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Forward Air Halts Intermodal Unit Divestiture as Operations Stabilize

Forward Air suspended its planned sale of the intermodal business Monday, citing improved operational performance and a stabilized customer base. The carrier secured a two-year contract extension through 2028 with a major logistics customer that was previously at-risk. Third-quarter results showed consolidated revenue reached $674 million, up 7% year-over-year, with adjusted EBITDA climbing 31% to $101 million. The expedited unit, which includes LTL operations, posted particularly strong gains with revenue jumping 31% to $337 million and tonnage increasing 16%. Intermodal revenue grew 9% to $63 million.

Management told analysts the intermodal unit remains open to acquisition offers reflecting fair value, though current trajectory suggests stronger retention prospects than previously anticipated.