Forward Air cautioned investors on Wednesday that 10% to 15% of its 2024 revenue would have been impacted by recently announced tariffs.

The Greeneville, Tennessee-based transportation and logistics company flagged the portion of its $2.5 billion top line as potentially being affected by tariffs announced on April 2.

“After reviewing the preliminary IEEPA [International Emergency Economic Powers Act] details, the Company currently estimates that between 10 percent and 15 percent of its revenue in 2024 would have been from shipments directly transported under its control from the countries potentially impacted by the evolving landscape around the tariff increases announced on April 2, 2025,” a news release said.

It said it’s “unable to estimate the potential tariff impact to shipments handled prior to being transported under our control, including in our Intermodal segment.”

Forward’s (NASDAQ: FWRD) intermodal unit reported $233 million in revenue last year.

The news release also said first-quarter adjusted earnings before interest, taxes, depreciation and amortization is expected to be in a range of $54 million to $59 million when the company reports results on May 7. Forward generated $308 million in adjusted EBITDA in 2024.

Liquidity is expected to improve by $10 million to $392 million sequentially in the first quarter. The company ended the year at a 5.5 times net leverage ratio. It isn’t required to meet the 5.5 times threshold until the fourth quarter of 2026 per its new debt covenant.

Forward’s revenue mix has changed after the January 2024 acquisition of freight forwarder Omni Logistics. Some investors tried to block the transaction given the high debt burden that would need to be assumed. Even Forward attempted to break the deal after pressure from shareholders mounted.

The company is currently conducting a strategic review assessing all options, which include a potential sale.

Shares of FWRD closed Tuesday at $10.50, down 67% on the year and 91% lower than when the Omni deal was announced in August 2023. The stock was off 3.2% in early trading on Wednesday compared to the S&P 500, which was up 0.8%.

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