Forward Air Corporation reported significant financial developments for the quarter and nine months ended September 30, 2024, following its acquisition of Omni Logistics on January 25, 2024. The company, a leading asset-light freight and logistics provider, operates through three segments: Expedited Freight, Intermodal, and Omni Logistics.

For the third quarter of 2024, Forward Air's consolidated external revenues reached $655.9 million, a substantial increase of 92.4% compared to $340.9 million in the same period of 2023. This growth was primarily driven by the Omni Logistics segment, which contributed $334.5 million in revenue. However, the company reported a net loss from continuing operations of $72.3 million, a stark contrast to a profit of $6.5 million in Q3 2023, reflecting a 626.7% decline. The net loss attributable to Forward Air for the quarter was $73.4 million, compared to a profit of $9.3 million in the prior year.

Operating expenses for the third quarter also surged, increasing by 92.3% to $633.2 million, largely due to the inclusion of Omni's expenses, which accounted for $333.4 million. The income from operations fell to $22.7 million, down 94.2% from $11.7 million in Q3 2023. The increase in interest expense, which rose to $52.8 million from $2.7 million, was attributed to higher borrowings and an increase in average interest rates.

For the nine months ended September 30, 2024, total operating revenues were $1.84 billion, an increase of 78.4% from $1.03 billion in the same period in 2023. However, the company reported a net loss from continuing operations of $1.09 billion, compared to a profit of $57.5 million in the previous year. This loss was significantly impacted by a goodwill impairment charge of $1.1 billion related to the Omni Logistics segment.

The company completed the acquisition of Omni for a total consideration of $100.5 million in cash and stock, which has allowed Forward Air to enhance its service offerings and expand its geographic footprint. The acquisition involved a restructuring that consolidated Omni's operations under a newly formed subsidiary.

Forward Air's financial position as of September 30, 2024, included total assets of $3.06 billion, with long-term debt comprising $725 million in senior secured notes due 2031. The company has been actively managing its debt and financing arrangements, including a new term loan facility established in connection with the Omni acquisition.

Overall, Forward Air's performance reflects the challenges of integrating a significant acquisition while navigating a competitive and fluctuating market environment.