Forward Air told investors on Wednesday, November 5, that its months‑long strategic alternatives process — including a potential sale — is still moving ahead, with management describing ongoing discussions with multiple interested parties but declining to set a timetable or comment on market rumors. The reaffirmation came as the company reported third‑quarter results and emphasized that the review will be methodical and aimed at maximizing value.
The update dovetails with the thrust of FreightWaves’ reporting: the formal review is intact and a transaction remains on the table. What’s new this week is management’s color on the process — that outreach has been “thorough and inclusive” and that inbound inquiries have extended the timeline — along with fresh quarterly numbers that show the company buying itself time.
On the numbers, Forward Air posted Q3 operating revenue of $631.8 million, operating income of $15 million and Consolidated EBITDA (as defined in its loan agreement) of $78 million. Liquidity improved to $413 million at quarter‑end, helped by stronger cash generation; management also highlighted non‑GAAP operating cash flow of about $79 million for the quarter.
Segment performance was mixed but directionally constructive. Omni Logistics delivered its best revenue and reported EBITDA since the acquisition — $340 million and $33 million, respectively — while the legacy Expedited Freight unit held an 11.5% reported EBITDA margin, its second‑best since late 2023. Intermodal remained steady. Those trends reflect ongoing pricing discipline and a tighter freight mix in the LTL network.
Not everything beat the Street: third‑quarter revenue missed consensus by roughly $8 million, a reminder that end‑market demand remains soft even as cost actions and mix help margins.
For trucking and logistics stakeholders, the signal in this week’s data is twofold. First, the sale process is alive — and because management again refused to put a clock on it, operators and shippers should plan for continued uncertainty around ownership into year‑end. Second, the company’s “One Ground Network” reorg — which rolls U.S. and Canada operations and key service lines (linehaul, P&D, brokerage and expedited) under a single structure — is moving from slide deck to execution. Expect more terminal and linehaul optimization, tighter service discipline and continued focus on heavier, time‑sensitive freight as Forward Air looks to defend margin while deal talks play out.
What to watch next if you touch the network:
– Shippers should anticipate firm pricing and fewer exceptions as the LTL business prizes density and yield over volume.
– Carrier partners and contractors may see scheduling and asset utilization tweaks as the unified operations model scales.
– If a sale to private equity materializes, integration momentum suggests any buyer could lean harder into cost‑to‑serve and working‑capital turns rather than dramatic strategic pivots — at least near term. These are the levers now supporting liquidity while the auction runs.
Bottom line: Forward Air didn’t answer the “when,” but it did show the “how” — stabilize cash, simplify the network, and keep bidders engaged. For customers and competitors in LTL, that combination points to a tighter, more predictable service posture even as the ownership question remains open.
Sources: FreightWaves, Investing.com, MarketScreener, TradingView News
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