Saia Reports Fourth Quarter Results
Saia, Inc. (Nasdaq: SAIA) announced its fourth quarter 2022 results, reporting revenue of $655.7 million, a 6.3% increase year-over-year. However, diluted earnings per share decreased to $2.65 from $2.76 in Q4 2021. Operating income fell 4.8% to $92.7 million, leading to an operating ratio of 85.9%. Full-year revenue reached $2.8 billion, a 22.0% increase, with operating income up 40.4% to $470.5 million. Saia expanded its terminal network significantly, and plans five new openings in 2023. The company ended 2022 with $187.4 million cash and low debt levels, positioning itself well for future investments.
- Full-year revenue increased by 22.0% to $2.8 billion.
- Operating income grew by 40.4% to $470.5 million for the full year.
- Operating ratio improved to 83.1% from 85.4% year-over-year.
- Revenue per shipment rose 21.5% to $351.27.
- Fourth quarter diluted EPS decreased to $2.65 from $2.76 year-over-year.
- Operating income in Q4 fell 4.8% to $92.7 million.
- LTL shipments per workday decreased by 8.2%.
JOHNS CREEK, Ga., Feb. 03, 2023 (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 fourth quarter 2022 financial results. Diluted earnings per share in the quarter were
Highlights from the fourth quarter and full year operating results were as follows:
Fourth Quarter 2022 Compared to Fourth Quarter 2021 Results
- Revenue was
$655.7 million , a6.3% increase - Operating income was
$92.7 million , a4.8% decrease - Operating ratio of
85.9% compared to84.2% - LTL shipments per workday decreased
8.2% - LTL tonnage per workday decreased
7.7% - LTL revenue per hundredweight increased
14.3% - LTL revenue per shipment rose
15.0% to$364.44
Full Year 2022 Results Compared to Full Year 2021 Results
- Revenue was
$2.8 billion , a22.0% increase - Operating income was
$470.5 million , a40.4% increase - Operating ratio of
83.1% compared to85.4% - LTL shipments per workday decreased
0.8% - LTL tonnage per workday increased
0.9% - LTL revenue per hundredweight increased
19.4% - LTL revenue per shipment rose
21.5% to$351.27
“Fourth quarter results were impacted by slowing volumes throughout the quarter and December tonnage per day was down
“Stepping back and looking at full-year results, it was another successful year for our company as we grew revenue by
Saia Executive Vice President and Chief Financial Officer, Douglas Col added, “after another record year of financial performance, including a record full year operating ratio of
invest in our fleet, technology, properties and our people in 2023.”
Financial Position and Capital Expenditures
We ended the fourth quarter of 2022 with
Net capital expenditures were
Conference Call
Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 1-888-440-5655 or 1-646-960-0338 referencing conference ID #9246157. 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 March 3, 2023 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-800-770-2030 or 1-647-362-9199 referencing conference ID #9246157.
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 187 terminals with service across 45 states. 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” 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 and other employees, purchased transportation and fuel; (5) inflationary increases in operating expenses and corresponding reductions of profitability; (6) claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (7) cost and availability of insurance coverage, including the possibility the Company may be required to pay additional premiums, assume additional liability under its auto liability policies or be unable to obtain insurance coverage; (8) failure to successfully execute the strategy to expand our service geography; (9) 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; (10) failure to keep pace with technological developments; (11) labor relations, including the adverse impact should a portion of our workforce become unionized; (12) cost, availability and resale value of real property and revenue equipment; (13) supply chain disruption and delays on new equipment delivery; (14) capacity and highway infrastructure