Forward Air Corporation's (FWRD) stock experienced a substantial pre-market plunge of 17.98% on Thursday, following the company's disappointing fourth-quarter earnings report and persistent demand challenges in the logistics industry.

The company reported a net loss from continuing operations of $35.4 million, or $1.23 per share, significantly missing analysts' consensus estimate of a 12-cent-per-share loss. While Forward Air's full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $308 million came in at the top end of management's guidance range, the lower-than-expected quarterly performance weighed heavily on investor sentiment.

According to the earnings release, Forward Air's expedited segment, which includes less-than-truckload operations, saw a 5% year-over-year decline in revenue to $266 million. Tonnage per day was down 4%, with shipments falling 9%, partially offset by a 5% increase in weight per shipment. The unit's operating margin was a concerning 2.7%, a significant drop of 690 basis points compared to the previous year.