04:43 AM EDT, 06/28/2024 (MT Newswires) -- Forward Air ( FWRD ) said late Thursday it revised its calculation of consolidated earnings before interest, taxes, depreciation and amortization for the 12 months ended March 31 to about $324 million.

In a May 8 presentation, the company calculated consolidated EBITDA of $300 million, which included several one-time costs and pro forma adjustments related to the acquisition of Omni Logistics.

As a result, Forward Air's ( FWRD ) revised consolidated first lien net leverage ratio would have been 5.1x for the quarter ended March 31, compared with 5.5x as reported on May 8. Starting with the quarter ending June 30, the company said there is a requirement to comply with a financial performance covenant for a maximum consolidated first lien net leverage ratio of 6.0x.

In addition, the company has taken "further cost reduction actions" that it said would likely add about $20 million of incremental consolidated EBITDA to Q2 results.