Forward Air Corporation reported its third quarter 2024 financial results on November 4, 2024, with operating revenues reaching $655.937 million, a 92.4% increase from $340.976 million in Q3 2023. Income from operations also saw a significant rise of 94.2% to $22.697 million, up from $11.689 million in the prior year period.
Despite the substantial revenue and operating income growth, the company reported a net loss of $(34.198) million, a considerable shift from the net income of $6.493 million in Q3 2023. The diluted net loss per share was $(2.62), compared to $0.25 per share in the same period last year. Consolidated EBITDA for the quarter was $76.997 million, a 17.0% decrease from $92.714 million in Q3 2023.
Cash provided by operating activities improved significantly, reaching $52.597 million, an increase of 113.2% from $24.666 million in Q3 2023, and liquidity increased by $15 million to $460 million. The Omni Logistics segment showed sequential improvement in revenue and operating income, while the Expedited Freight segment underperformed due to decreased revenue per hundredweight.
The company updated its 2024 Consolidated EBITDA guidance to $300 million to $310 million, reflecting expectations of continued softness in the macro environment. Forward Air also announced the hiring of a new Chief Commercial Officer, slated to join in January, to strengthen its team and drive future growth initiatives.
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