01:37 PM EDT, 05/09/2024 (MT Newswires) -- Forward Air ( FWRD ) shares plunged 24% in recent trading Thursday, a day after the company posted an adjusted net loss exceeding estimates by analysts.

The company's Q1 adjusted net loss of $0.64 per diluted share compared with net income of $1.27 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.15.

Revenue in the quarter ended March 31 rose to $541.8 million from $357.7 million a year earlier.

Four analysts surveyed by Capital IQ expected $604 million.

Price: 16.44, Change: -5.07, Percent Change: -23.57