Saia Reports Third Quarter Results
Saia reported Q3 2024 financial results with diluted EPS of $3.46, down from $3.67 in Q3 2023. Revenue increased 8.6% to $842.1 million, while operating income decreased 2.5% to $125.2 million. The operating ratio rose to 85.1% from 83.4%. LTL metrics showed growth with shipments per workday up 8.5% and tonnage per workday up 7.7%. The company expanded its footprint with 11 new terminals and one relocation during Q3, primarily in the Great Plains states, achieving direct service coverage across all 48 contiguous states. Net capital expenditures reached $873.2 million in the first nine months of 2024, including $235.7 million for Yellow auction properties.
Saia ha riportato i risultati finanziari del terzo trimestre 2024 con un utile per azione diluito di $3,46, in calo rispetto a $3,67 nel terzo trimestre 2023. I ricavi sono aumentati dell'8,6% raggiungendo $842,1 milioni, mentre il reddito operativo è diminuito del 2,5% a $125,2 milioni. Il rapporto operativo è salito all'85,1% rispetto all'83,4%. Le metriche LTL hanno mostrato una crescita con le spedizioni per giorno lavorativo aumentate dell'8,5% e la tonnellata per giorno lavorativo aumentata del 7,7%. L'azienda ha ampliato la propria presenza con 11 nuovi terminal e un trasferimento durante il terzo trimestre, principalmente negli stati delle Grandi Pianure, ottenendo una copertura del servizio diretto in tutti e 48 gli stati contigui. Le spese in conto capitale nette hanno raggiunto $873,2 milioni nei primi nove mesi del 2024, comprese $235,7 milioni per le proprietà d'asta Yellow.
Saia informó los resultados financieros del tercer trimestre de 2024 con un EPS diluido de $3.46, una disminución desde $3.67 en el tercer trimestre de 2023. Los ingresos aumentaron un 8.6% a $842.1 millones, mientras que los ingresos operativos disminuyeron un 2.5% a $125.2 millones. La relación operativa aumentó al 85.1% desde el 83.4%. Las métricas de LTL mostraron crecimiento con envíos por día laborable aumentando un 8.5% y la tonelada por día laborable aumentando un 7.7%. La compañía amplió su presencia con 11 nuevos terminales y un traslado durante el tercer trimestre, principalmente en los estados de las Grandes Llanuras, logrando cobertura de servicio directo en los 48 estados contiguos. Los gastos de capital netos alcanzaron $873.2 millones en los primeros nueve meses de 2024, incluyendo $235.7 millones para propiedades de subasta de Yellow.
Saia는 2024년 3분기 재무 결과를 발표했으며 희석 주당순이익이 $3.46로, 2023년 3분기의 $3.67에서 감소했습니다. 수익은 8.6% 증가하여 $842.1백만에 달했으며, 운영 소득은 2.5% 감소하여 $125.2백만에 그쳤습니다. 운영 비율은 83.4%에서 85.1%로 상승했습니다. LTL 지표는 근무일당 발송량이 8.5% 증가하고, 근무일당 톤수가 7.7% 증가함에 따라 성장세를 보였습니다. 회사는 3분기 동안 11개의 새로운 터미널과 한 개의 이전을 통해 미주리주 및 그레이트플레인 주에 주로 입지를 확장하여 48개 인근 주 전역에 직접 서비스 범위를 확보했습니다. 순 자본 지출은 2024년 첫 9개월 동안 $873.2백만에 이르렀으며, 여기에는 Yellow 경매 부동산을 위한 $235.7백만이 포함됩니다.
Saia a annoncé les résultats financiers du troisième trimestre 2024 avec un bénéfice par action dilué de 3,46 $, en baisse par rapport à 3,67 $ au troisième trimestre 2023. Le chiffre d'affaires a augmenté de 8,6 % pour atteindre 842,1 millions de dollars, tandis que le revenu opérationnel a diminué de 2,5 % pour atteindre 125,2 millions de dollars. Le ratio d'exploitation a augmenté à 85,1 % contre 83,4 %. Les indicateurs LTL ont montré une croissance avec des expéditions par journée de travail en hausse de 8,5 % et du tonnage par journée de travail en hausse de 7,7 %. L'entreprise a élargi sa présence avec 11 nouveaux terminaux et un déménagement au cours du troisième trimestre, principalement dans les États des Grandes Plaines, réalisant une couverture de service direct à travers les 48 États contigus. Les dépenses d'investissement nettes ont atteint 873,2 millions de dollars au cours des neuf premiers mois de 2024, dont 235,7 millions de dollars pour les propriétés aux enchères Yellow.
