Forward Air unveils $673M Q2 revenue, up 8.8%

• Forward Air’s second-quarter operating revenue increased 8.8% to a company-record $673.0 million.
• A $244 million non-cash goodwill impairment produced a $201.3 million operating loss, while adjusted operating income reached $42.7 million.
• Forward Air said improving freight conditions and its business transformation supported stronger results across its transportation segments.

Forward Air Corporation (NASDAQ:FWRD) reported second-quarter operating revenue of $673 million, up 8.8%, while consolidated EBITDA increased 17.6% to $93 million.

Revenue rose from $618.8 million, while adjusted operating income more than doubled to $42.7 million from $19.5 million one year earlier.

A $244 million Omni Logistics goodwill impairment drove a $201.3 million operating loss and a $243.9 million continuing-operations loss, equal to $6.33 per diluted share.

Forward Air said it remains focused on operational improvements.

Expedited Freight revenue increased 23.8% to $319.1 million, Omni Logistics revenue rose 3.1% to $338.5 million and Intermodal revenue reached $59.7 million.

The company ended June with $401 million in liquidity, comprising $139 million in cash and $261 million available under its credit facility.