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Forward Air Corporation (FWRD-1.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details operating revenues of $655,937,000 for the quarter, an increase from $340,976,000 in the same quarter the previous year, primarily due to the inclusion of Omni Logistics segment revenues.
Operating expenses for the quarter were $633,240,000, up from $329,287,000 in the previous year, largely driven by expenses from the Omni Logistics segment.
The company reported a net loss of $35,335,000 for the quarter, compared to a net income of $9,288,000 in the previous year, primarily due to increased operating expenses and interest expenses.
Interest expense, net for the quarter was $52,770,000, significantly higher than the $2,655,000 reported in the previous year, attributed to higher borrowings and interest rates.
Forward Air's Expedited Freight segment reported revenues of $284,707,000, a slight increase from $278,875,000 in the previous year, with income from operations decreasing to $19,269,000 from $32,547,000.
The Intermodal segment's revenues decreased to $57,412,000 from $62,183,000, with income from operations decreasing to $4,091,000 from $4,744,000.
The Omni Logistics segment contributed $334,538,000 in revenues and $1,136,000 in income from operations for the quarter.
Forward Air completed the acquisition of Omni Logistics on January 25, 2024, which contributed to the significant changes in financial results.
The company recorded a goodwill impairment charge of $14,751,000 for the quarter, part of a cumulative $1,107,465,000 impairment for the year.
Cash used in operating activities was $45,770,000, while cash used in investing and financing activities was $1,592,878,000 and $169,394,000, respectively, primarily due to the Omni acquisition.
Forward Air's total assets as of September 30, 2024, were $3,055,840,000, compared to $2,979,533,000 at the end of 2023.
The company is involved in ongoing legal proceedings related to the Omni acquisition, which it is actively defending.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forward Air Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.