Saia hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem verwässerten Gewinn pro Aktie von $3,46, ein Rückgang von $3,67 im 3. Quartal 2023. Der Umsatz stieg um 8,6 % auf $842,1 Millionen, während das Betriebsergebnis um 2,5 % auf $125,2 Millionen sank. Die Betriebskostenquote stieg von 83,4 % auf 85,1 %. Die LTL Kennzahlen zeigten Wachstum, mit einer Steigerung der Sendungen pro Arbeitstag um 8,5 % und der Tonnage pro Arbeitstag um 7,7 %. Das Unternehmen erweiterte seine Präsenz mit 11 neuen Terminals und einem Umzug im 3. Quartal, hauptsächlich in den Great Plains-Staaten, und erreichte eine direkte Serviceabdeckung in allen 48 zusammenhängenden Staaten. Die Nettoinvestitionsausgaben beliefen sich in den ersten neun Monaten von 2024 auf $873,2 Millionen, einschließlich $235,7 Millionen für Yellow-Auktionsimmobilien.
- Revenue increased 8.6% to $842.1 million
- LTL shipments per workday increased 8.5%
- LTL tonnage per workday increased 7.7%
- Expanded network with 11 new terminals
- Achieved direct service coverage in all 48 contiguous states
- Operating income decreased 2.5% to $125.2 million
- Diluted EPS declined to $3.46 from $3.67 year-over-year
- Operating ratio deteriorated to 85.1% from 83.4%
- Total debt increased to $191.0 million from $18.9 million YoY
- Cash position decreased to $14.4 million from $249.3 million YoY
Insights
The Q3 results show mixed performance with concerning trends. While revenue grew
The significant capital expenditure of
The expansion into all 48 contiguous states marks a strategic milestone for Saia's competitive positioning. This full national coverage reduces dependency on partner carriers and should improve service quality and cost efficiency. However, the timing is challenging given the "muted" freight environment and continuing mix headwinds.
The planned
JOHNS CREEK, Ga., Oct. 25, 2024 (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 third quarter 2024 financial results. Diluted earnings per share for the quarter were
Highlights from the third quarter operating results were as follows:
Third Quarter 2024 Compared to Third Quarter 2023 Results
- Revenue was
$842.1 million , an8.6% increase - Operating income was
$125.2 million , a2.5% decrease - Operating ratio of
85.1% compared to83.4% - LTL shipments per workday increased
8.5% - LTL tonnage per workday increased
7.7% - LTL revenue per hundredweight, excluding fuel surcharge revenue, increased
1.7% - LTL revenue per shipment, excluding fuel surcharge revenue, increased
0.9%
Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “We are pleased with the continued progress of our footprint expansion, as we opened 11 new terminals and relocated one terminal during the third quarter. The majority of the terminals opened in the quarter were in the Great Plains states, and these locations enable us to provide direct service in and out of a geography that has historically been serviced through partner carriers. With these recent terminal openings, we are now able to provide direct service to all of the contiguous 48 states, which significantly enhances our value proposition to our customers. We remain committed to our continued investment in the customer experience. We are encouraged by early customer acceptance, and we are excited to expand our addressable market for new and existing customers.”
Executive Vice President and CFO, Matt Batteh, noted that, “The freight backdrop in the third quarter remained muted, and while weight per shipment was essentially flat compared to the second quarter, we continue to experience mix headwinds compared to prior year. We are pleased with the enhanced service for both new and existing customers, and with each new terminal opening, we are able to provide new solutions to customers. While there continues to be some uncertainty in the forward outlook, we remain committed to our long-term growth strategy. We are excited about the opening of our new Akron, Ohio terminal earlier this week, and we plan to open up to 3 additional new terminals in the fourth quarter, which would result in 21 new openings for the year. This investment in the business enables us to provide comprehensive national coverage for our customers, positioning us for long-term success.”
Financial Position and Capital Expenditures
We ended the third quarter of 2024 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 1-800-715-9871 or 1-646-307-1963 referencing conference ID #7664986. 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 November 24, 2024 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-800-770-2030 or 1-609-800-9909 referencing conference ID #7664986.
