Comment / Forward Air – another sales pitch

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Ready to follow the release of Forward Air’s (FWRD) Q2 25 numbers after regular trading hours in the US yesterday, you may have been left wondering what the conference call was all about in the end.

Starting point

In prepared remarks, CEO Shawn Stewart talked up “another solid operational quarter with consolidated Ebitda, which is calculated pursuant to our credit agreement, of $74m compared to $69m in the first quarter of this year; [meanwhile] consolidated Ebitda in the second quarter of last ...