Forward Air Corporation's stock experienced a significant decline on Wednesday, plummeting by 6.20% in the market. The drop can be attributed to the company's fourth-quarter earnings report, which fell short of analysts' expectations.

According to the earnings release, Forward Air reported an operating revenue of $632.846 million for the fourth quarter, missing the consensus estimate of $667.4 million. While the company's operating margin stood at a respectable 12%, the lower-than-expected revenue figures weighed heavily on investor sentiment.

Furthermore, Forward Air reported a negative free cash flow of $35.098 million for the quarter, indicating potential challenges in generating cash from its operations. This raised concerns among investors about the company's financial health and its ability to fund future growth initiatives.