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 211 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 operating 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) failure to keep pace with technological developments; (12) liabilities and costs arising from the use of artificial intelligence; (13) labor relations, including the adverse impact should a portion of our workforce become unionized; (14) cost, availability and resale value of real property and revenue equipment; (15) supply chain disruption and delays on new equipment delivery; (16) capacity and highway infrastructure constraints; (17) risks arising from international business operations and relationships; (18) seasonal factors, harsh weather and disasters caused by climate change; (19) economic declines in the geographic regions or industries in which our customers operate; (20) the creditworthiness of our customers and their ability to pay for services; (21) our need for capital and uncertainty of the credit markets; (22) the possibility of defaults under our debt agreements, including violation of financial covenants; (23) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (24) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (25) dependence on key employees; (26) employee turnover from changes to compensation and benefits or market factors; (27) increased costs of healthcare benefits; (28) damage to our reputation from adverse publicity, including from the use of or impact from social media; (29) failure to make future acquisitions or to achieve acquisition synergies; (30) 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; (31) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (32) 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; (33) unforeseen costs from new and existing data privacy laws; (34) costs from new and existing laws regarding how to classify workers; (35) changes in accounting and financial standards or practices; (36) widespread outbreak of an illness or any other communicable disease; (37) international conflicts and geopolitical instability; (38) increasing investor and customer sensitivity to social and sustainability issues, including climate change; (39) provisions in our governing documents and Delaware law that may have anti-takeover effects; (40) issuances of equity that would dilute stock ownership; (41) weakness, disruption or loss of confidence in financial or credit markets; and (42) 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) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | ||||||||
| Accounts receivable, net | 372,396 | 311,742 | ||||||
| Prepaid expenses and other | 50,546 | 40,737 | ||||||
| Total current assets | 437,347 | 648,694 | ||||||
| Property and Equipment: | ||||||||
| Cost | 3,704,281 | 2,881,800 | ||||||
| Less: accumulated depreciation | 1,222,373 | 1,118,492 | ||||||
| Net property and equipment | 2,481,908 | 1,763,308 | ||||||
| Operating Lease Right-of-Use Assets | 121,336 | 118,734 | ||||||
| Other Assets | 41,533 | 52,829 | ||||||
| Total assets | ||||||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | ||||||||
| Wages, vacation and employees' benefits | 70,613 | 75,514 | ||||||
| Other current liabilities | 82,379 | 68,735 | ||||||
| Current portion of long-term debt | 6,761 | 10,173 | ||||||
| Current portion of operating lease liability | 25,679 | 25,757 | ||||||
| Total current liabilities | 346,673 | 322,056 | ||||||
| Other Liabilities: | ||||||||
| Long-term debt, less current portion | 184,202 | 6,315 | ||||||
| Operating lease liability, less current portion | 92,325 | 96,462 | ||||||
| Deferred income taxes | 161,867 | 155,841 | ||||||
| Claims, insurance and other | 65,572 | 61,397 | ||||||
| Total other liabilities | 503,966 | 320,015 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 27 | 27 | ||||||
| Additional paid-in capital | 291,319 | 285,092 | ||||||
| Deferred compensation trust | (7,877) | (5,679) | ||||||
| Retained earnings | 1,948,016 | 1,662,054 | ||||||
| Total stockholders' equity | 2,231,485 | 1,941,494 | ||||||
| Total liabilities and stockholders' equity | ||||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| For the Quarters and Nine Months Ended September 30, 2024 and 2023 | ||||||||||||||||
