Forward Air (FWRD) said Monday its board has started a review of strategic options including a potential sale, merger, or other strategic or financial transaction that would enhance shareholder value.

The board has not set a timetable yet for the review and there is no assurance that any action will be taken, the freight and logistics company said.

Forward Air said it began implementing the first phase of a "transformation strategy" in Q4 2024, which included job cuts, a consolidation of terminal operations and a reduction in the use of third-party vendors. The company said it expects these actions to generate $20 million in savings on an annualized basis.

The company also said it continues to expect full-year consolidated earnings before interest, taxes, depreciation, and amortization of $300 million to $310 million for 2024.

Forward Air added it has amended its senior secured term loan agreement to reduce total commitments under a revolving credit facility to $300 million from $340 million.

Shares of the company were up 1.1% in recent Monday premarket activity.