Less-than-truckload carrier Saia announces the addition of its 20th facility in the Northeast in just the last four years. The LTL market continues to garner incremental investment dollars as demand rises.
Activist investor Ancora Advisors gains two seats on Forward Air’s board and endorses three others. The company’s former CFO has been brought on in a consulting role.
In today’s edition of The Daily Dash, diesel prices may start rising as the refineries had to shut down because of the winter weather down South. Plus, the activist investors pushing for change at Forward Air are not thrilled with the latest news from the company.
Andrew Cox and Seth Holm detail Ancora Advisors’ attempts to reroute asset-light trucking and logistics company
The activist investor group seeking changes at Forward Air said the company’s recent results and guidance are “substandard” in a letter to shareholders. The group also asserts that Forward was “disingenuous” in the way it provided updates on fourth-quarter results, suggesting it was fearful of receiving other board nominations.
In today’s edition of The Daily Dash, Old Dominion is the latest LTL carrier to announce a rate increase. Plus, SONAR data shows a freight market moving sideways, and Forward Air reaffirms its direction in spite of activist shareholder pressure.
Most less-than-truckload carriers have implemented general rate increases for 2021. The average increase is in the mid-single digits, ahead of some increases issued in the past and likely indicative of a firm LTL market.
In today’s edition of The Daily Dash, C.R. England sues a law firm involved in a staged-accident scheme. Plus, XPO thinks 2021 is only going to get better, and Forward Air makes an acquisition and a divestiture.
Amid heightened scrutiny over the direction of the company, Forward Air’s management team defends its current strategy. Fourth-quarter results were negatively impacted by a December cyberattack.
New unit acquired by Forward Air increases its intermodal footprint.
In today’s edition of The Daily Dash, an activist investor wants changes at Forward Air. Plus, a strong start to 2021 for LTL carriers; reshoring is coming into vogue; and recapping FreightWaves’ Health & Pharma Supply Chain virtual event.
An open letter from activist investor Ancora Advisors says “ineffective capital allocation” and diversification into “margin- and return-dilutive service offerings” have led to inferior results for Forward Air compared to other less-than-truckload carriers.
In today’s edition of The Daily Dash, diesel fuel prices are rising across the country. Plus, the Postal Service could be getting a makeover; Forward Air talks cyberattacks; and TFI discusses its plans for UPS Freight.
The most important number, yield, is up from January 2020 for Forward Air.
Forward Air’s CIO recommends hiring a CIO who has been through a crisis as an important step to prepare for a cyberattack.
In today’s edition of The Daily Dash, Schneider plans to invest in new equipment in 2021. Plus, UPS CEO Carol Tomé talks about the sale of UPS Freight; Jeff Bezos will step down as CEO of Amazon; and Daimler spins off its truck businesses.
Forward Air was on track to beat its Q4 estimates before the December cyberattack.
In today’s edition of The Daily Dash, UPS’ blowout Q4; Mayor Pete gets a new job; and Forward Air is raising prices.
Forward Air is the latest transportation provider to implement general rate increases amid a tight capacity environment. The company’s 6% GRI will apply to all shipments.
In today’s edition of The Daily Dash, an activist investor speaks about what changes Forward Air should make. Plus, FedEx Ground is losing a key executive and why UPS Freight was no longer a strategic fit for UPS.
Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.
In today’s edition of The Daily Dash, congestion and gate restrictions from rail partners hampered J.B. Hunt’s intermodal growth in Q4. Plus, stopping a ransomware attack is not as simple as it sounds, and business-to-business activity is booming.
A catastrophic ransomware attack like the one that hit Forward Air is not inevitable. But transportation and logistics companies need to take cybersecurity seriously.
In today’s edition of The Daily Dash, an activist investor is pushing Forward Air to create more shareholder value. Plus, retail supply chain trends to watch in 2021 and Deutsche Bank’s Amit Mehrotra shares his truckload stock outlook.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
Schmitt says the company had “muscle memory” that enabled a shift to methods that predated the technology shutdown by a ransomware attack
The proliferation of ransomware attacks in the trucking and logistics industry is leaving many firms in the position of deciding which is the lesser of two evils: paying the attackers or paying the price of refusing.
Hackers relentlessly targeted trucking and logistics companies throughout 2020. These five cyberattacks are among the worst incidents.
In today’s edition of The Daily Dash, Republic Services has canceled a 2,500-truck order with embattled hydrogen-electric truck maker Nikola Corp. Plus, Forward Air is on the road to recovery following a ransomware attack and Roehl is the latest carrier to announce a driver pay increase.
The company is not commenting yet on signs the ransomware attack may be over.
