09:04 AM EST, 01/06/2025 (MT Newswires) -- 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 ( FWRD ) 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 ( FWRD ) 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.