constraints; (15) risks arising from international business operations and relationships; (16) seasonal factors, harsh weather and disasters caused by climate change; (17) economic declines in the geographic regions or industries in which our customers operate; (18) the creditworthiness of our customers and their ability to pay for services; (19) our need for capital and uncertainty of the credit markets; (20) the possibility of defaults under our debt agreements, including violation of financial covenants; (21) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (22) dependence on key employees; (23) employee turnover from changes to compensation and benefits or market factors; (24) increased costs of healthcare benefits; (25) damage to our reputation from adverse publicity, including from the use of or impact from social media; (26) failure to make future acquisitions or to achieve acquisition synergies; (27) 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; (28) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (29) 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; (30) unforeseen costs from new and existing data privacy laws; (31) changes in accounting and financial standards or practices; (32) widespread outbreak of an illness or any other communicable disease, including the COVID-19 pandemic, or any other health crisis or business disruptions and higher costs that may arise from the COVID-19 pandemic in the future, including governmental regulations requiring that employees be vaccinated or be tested regularly for COVID-19 before reporting to work; (33) increasing investor and customer sensitivity to social and sustainability issues, including climate change; (34) provisions in our governing documents and Delaware law that may have anti-takeover effects; (35) issuances of equity that would dilute stock ownership; and (36) 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. Douglas Col Executive Vice President and Chief Financial Officer Investors@saia.com |
Saia, Inc. and Subsidiaries | ||||
Condensed Consolidated Balance Sheets | ||||
(Amounts in thousands) | ||||
(Unaudited) | ||||
December 31, 2022 | December 31, 2021 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | ||||
Accounts receivable, net | 290,306 | 276,755 | ||
Prepaid expenses and other | 53,190 | 32,912 | ||
Total current assets | 530,886 | 416,255 | ||
PROPERTY AND EQUIPMENT: | ||||
Cost | 2,478,824 | 2,144,528 | ||
Less: accumulated depreciation | 996,204 | 864,074 | ||
Net property and equipment | 1,482,620 | 1,280,454 | ||
OPERATING LEASE RIGHT-OF-USE ASSETS | 120,455 | 107,781 | ||
OTHER ASSETS | 40,749 | 40,760 | ||
Total assets | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Accounts payable | ||||
Wages and employees' benefits | 66,684 | 73,109 | ||
Other current liabilities | 68,165 | 93,268 | ||
Current portion of long-term debt | 14,519 | 19,396 | ||
Current portion of operating lease liability | 24,925 | 21,565 | ||
Total current liabilities | 274,085 | 321,348 | ||
OTHER LIABILITIES: | ||||
Long-term debt, less current portion | 16,489 | 31,008 | ||
Operating lease liability, less current portion | 98,581 | 88,409 | ||
Deferred income taxes | 145,771 | 124,137 | ||
Claims, insurance and other | 60,443 | 60,015 | ||
Total other liabilities | 321,284 | 303,569 | ||
STOCKHOLDERS' EQUITY: | ||||
Common stock | 26 | 26 | ||
Additional paid-in capital | 277,366 | 274,633 | ||
Deferred compensation trust | (5,248) | (4,101) | ||
Retained earnings | 1,307,197 | 949,775 | ||
Total stockholders' equity | 1,579,341 | 1,220,333 | ||
Total liabilities and stockholders' equity |
Saia, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Operations | ||||||||
For the Quarters and Years Ended December 31, 2022 and 2021 | ||||||||
(Amounts in thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
Fourth Quarter | Years | |||||||
2022 | 2021 | 2022 | 2021 | |||||
OPERATING REVENUE | ||||||||
OPERATING EXPENSES: | ||||||||
Salaries, wages and employees' benefits | 287,777 | 273,393 | 1,169,539 | 1,063,703 | ||||
Purchased transportation | 60,377 | 70,005 | 315,896 | 249,710 | ||||
