A disastrous few quarters for holders of Forward Air (NASDAQ: FWRD) took a fresh turn for the worse in May after the company released disappointing quarterly results. Shares of Forward fell 23.7% for the month, according to data provided by S&P Global Market Intelligence, after investors got a glimpse of how bad things are at the transportation company.

Forward Air is an asset-light provider of transportation services. The stock has been under pressure since last year when the company announced its intention to acquire Omni Logistics. The deal raised objections from activist investors who argued that Forward Air was overpaying.

The deal closed in January, and in early May, Forward Air announced a $0.64 per-share quarterly loss on revenue of $541.8 million. This was considerably worse than the $0.11 per-share loss on sales of $604 million that Wall Street had predicted.

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Source Fool.com