In today’s edition of The Daily Dash, cyberattacks on Forward Air and Central Freight Lines are causing supply chain issues. Plus, FedEx and UPS receive kudos for their performance transporting the COVID vaccines.
Kevin Hill and Michael Vincent dive into technological advances and the timeline for deploying AV technology.
Forward Air is the victim of a ransomware attack. Freight is still moving through its network, but it’s become a paper-and-phone process to locate and tender freight and deal with back-office documentation.
Forward Air Corp. says it was targeted by a ransomware attack and warns of a potential deferral or loss in revenue as it recovers.
In today’s edition of The Daily Dash, transportation analysts say the good times will likely continue for the sector throughout 2021. Plus, Central Freight Lines is being sued for nonpayment of invoices, and International Roadcheck compliance numbers improve in 2020.
In slightly modified statement from earlier, company says law enforcement has been contacted about cyber incident
The “IT security incident” at Tennessee-based transportation and logistics firm Forward Air has the hallmarks of a cyberattack, potentially involving ransomware, according to experts.
The communication from the company to its customers said freight now moving will make it to its destination.
In today’s edition of The Daily Dash, Boyle Transportation’s pharma expertise leveraged in vaccine delivery. Plus, Frozen Food Express boosts driver pay and Forward Air adds California LTL terminals.
Forward Air is growing its traditional less-than-truckload terminal count. This time it is adding California’s Inland Empire to the roster.
Forward Air adds to non-airport less-than-truckload service by opening a facility in Bethlehem, Pennsylvania.
In today’s edition of The Daily Dash, peak season could be among the most volatile in years if current data trends continue. Plus, grading the success of the president, and Amazon’s logistics network just keeps growing.
Several key metrics in LTL operations show downturn from last year
Deutsche Bank’s geofencing data shows less-than-truckload terminal activity at XPO accelerated during the third quarter while other carriers saw moderation.
In today’s edition of The Daily Dash, Landstar is the latest carrier to predict a strong fourth quarter. M&A activity could be hitting the brakes and a truck driver is charged for driving into a crowd of protesters.
Forward Air sees 60 cents per share in the third quarter. The earnings pre-announcement comes in significantly higher than analysts’ current forecasts.
The less-than-truckload industry continues to expand its footprint. Saia Inc. has added terminal capacity again, this time transitioning into a new 200-door terminal in Memphis, Tennessee.
Forward Air announces another acquisition as it advances its no-wait growth plan. The Greeneville, Tennessee-based trucking company adds intermodal drayage provider Value Logistics to its roster.
Forward Air adds traditional LTL service to more of its facilities as carriers put more assets to work in the space.
In today’s edition of The Daily Dash, the West Coast wildfires are creating hazardous conditions for truck drivers. Plus, trailer orders are rising once again and volatile supply chains may become the new normal.
Forward Air announces the addition of CLW Delivery to its last-mile network, continuing its acceleration of both inorganic and organic growth initiatives.
YRC Worldwide expands regional next-day service throughout the South. The announcement follows similar expansion plans from competitors.
LaQuenta Jacobs promoted to provide cultural leadership and strategic direction.
Forward Air lays out plans to expand its less-than-truckload footprint. More terminals are expected to open this year.
Forward Air is expanding again. The company plans to offer traditional less-than-truckload service for the first time.
Your name is your face to the world. Forward Air wants a makeover since diversifying from its original business focused on air cargo, so it’s changing its name and logo.
Some or all operations in Oklahoma City, Tulsa affected.
Book it every year – Southwest Airlines Cargo is going to capture the award for best domestic airline, as voted by members of the Airforwarders Association.
Forward Air to become top 5 final-mile provider with acquisition of most of Linn Star
Forward Air management guided for negative EPS growth in the fourth quarter.
Three heavy hitters to take the stage at FreightWaves LIVE next month in Chicago.
Denser shipments and higher prices combined for a 6.9 percent improvement in revenue per LTL shipment.
Forward Air Corp. lowered its second quarter 2019 earnings expectation due to a $5 million accident claim reserve recorded in the quarter.
FedEx and Amazon part ways on US air services with both probably the better off for it
Forward Air names Chris Ruble COO, Matthew Jewell chief commercial officer
Acquisition to add $75 million in annual revenue.
Challenge finding teams, company executives said.
Strong Q4 drives full-year performance.
Some of the stocks that were getting hammered at midday recovered on the back of the broader market rebound by the close. One exception: Ryder.
A strong quarter all around, but as predicted, the quarter-to-quarter comparisons are showing signs of being weaker just because the trucking bull market is getting to be a year old.
Coverage of three companies were launched with a “buy” rating, while three of them got “hold” ratings.
Forward Air Corporation’s Board of Directors elected a new company president and chief executive officer as part of its succession planning process this week.
