Saia Reports First Quarter Results
Saia Inc (Nasdaq: SAIA) reported challenging Q1 2025 financial results, with diluted earnings per share declining to $1.86 from $3.38 in Q1 2024. Revenue increased 4.3% to $787.6 million, while operating income decreased 40.5% to $70.2 million.
Key operational metrics showed mixed results: LTL shipments and tonnage per workday increased by 4.6% and 12.7% respectively, while LTL revenue per hundredweight (excluding fuel surcharge) decreased by 5.1%. The operating ratio deteriorated to 91.1% from 84.4%.
The company faced headwinds from an uncertain macroeconomic environment and unusually harsh winter weather in southern regions. Despite challenges, Saia maintained growth in shipments, particularly in terminals opened within the past three years. The company ended Q1 2025 with $16.5 million cash on hand and $295.5 million in total debt, with planned net capital expenditures of approximately $650 million for 2025.
Saia Inc (Nasdaq: SAIA) ha riportato risultati finanziari difficili nel primo trimestre 2025, con un utile per azione diluito in calo a 1,86$ rispetto a 3,38$ nel primo trimestre 2024. I ricavi sono aumentati del 4,3%, raggiungendo 787,6 milioni di dollari, mentre l’utile operativo è diminuito del 40,5%, attestandosi a 70,2 milioni di dollari.
I principali indicatori operativi hanno mostrato risultati contrastanti: le spedizioni LTL e il tonnellaggio per giornata lavorativa sono aumentati rispettivamente del 4,6% e del 12,7%, mentre il ricavo LTL per quintale (escluso il supplemento carburante) è diminuito del 5,1%. Il rapporto operativo si è deteriorato, passando dal 84,4% al 91,1%.
L’azienda ha dovuto affrontare difficoltà dovute a un contesto macroeconomico incerto e a un inverno particolarmente rigido nelle regioni meridionali. Nonostante le sfide, Saia ha mantenuto una crescita nelle spedizioni, soprattutto nei terminal aperti negli ultimi tre anni. Al termine del primo trimestre 2025, la società disponeva di 16,5 milioni di dollari in liquidità e 295,5 milioni di dollari di debito totale, con investimenti netti in conto capitale previsti per circa 650 milioni di dollari nel 2025.
Saia Inc (Nasdaq: SAIA) reportó resultados financieros desafiantes en el primer trimestre de 2025, con ganancias diluidas por acción que disminuyeron a 1,86$ desde 3,38$ en el primer trimestre de 2024. Los ingresos aumentaron un 4,3% hasta 787,6 millones de dólares, mientras que el ingreso operativo bajó un 40,5% hasta 70,2 millones de dólares.
Los principales indicadores operativos mostraron resultados mixtos: los envíos LTL y el tonelaje por día laborable aumentaron un 4,6% y un 12,7% respectivamente, mientras que los ingresos LTL por quintal (excluyendo el recargo por combustible) disminuyeron un 5,1%. La ratio operativa se deterioró, pasando del 84,4% al 91,1%.
La compañía enfrentó dificultades debido a un entorno macroeconómico incierto y un invierno excepcionalmente duro en las regiones del sur. A pesar de los retos, Saia mantuvo el crecimiento en envíos, especialmente en terminales inaugurados en los últimos tres años. Al cierre del primer trimestre de 2025, la empresa contaba con 16,5 millones de dólares en efectivo y una deuda total de 295,5 millones de dólares, con gastos netos de capital planificados de aproximadamente 650 millones de dólares para 2025.
Saia Inc (나스닥: SAIA)는 2025년 1분기에 도전적인 재무 실적을 보고했으며, 희석 주당순이익은 2024년 1분기 3.38달러에서 1.86달러로 감소했습니다. 매출은 4.3% 증가하여 7억 8,760만 달러를 기록했으나, 영업이익은 40.5% 감소한 7,020만 달러에 그쳤습니다.
