Forward Air is set to release its first-quarter financial results on May 7. The transportation and logistics company based in Greeneville, Tennessee, warned investors that a portion of its 2024 revenue, estimated at 10% to 15%, may be affected by recently implemented tariffs. These tariffs, announced on April 2, could impact revenue generated from shipments directly transported by the company from countries affected by the evolving tariff landscape. The potential impact on revenue from shipments prior to being under the company's control, including in the Intermodal segment, remains uncertain.

The company's intermodal unit reported $233 million in revenue in the previous year. Forward anticipates first-quarter adjusted earnings before interest, taxes, depreciation, and amortization to fall between $54 million and $59 million when the results are disclosed on May 7. Liquidity is projected to increase by $10 million sequentially in the first quarter, reaching $392 million. The company closed the year with a net leverage ratio of 5.5 times, not mandated to meet the threshold until the fourth quarter of 2026 according to its new debt covenant.

Following the acquisition of freight forwarder Omni Logistics in January 2024, Forward's revenue mix has altered. The high debt involved in the transaction faced opposition from some investors, leading to efforts to halt the deal by both shareholders and Forward itself. The company is presently conducting a strategic review that may involve a potential sale.

Forward's stock, trading under NASDAQ as FWRD, closed at $10.50 on Tuesday, reflecting a 67% decrease for the year and a 91% drop since the Omni deal announcement in August 2023. On Wednesday, the stock experienced a 3.2% decline during early trading, while the S&P 500 was up 0.8%.