activist investor Irenic Capital Management made a significant move, acquiring nearly 5% stake in the company, according to a report by the Wall Street Journal.
Irenic Capital Management has a position of nearly 5%, making it one of the trucking company's top shareholders.