Forward Air reported an adjusted loss of $0.28 per share for Q4, falling short of the consensus loss estimate of $0.26 by 7.7%. This represents the fourth consecutive quarter of missing earnings projections and a modest improvement from the prior quarter’s $0.52 per-share loss.

Fourth-quarter revenue came in at $631.23 million, edging consensus by 0.26% but nearly identical to the $632.85 million reported in the same period a year ago. The company has topped revenue estimates only once in the last four quarters despite stable top-line performance.

Over the past four quarters, Forward Air has consistently fallen short of consensus EPS estimates, signaling challenges in cost control or pricing power in its air cargo logistics operations. The persistent earnings misses have weighed on analyst sentiment and prompted estimate revisions.

Shares of Forward Air have climbed about 11.3% year-to-date versus a 0.9% gain in the S&P 500, reflecting investor focus on growth prospects. However, with a sell-oriented analyst rank and uncertain near-term outlook, the stock may face pressure until a clear earnings turnaround emerges.