Forward Air pauses sale of intermodal segment
The company, however, remains open to a sale if it can get “fair value” for the business, CFO Jamie Pierson said.
Forward Air has temporarily halted the sale of its intermodal unit, as disclosed in its latest third-quarter report. Management reaffirmed the business's "back on track" status during a quarterly call, stating that it is still open to fair value offers. The company began a strategic review in early 2025, initially considering the sale of its entire entity amid investor pressure following its contentious merger with Omni Logistics.
However, the impending loss of a key contract logistics customer, accounting for 10% of annual revenue ($250 million), prompted a shift in focus towards divesting specific units. Forward has secured a two-year agreement to retain a substantial portion of the at-risk account, with revenue expected to surpass 2025 levels after a temporary transition period.
Despite a 9% year-over-year increase in intermodal revenue to $63 million, Adjusted EBITDA for the unit grew 52% year-over-year to $35 million, with an improved margin of 11.3%. The company's overall revenue reached $674 million, a 7% increase from the prior year, while consolidated Adjusted EBITDA expanded by 31% to $101 million.
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- Forward Air pauses sale of intermodal unit freightwaves.com