Fuel, operating expenses and supplies | 144,694 | 107,505 | 558,456 | 381,904 | ||||
Operating taxes and licenses | 15,011 | 15,626 | 63,824 | 59,095 | ||||
Claims and insurance | 15,661 | 17,019 | 56,601 | 61,345 | ||||
Depreciation and amortization | 39,625 | 35,927 | 157,203 | 141,700 | ||||
Operating (gains) losses, net | (110) | 221 | 50 | (3,894) | ||||
Total operating expenses | 563,035 | 519,696 | 2,321,569 | 1,953,563 | ||||
OPERATING INCOME | 92,691 | 97,385 | 470,488 | 335,141 | ||||
NONOPERATING EXPENSES (INCOME): | ||||||||
Interest expense | 670 | 749 | 2,611 | 3,212 | ||||
Other, net | (1,243) | (297) | (171) | (844) | ||||
Nonoperating expenses, net | (573) | 452 | 2,440 | 2,368 | ||||
INCOME BEFORE INCOME TAXES | 93,264 | 96,933 | 468,048 | 332,773 | ||||
Income tax expense | 22,402 | 23,172 | 110,626 | 79,538 | ||||
NET INCOME | ||||||||
Average common shares outstanding - basic | 26,561 | 26,336 | 26,520 | 26,322 | ||||
Average common shares outstanding - diluted | 26,691 | 26,734 | 26,674 | 26,707 | ||||
Basic earnings per share | ||||||||
Diluted earnings per share |
Saia, Inc. and Subsidiaries | ||||
Condensed Consolidated Statements of Cash Flows | ||||
For the twelve months ended December 31, 2022 and 2021 | ||||
(Amounts in thousands) | ||||
(Unaudited) | ||||
Years | ||||
2022 | 2021 | |||
OPERATING ACTIVITIES: | ||||
Net cash provided by operating activities | ||||
Net cash provided by operating activities | 473,026 | 382,592 | ||
INVESTING ACTIVITIES: | ||||
Acquisition of property and equipment | (367,429) | (285,746) | ||
Proceeds from disposal of property and equipment | 1,917 | 8,398 | ||
Other | – | (500) | ||
Net cash used in investing activities | (365,512) | (277,848) | ||
FINANCING ACTIVITIES: | ||||
Borrowing (repayment) of revolving credit agreement, net | – | – | ||
Proceeds from stock option exercises | 4,511 | 3,678 | ||
Shares withheld for taxes | (11,752) | (6,571) | ||
Other financing activity | (19,471) | (20,571) | ||
Net cash used in financing activities | (26,712) | (23,464) | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 80,802 | 81,280 | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 106,588 | 25,308 | ||
CASH AND CASH EQUIVALENTS, END OF YEAR |
Saia, Inc. and Subsidiaries | |||||||||||
Financial Information | |||||||||||
For the Quarters Ended December 31, 2022 and 2021 | |||||||||||
(Unaudited) | |||||||||||
Fourth Quarter | |||||||||||
Fourth Quarter | % | Amount/Workday | % | ||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||
Workdays | 61 | 61 | |||||||||
Operating ratio | |||||||||||
LTL tonnage (1) | 1,243 | 1,346 | (7.7) | 20.37 | 22.07 | (7.7) | |||||
LTL shipments (1) | 1,734 | 1,888 | (8.2) | 28.43 | 30.96 | (8.2) | |||||
LTL revenue/cwt. | 14.3 | ||||||||||
LTL revenue/cwt., excluding fuel surcharges | 6.5 | ||||||||||
LTL revenue/shipment | 15.0 | ||||||||||
LTL revenue/shipment, excluding fuel surcharges | 7.1 | ||||||||||
LTL pounds/shipment | 1,433 | 1,426 | 0.5 | ||||||||
LTL length of haul (2) | 892 | 924 | (3.5) | ||||||||
(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. |
Saia, Inc. and Subsidiaries | |||||||||||
Financial Information | |||||||||||
For the Years Ended December 31, 2022 and 2021 | |||||||||||
(Unaudited) | |||||||||||
Year Over Year | |||||||||||
Year Over Year | % | Amount/Workday | % | ||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||
Workdays | 253 | 252 | |||||||||
Operating ratio | |||||||||||
LTL tonnage (1) | 5,473 | 5,401 | 1.3 | 21.63 | 21.43 | 0.9 | |||||
LTL shipments (1) | 7,697 | 7,730 | (0.4) | 30.42 | 30.68 | (0.8) | |||||
LTL revenue/cwt. | 19.4 | ||||||||||
LTL revenue/cwt., excluding fuel surcharges | 10.8 | ||||||||||
LTL revenue/shipment | 21.5 | ||||||||||
LTL revenue/shipment, excluding fuel surcharges | 12.8 | ||||||||||
LTL pounds/shipment | 1,422 | 1,397 | 1.8 | ||||||||
LTL length of haul (2) | 904 | 913 | (1.0) | ||||||||
(1) In thousands. | |||||||||||
(2) In miles. |
FAQ
What were Saia's Q4 2022 earnings per share?
How much did Saia's revenue grow in 2022?
What is Saia's operating ratio for the full year 2022?
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