Forward Air exceeded second-quarter adjusted EBITDA expectations but reported a deeper net loss, as investors await clarity on a possible sale following its merger with Omni Logistics, according to FreightWaves.
The company posted adjusted EBITDA of US$74 million, $2 million above consensus and $5 million higher than Q1. However, its net loss from continuing operations reached $20.4 million, or 41 cents per share, worse than the expected 26-cent loss.
Revenue fell four per cent year on year to $619 million, though it rose one per cent sequentially. Management cited new wins in truckload, international air freight, and ground transportation, including contracts with a major package delivery firm and an athletics brand.
The expedited segment saw a 12 per cent drop in revenue to $258 million, with tonnage down 13 per cent y/y. However, yield improved two per cent y/y due to pricing actions, and operating margin rose to 7.6 per cent.
Omni Logistics reported $328 million in revenue, up five per cent and $30 million in adjusted EBITDA, marking a nine per cent margin.
Liquidity declined to $368 million, partly due to $34 million in interest payments. Net debt rose to $1.69 billion, or 5.7 times trailing EBITDA. The company did not provide an update on its strategic review.
SeaNews Turkey
The company posted adjusted EBITDA of US$74 million, $2 million above consensus and $5 million higher than Q1. However, its net loss from continuing operations reached $20.4 million, or 41 cents per share, worse than the expected 26-cent loss.
Revenue fell four per cent year on year to $619 million, though it rose one per cent sequentially. Management cited new wins in truckload, international air freight, and ground transportation, including contracts with a major package delivery firm and an athletics brand.
The expedited segment saw a 12 per cent drop in revenue to $258 million, with tonnage down 13 per cent y/y. However, yield improved two per cent y/y due to pricing actions, and operating margin rose to 7.6 per cent.
Omni Logistics reported $328 million in revenue, up five per cent and $30 million in adjusted EBITDA, marking a nine per cent margin.
Liquidity declined to $368 million, partly due to $34 million in interest payments. Net debt rose to $1.69 billion, or 5.7 times trailing EBITDA. The company did not provide an update on its strategic review.
SeaNews Turkey