주요 운영 지표는 혼조세를 보였습니다: LTL(소량 화물) 출하량과 작업일당 톤수는 각각 4.6%와 12.7% 증가했으나, 연료 할증료를 제외한 LTL 단위 중량당 수익은 5.1% 감소했습니다. 영업비율은 84.4%에서 91.1%로 악화되었습니다.
회사는 불확실한 거시경제 환경과 남부 지역의 이례적으로 혹독한 겨울 날씨라는 역풍에 직면했습니다. 어려움에도 불구하고 Saia는 특히 지난 3년 내 개설된 터미널에서 출하량 성장을 유지했습니다. 2025년 1분기 말 기준 현금은 1,650만 달러, 총 부채는 2억 9,550만 달러였으며, 2025년 순자본 지출 계획은 약 6억 5,000만 달러입니다.
Saia Inc (Nasdaq : SAIA) a annoncé des résultats financiers difficiles pour le premier trimestre 2025, avec un bénéfice dilué par action en baisse à 1,86 $ contre 3,38 $ au premier trimestre 2024. Le chiffre d’affaires a augmenté de 4,3% pour atteindre 787,6 millions de dollars, tandis que le résultat opérationnel a diminué de 40,5 % à 70,2 millions de dollars.
Les principaux indicateurs opérationnels ont présenté des résultats mitigés : les expéditions LTL et le tonnage par jour ouvré ont augmenté respectivement de 4,6 % et 12,7 %, tandis que le chiffre d’affaires LTL par quintal (hors surcharge carburant) a diminué de 5,1 %. Le ratio opérationnel s’est dégradé, passant de 84,4 % à 91,1 %.
La société a dû faire face à des vents contraires liés à un environnement macroéconomique incertain et à un hiver exceptionnellement rigoureux dans les régions du sud. Malgré ces défis, Saia a maintenu la croissance de ses expéditions, notamment dans les terminaux ouverts au cours des trois dernières années. À la fin du premier trimestre 2025, l’entreprise disposait de 16,5 millions de dollars de trésorerie et d’une dette totale de 295,5 millions de dollars, avec des dépenses d’investissement nettes prévues d’environ 650 millions de dollars pour 2025.
Saia Inc (Nasdaq: SAIA) meldete herausfordernde Finanzergebnisse für das erste Quartal 2025, wobei der verwässerte Gewinn je Aktie von 3,38$ im ersten Quartal 2024 auf 1,86$ sank. Der Umsatz stieg um 4,3% auf 787,6 Millionen US-Dollar, während das Betriebsergebnis um 40,5% auf 70,2 Millionen US-Dollar zurückging.
Wichtige operative Kennzahlen zeigten gemischte Ergebnisse: LTL-Sendungen und Tonnage pro Arbeitstag stiegen um 4,6% bzw. 12,7%, während der LTL-Umsatz pro hundert Gewichtseinheiten (ohne Treibstoffzuschlag) um 5,1% sank. Die operative Quote verschlechterte sich von 84,4% auf 91,1%.
Das Unternehmen sah sich Gegenwind durch ein unsicheres makroökonomisches Umfeld und ungewöhnlich strenge Winterwetterbedingungen in den südlichen Regionen ausgesetzt. Trotz der Herausforderungen hielt Saia das Wachstum bei den Sendungen, insbesondere in den in den letzten drei Jahren eröffneten Terminals, aufrecht. Zum Ende des ersten Quartals 2025 verfügte das Unternehmen über 16,5 Millionen US-Dollar an liquiden Mitteln und 295,5 Millionen US-Dollar Gesamtverschuldung, mit geplanten Nettoinvestitionen von etwa 650 Millionen US-Dollar für 2025.
- Revenue increased 4.3% to $787.6 million
- LTL shipments per workday grew 4.6%
- LTL tonnage per workday increased 12.7%
- LTL revenue per shipment (excluding fuel surcharge) rose 2.3%
- Operating income decreased 40.5% to $70.2 million
- Operating ratio deteriorated to 91.1% from 84.4%
- LTL revenue per hundredweight declined 5.1%
- Total debt increased significantly to $295.5 million from $84.1 million
- Earnings per share declined to $1.86 from $3.38
Insights
Saia's Q1 shows significant 45% earnings decline despite higher volumes, with compressed margins and increased debt levels.
