Why Forward Air Stock Is Falling Today
Logistics and transportation company Forward Air (NASDAQ: FWRD) failed to match its own expectations for the year-end quarter. Investors are rushing for the exits as a result, with shares down as much as 17% on Thursday morning.
Forward Air provides ground transportation and logistics throughout the U.S., with an emphasis on expedited freight. It's been a choppy few years for transportation companies, with the pandemic initially leading to a significant increase in demand for shipping services that was then followed by a glut of excess inventory as customers scaled back due to macroeconomic concerns.
It's a tough environment to get exactly right, and in the fourth quarter, Forward Air wasn't able to meet expectations. The company earned $1.65 per share in the quarter on revenue of $481.2 million, well short of the $1.94 per share in earnings on sales of $507 million that analysts had expected.
Source Fool.com
