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Forward Air bounces back 30% after tanking from its Omni merger mess. Investors are cautiously optimistic about the turnaround.
Forward Airās stock just pulled a wild U-turn. Weāre talking a 30% jump in just five days!
Remember when it was scraping the bottom at around $12.50? Yeah, that was after the whole Omni Logistics deal went down the tubes earlier this year.
Adriana Pulley
Everyone was freaking out, and for good reason. The stock nosedived, like, 82% from its $110 highs last year. Investors were losing it, and the company was getting hit from all sidesālegal battles, leadership bailing, you name it.
But now, the stock has gone from $20.02 on August 5 to $26.00 by August 9. What gives?
Well, it seems like the new CEO, Shawn Stewart, might be onto something. Heās been cleaning up the mess and talking up the "synergies" from that controversial Omni merger. Yeah, itās still a rough road ahead, but investors are starting to think maybe this guy can turn the ship around.
āWe are in the nascent stages of taking two good companies and making them great as a single, unified global logistics enterprise. We are building on their individual strengths.āā Shawn Stewart, CEO, Forward Air
Itās like the market suddenly remembered that Forward Air is more than just the Omni disaster. Theyāre actually trying to pull off something big hereābuilding a beast in the LTL (less-than-truckload) game.
Forward Air posted a massive net loss of $966.5 million, thanks to a one-time goodwill impairment charge related to Omni. But their revenue jumped 92.9% to $643.7 million from $333.6 million the previous year.
Stewart highlighted an uptick in Consolidated EBITDA from Q1 to Q2, which might be why the stock is rallying despite the rough financials.
Sure, itās been ugly, and thereās still a lot of work to do, but the stock jumping 30% in five days? Thatās gotta mean something, right?
Investors are dipping their toes back in, cautiously optimistic that Stewart can pull off this comeback.
Forward Airās still in the hot seat, but if this recent bounce is any sign, we might just be seeing the beginning of a comeback story.
Source: Transport Topics
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