| (Amounts in thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Third Quarter | Nine Months | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating Revenue | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||
| Salaries, wages and employees' benefits | 398,134 | 344,605 | 1,112,087 | 955,449 | ||||||||||||
| Purchased transportation | 65,584 | 76,746 | 179,138 | 173,244 | ||||||||||||
| Fuel, operating expenses and supplies | 158,733 | 144,282 | 475,935 | 419,397 | ||||||||||||
| Operating taxes and licenses | 19,942 | 17,018 | 59,401 | 51,540 | ||||||||||||
| Claims and insurance | 19,274 | 18,024 | 55,565 | 49,039 | ||||||||||||
| Depreciation and amortization | 54,656 | 45,618 | 156,041 | 133,156 | ||||||||||||
| Other operating, net | 609 | 416 | 1,279 | 643 | ||||||||||||
| Total operating expenses | 716,932 | 646,709 | 2,039,446 | 1,782,468 | ||||||||||||
| Operating Income | 125,171 | 128,435 | 380,676 | 347,833 | ||||||||||||
| Nonoperating (Income) Expenses: | ||||||||||||||||
| Interest expense | 2,997 | 454 | 5,951 | 1,600 | ||||||||||||
| Interest income | (45) | (2,423) | (910) | (3,050) | ||||||||||||
| Other, net | (460) | 157 | (1,574) | (1,336) | ||||||||||||
| Nonoperating (income) expenses, net | 2,492 | (1,812) | 3,467 | (2,786) | ||||||||||||
| Income Before Income Taxes | 122,679 | 130,247 | 377,209 | 350,619 | ||||||||||||
| Income Tax Provision | 29,931 | 32,034 | 91,247 | 84,990 | ||||||||||||
| Net Income | ||||||||||||||||
| Weighted average common shares outstanding - basic | 26,695 | 26,644 | 26,686 | 26,626 | ||||||||||||
| Weighted average common shares outstanding - diluted | 26,789 | 26,779 | 26,785 | 26,755 | ||||||||||||
| Basic earnings per share | ||||||||||||||||
| Diluted earnings per share | ||||||||||||||||
| Saia, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| For the nine months ended September 30, 2024 and 2023 | ||||||||
| (Amounts in thousands) | ||||||||
| (Unaudited) | ||||||||
| Nine Months | ||||||||
| 2024 | 2023 | |||||||
| Operating Activities: | ||||||||
| Net cash provided by operating activities | ||||||||
| Net cash provided by operating activities | 418,963 | 416,268 | ||||||
| Investing Activities: | ||||||||
| Acquisition of property and equipment | (875,302) | (340,528) | ||||||
| Proceeds from disposal of property and equipment | 2,079 | 2,141 | ||||||
| Other | 4,999 | 1,379 | ||||||
| Net cash used in investing activities | (868,224) | (337,008) | ||||||
| Financing Activities: | ||||||||
| Borrowing of revolving credit facility, net | 83,000 | – | ||||||
| Borrowing of private shelf agreement | 100,000 | – | ||||||
| Proceeds from stock option exercises | 2,033 | 4,791 | ||||||
| Shares withheld for taxes | (8,820) | (9,126) | ||||||
| Other financing activity | (8,762) | (13,053) | ||||||
| Net cash provided by (used in) financing activities | 167,451 | (17,388) | ||||||
| Net (Decrease) Increase in Cash and Cash Equivalents | (281,810) | 61,872 | ||||||
| Cash and Cash Equivalents, beginning of period | 296,215 | 187,390 | ||||||
| Cash and Cash Equivalents, end of period | ||||||||
| Saia, Inc. and Subsidiaries | |||||||||||||||||||
| Financial Information | |||||||||||||||||||
| For the Quarters Ended September 30, 2024 and 2023 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Third Quarter | |||||||||||||||||||
| Third Quarter | % | Amount/Workday | % | ||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
| Workdays | 64 | 63 | |||||||||||||||||
| Operating ratio | |||||||||||||||||||
| LTL tonnage (1) | 1,605 | 1,467 | 9.4 | 25.08 | 23.29 | 7.7 | |||||||||||||
| LTL shipments (1) | 2,379 | 2,158 | 10.2 | 37.17 | 34.25 | 8.5 | |||||||||||||
| LTL revenue/cwt. | (0.9) | ||||||||||||||||||
| LTL revenue/cwt., excluding fuel surcharge | 1.7 | ||||||||||||||||||
| LTL revenue/shipment | (1.6) | ||||||||||||||||||
| LTL revenue/shipment, excluding fuel surcharge | 0.9 | ||||||||||||||||||
| LTL pounds/shipment | 1,349 | 1,360 | (0.8) | ||||||||||||||||
| LTL length of haul (2) | 890 | 896 | (0.7) | ||||||||||||||||
| (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 was Saia's revenue growth in Q3 2024?
How many new terminals did Saia open in Q3 2024?
What was Saia's EPS in Q3 2024 compared to Q3 2023?
What were Saia's capital expenditures in the first nine months of 2024?
