Fri, Jul 26, 8:07 PM (43 days ago)
Saia, Inc. reported strong financial performance for the quarter ended June 30, 2024, with a notable 18.5% increase in operating revenue to $823.2 million compared to the same period in 2023. This growth was driven by an 18.1% increase in LTL shipments and a 9.7% rise in LTL tonnage, partly due to the redistribution of freight following a competitor's bankruptcy. The company's operating income rose by 14.4% to $137.6 million, although the operating ratio slightly worsened to 83.3% from 82.7% in the prior year. Net income for the quarter was $102.5 million, up from $91.3 million, with diluted earnings per share increasing to $3.83 from $3.42. Despite these gains, cash and cash equivalents significantly decreased to $11.2 million from $296.2 million at the end of 2023, primarily due to substantial capital expenditures, including the acquisition of terminals from Yellow Corporation. The company remains focused on expanding its geographic footprint and enhancing operational efficiency.