Saia's Q1 2025 financial performance reveals substantial profitability challenges despite modest topline growth. The company reported revenue of
The earnings decline is quantified by diluted EPS dropping from
The balance sheet shows
Volume growth masked by yield deterioration as Saia struggles with pricing pressure despite network expansion benefits.
Saia's Q1 results demonstrate the fundamental challenge in LTL transportation: balancing growth and yield. While the company achieved
The operational data presents a clear picture: Saia is moving more freight (tonnage up
Management specifically noted the absence of typical seasonal patterns, stating "we did not see the typical sequential growth in shipments through the quarter, with March shipments flat to February." This deviation from normal LTL seasonality is significant as Q1 typically builds momentum into spring. The company's continued network expansion to 213 terminals nationwide represents substantial infrastructure investment, with management highlighting that terminals opened in the past three years are driving shipment growth. However, as explicitly stated, the associated "labor and depreciation expenses related to our ongoing network expansion primarily drove our decline in operating income." This creates a short-term cost burden despite the strategic positioning benefits of a nationwide footprint.
JOHNS CREEK, Ga., April 25, 2025 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported first quarter 2025 financial results. Diluted earnings per share for the quarter were
Highlights from the first quarter operating results were as follows:
First Quarter 2025 Compared to First Quarter 2024 Results
- Revenue was
$787.6 million , a4.3% increase - Operating income was
$70.2 million , a40.5% decrease - Operating ratio of
91.1% compared to84.4% - LTL shipments per workday increased
4.6% - LTL tonnage per workday increased
12.7% - LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased
5.1% - LTL revenue per shipment, excluding fuel surcharge revenue, increased
2.3%
Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “Primarily resulting from an uncertain macroeconomic environment, we did not see the typical sequential growth in shipments through the quarter, with March shipments flat to February, causing our first quarter revenues to fall well below our expectations. Additionally, while the first quarter is typically impacted by adverse weather events, unusually harsh winter weather in the southern part of the country prompted closures and limited operations in some of our most dense and most profitable regions. Despite these headwinds, we experienced shipment growth of
“The combination of lower than expected revenues, the impact from adverse weather events and labor and depreciation expenses related to our ongoing network expansion primarily drove our decline in operating income,” continued Holzgrefe.
“While this quarter proved challenging, our now nationwide terminal network enabled us to serve the customer in ways that we previously would not have been able to accomplish. As we progress through the remainder of 2025, we remain focused on serving and supporting our customers,” concluded Holzgrefe.
Executive Vice President and CFO, Matt Batteh, noted that, “Our financial performance over the last several years has positioned us to withstand the uncertainty we are seeing in the market. Our nationwide footprint positions us to provide consistent, direct service to our customers. While the demand backdrop remains uncertain, we are confident that our customers will continue to value our service offering in both new and existing markets.”
Financial Position and Capital Expenditures
We ended the first quarter of 2025 with
Net capital expenditures were
Conference Call
Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-877-317-6789 and request to join the Saia, Inc. call. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through May 25, 2025 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-877-344-7529 referencing conference ID #4574131.
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 213 terminals with national service. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.
