Saia, Inc. (NASDAQ: SAIA), a prominent transportation provider, has released its financial results for the third quarter of 2024. The company's diluted earnings per share for the quarter were reported at $3.46, a decrease from the $3.67 reported in the third quarter of 2023.
Here are the key highlights from the third quarter operating results compared to the same period in 2023:
- Revenue increased by 8.6% to reach $842.1 million.
- Operating income experienced a 2.5% decrease, amounting to $125.2 million.
- The operating ratio was 85.1%, up from 83.4%.
- LTL (Less-Than-Truckload) shipments per workday saw an 8.5% increase.
- LTL tonnage per workday increased by 7.7%.
- LTL revenue per hundredweight, excluding fuel surcharge revenue, rose by 1.7%.
- LTL revenue per shipment, excluding fuel surcharge revenue, increased by 0.9%.
Saia's President and CEO, Fritz Holzgrefe, expressed satisfaction with the progress of the company's footprint expansion, emphasizing the opening of 11 new terminals and the relocation of one terminal during the third quarter. This expansion enables the company to provide direct service to all of the contiguous 48 states, significantly enhancing its value proposition to customers.
Matt Batteh, the Executive Vice President and CFO, acknowledged that the freight backdrop in the third quarter remained muted. Despite this, the company experienced enhanced service for both new and existing customers. Additionally, Saia plans to open up to three additional new terminals in the fourth quarter, totaling 21 new openings for the year.
Financially, Saia reported ending the third quarter of 2024 with $14.4 million in cash on hand and total debt of $191.0 million, compared to $249.3 million of cash on hand and total debt of $18.9 million at the end of September 30, 2023.
Furthermore, the company's net capital expenditures for the first nine months of 2024 amounted to $873.2 million, representing a significant increase from the $338.4 million reported during the same period in 2023. Saia anticipates that net capital expenditures for 2024 will be approximately $1 billion, subject to ongoing evaluation of market conditions.
Saia, Inc. will be holding a conference call to discuss the quarterly results at 10:00 a.m. Eastern Time today. The call will also be webcast live via the company's website, and a replay will be available for a limited time after the completion of the call.
Saia, Inc. operates 211 terminals with national service and offers customers a wide range of less-than-truckload, non-asset truckload, expedited, and logistics services. As a result of these announcements, the company's shares have moved 10.0% on the market, and are now trading at a price of $456.04. Check out the company's full 8-K submission here.