Why Forward Air Stock Dropped on Thursday
"Asset-light" transportation services provider Forward Air (NASDAQ: FWRD) stock came in light on earnings last night, and its stock is suffering -- down 6.8% through 10:05 a.m. ET Thursday morning.
Heading into the fourth-quarter report, analysts forecast Forward Air would earn $3.94 per share on sales of $667.4 million. Forward Air surprised its shareholders by reporting a $1.23-per-share loss, however, and sales were also weaker than expected, at $632.8 million.
CFO Jamie Pierson said Forward Air took a $79 million goodwill impairment to the Q4 earnings of its Omni Logistics business, which was smaller than expected and "favorably impacted the quarter." On the other hand, Forward's "Expedited Freight segment was negatively impacted by [focusing] more on growing volume than profitability."
Source Fool.com