Cautionary Note Regarding Forward-Looking Statements
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potential” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) unexpected liabilities resulting from the acquisition of real estate assets; (10) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (11) risks arising from remote work, including increased risk of related cybersecurity incidents; (12) failure to keep pace with technological developments; (13) liabilities and costs arising from the use of artificial intelligence; (14) labor relations, including the adverse impact should a portion of our workforce become unionized; (15) cost, availability and resale value of real property and revenue equipment; (16) supply chain disruption and delays on new equipment delivery; (17) capacity and highway infrastructure constraints; (18) risks arising from new or higher tariffs; (19) risks arising from international business operations and relationships; (20) seasonal factors, harsh weather and disasters caused by climate change; (21) the creditworthiness of our customers and their ability to pay for services; (22) our need for capital and uncertainty of the credit markets; (23) the possibility of defaults under our debt agreements, including violation of financial covenants; (24) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (25) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (26) dependence on key employees; (27) employee turnover from changes to compensation and benefits or market factors; (28) increased costs of healthcare benefits; (29) damage to our reputation from adverse publicity, including from the use of or impact from social media; (30) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (31) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (32) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (33) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; (34) unforeseen costs from new and existing data privacy laws; (35) changes to the way LTL freight is categorized; (36) costs from new and existing laws regarding how to classify workers; (37) changes in accounting and financial standards or practices; (38) widespread outbreak of an illness or any other communicable disease; (39) international conflicts and geopolitical instability; (40) evolving stakeholder expectations regarding environmental and social issues; (41) provisions in our governing documents and Delaware law that may have anti-takeover effects; (42) issuances of equity that would dilute stock ownership; (43) weakness, disruption or loss of confidence in financial or credit markets; and (44) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.
As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
| CONTACT: | Saia, Inc. | |
| Matthew Batteh | ||
| Executive Vice President and Chief Financial Officer | ||
| Investors@saia.com |
| Saia, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Amounts in thousands) | ||||||||
| (Unaudited) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | ||||||||
| Accounts receivable, net | 351,106 | 322,991 | ||||||
| Prepaid expenses and other | 101,963 | 93,305 | ||||||
| Total current assets | 469,604 | 435,769 | ||||||
| Property and Equipment: | ||||||||
| Cost | 3,995,502 | 3,790,069 | ||||||
| Less: accumulated depreciation | 1,273,382 | 1,233,134 | ||||||
| Net property and equipment | 2,722,120 | 2,556,935 | ||||||
| Operating Lease Right-of-Use Assets | 124,500 | 126,828 | ||||||
| Other Assets | 48,997 | 47,325 | ||||||
| Total assets | ||||||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | ||||||||
| Wages, vacation and employees' benefits | 57,602 | 49,953 | ||||||
| Other current liabilities | 83,407 | 81,162 | ||||||
| Current portion of long-term debt | 3,769 | 5,313 | ||||||
| Current portion of operating lease liability | 27,925 | 27,372 | ||||||
| Total current liabilities | 327,698 | 278,360 | ||||||
| Other Liabilities: | ||||||||
| Long-term debt, less current portion | 291,758 | 194,981 | ||||||
| Operating lease liability, less current portion | 94,532 | 96,798 | ||||||
| Deferred income taxes | 224,307 | 219,062 | ||||||
| Claims, insurance and other | 66,499 | 66,385 | ||||||
| Total other liabilities | 677,096 | 577,226 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 27 | 27 | ||||||
| Additional paid-in capital | 295,459 | 295,106 | ||||||
