Forward Air Shares Plunge On Outlook, Downgrade

NEW YORK (AP) — Shares of Forward Air Corp. plunged Tuesday after the air cargo industry contractor reported a first-quarter loss, issued a murky outlook and an analyst downgraded the stock.

Blaming a hefty impairment charge and crimped demand, Forward Air said late Monday it lost $3.1 million, or 11 cents per share, in the first three months of this year, compared with profit of $10 million, or 35 cents per share, a year earlier. Excluding a $7.2 million writedown related to its Forward Air Solutions unit, the company earned 4 cents per share.

In a conference call, Forward Chief Executive Bruce Campbell called the first quarter "the most difficult in our history." ...