Saia, Inc. (NASDAQ: SAIA) has released its fourth-quarter 2024 financial results, showcasing both successes and challenges. The company reported a diluted earnings per share of $2.84 for the quarter, a decrease from the $3.33 reported in the same period of 2023. Full-year diluted earnings per share for 2024 were $13.51, slightly up from $13.26 in 2023.
Key highlights from the fourth quarter and full-year operating results include:
Fourth Quarter 2024 Compared to Fourth Quarter 2023 Results: Revenue increased by 5.0% to $789.0 million. Operating income decreased by 9.9% to $101.5 million. The operating ratio was 87.1%, compared to 85.0% in the fourth quarter of 2023. LTL shipments per workday saw a 4.5% increase. LTL tonnage per workday increased by 8.3%. LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased by 2.3%. * LTL revenue per shipment, excluding fuel surcharge revenue, increased by 1.3%.
Full Year 2024 Compared to Full Year 2023 Results: Revenue for the full year increased by 11.4% to $3.2 billion. Operating income saw a 4.7% increase to $482.2 million. The operating ratio was 85.0%, compared to 84.0% in 2023. LTL shipments per workday increased by 11.5%. LTL tonnage per workday increased by 8.0%. LTL revenue per hundredweight, excluding fuel surcharge revenue, increased by 4.3%. * LTL revenue per shipment, excluding fuel surcharge revenue, increased by 1.1%.
Saia President and CEO Fritz Holzgrefe expressed satisfaction with the progress made in 2024, highlighting the opening of 21 new terminals and the relocation of 9 others. The company closed the year with over 15,000 employees and celebrated its 100th year in operation, solidifying its position as a leading national carrier.
Executive Vice President and CFO Matt Batteh emphasized the record level of investment in the business, with over $1 billion spent on capital expenditures in 2024. This investment encompassed real estate, equipment, technology, and personnel, underscoring the company's commitment to long-term growth.
Financial Position and Capital Expenditures: Saia ended 2024 with $19.5 million in cash on hand and total debt of $200.3 million, a shift from $296.2 million of cash on hand and total debt of $16.5 million in December 2023. Net capital expenditures in 2024 amounted to $1,040.9 million, significantly higher than the $437.2 million in net capital expenditures in 2023. This figure includes $235.7 million for property acquisitions as part of the Yellow Corporation auction process. * The company anticipates net capital expenditures in 2025 to exceed $700 million, pending ongoing market evaluations.
Saia will hold a conference call to discuss these quarterly results, providing an opportunity for stakeholders to delve deeper into the company's performance and strategies for the future. The call will be webcast live via the company's website.
Saia, Inc. specializes in offering customers a wide range of less-than-truckload, non-asset truckload, expedited, and logistics services, operating 214 terminals with national service from its headquarters in Georgia. Today the company's shares have moved 7.2% to a price of $514.86. Check out the company's full 8-K submission here.