| Deferred compensation trust | (8,988) | (7,981) | ||||||
| Retained earnings | 2,073,929 | 2,024,119 | ||||||
| Total stockholders' equity | 2,360,427 | 2,311,271 | ||||||
| Total liabilities and stockholders' equity | ||||||||
| Saia, Inc. and Subsidiaries | ||||||||
| Consolidated Statements of Operations | ||||||||
| For the Quarters Ended March 31, 2025 and 2024 | ||||||||
| (Amounts in thousands, except per share data) | ||||||||
| (Unaudited) | ||||||||
| First Quarter | ||||||||
| 2025 | 2024 | |||||||
| Operating Revenue | ||||||||
| Operating Expenses: | ||||||||
| Salaries, wages and employees' benefits | 389,256 | 341,713 | ||||||
| Purchased transportation | 59,849 | 52,507 | ||||||
| Fuel, operating expenses and supplies | 166,671 | 156,325 | ||||||
| Operating taxes and licenses | 20,437 | 19,766 | ||||||
| Claims and insurance | 21,545 | 17,463 | ||||||
| Depreciation and amortization | 59,043 | 48,849 | ||||||
| Other operating, net | 606 | 240 | ||||||
| Total operating expenses | 717,407 | 636,863 | ||||||
| Operating Income | 70,168 | 117,912 | ||||||
| Nonoperating (Income) Expenses: | ||||||||
| Interest expense | 4,285 | 542 | ||||||
| Interest income | (39) | (755) | ||||||
| Other, net | 357 | (788) | ||||||
| Nonoperating (income) expenses, net | 4,603 | (1,001) | ||||||
| Income Before Income Taxes | 65,565 | 118,913 | ||||||
| Income Tax Provision | 15,755 | 28,218 | ||||||
| Net Income | ||||||||
| Weighted average common shares outstanding - basic | 26,720 | 26,672 | ||||||
| Weighted average common shares outstanding - diluted | 26,788 | 26,794 | ||||||
| Basic earnings per share | ||||||||
| Diluted earnings per share | ||||||||
| Saia, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| For the three months ended March 31, 2025 and 2024 | ||||||||
| (Amounts in thousands) | ||||||||
| (Unaudited) | ||||||||
| First Quarter | ||||||||
| 2025 | 2024 | |||||||
| Operating Activities: | ||||||||
| Net cash provided by operating activities | ||||||||
| Net cash provided by operating activities | 109,073 | 106,468 | ||||||
| Investing Activities: | ||||||||
| Acquisition of property and equipment | (202,889) | (457,164) | ||||||
| Proceeds from disposal of property and equipment | 826 | 343 | ||||||
| Other | – | 4,999 | ||||||
| Net cash used in investing activities | (202,063) | (451,822) | ||||||
| Financing Activities: | ||||||||
| Borrowing of revolving credit facility, net | 97,000 | 72,000 | ||||||
| Proceeds from stock option exercises | 2,463 | 1,993 | ||||||
| Shares withheld for taxes | (7,644) | (7,968) | ||||||
| Other financing activity | (1,767) | (4,578) | ||||||
| Net cash provided by financing activities | 90,052 | 61,447 | ||||||
| Net (Decrease) Increase in Cash and Cash Equivalents | (2,938) | (283,907) | ||||||
| Cash and Cash Equivalents, beginning of period | 19,473 | 296,215 | ||||||
| Cash and Cash Equivalents, end of period | ||||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||||||
| Financial Information | ||||||||||||||||||
| For the Quarters Ended March 31, 2025 and 2024 | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| First Quarter | ||||||||||||||||||
| First Quarter | % | Amount/Workday | % | |||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||
| Workdays | 63 | 64 | ||||||||||||||||
| Operating ratio | ||||||||||||||||||
| LTL tonnage (1) | 1,545 | 1,392 | 11.0 | 24.52 | 21.75 | 12.7 | ||||||||||||
| LTL shipments (1) | 2,170 | 2,108 | 2.9 | 34.44 | 32.94 | 4.6 | ||||||||||||
| LTL revenue/cwt. | (5.8) | |||||||||||||||||
| LTL revenue/cwt., excluding fuel surcharge | (5.1) | |||||||||||||||||
| LTL revenue/shipment | 1.5 | |||||||||||||||||
| LTL revenue/shipment, excluding fuel surcharge | 2.3 | |||||||||||||||||
| LTL pounds/shipment | 1,424 | 1,321 | 7.8 | |||||||||||||||
| LTL length of haul (2) | 905 | 888 | 1.9 | |||||||||||||||
| (1 | ) | In thousands. | ||||||||||||||||
| (2 | ) | In miles. | ||||||||||||||||
| Note: | LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy. | |||||||||||||||||
FAQ
What caused Saia's (SAIA) operating income to decline by 40.5% in Q1 2025?
How much did Saia's (SAIA) LTL shipments and tonnage grow in Q1 2025?
What are Saia's (SAIA) capital expenditure plans for 2025?
How did Saia's (SAIA) debt position change in Q1 2025 compared to Q1 2024?
What was Saia's (SAIA) revenue performance in Q1 2025?
