Saia, Inc. (SAIA) Misses Q4 EPS by 4c, Revenues Beat

Saia, Inc. (NASDAQ: SAIA) reported Q4 EPS of $0.81, $0.04 worse than the analyst estimate of $0.85. Revenue for the quarter came in at $443.1 million versus the consensus estimate of $434.28 million.

Highlights from the fourth quarter and full year operating results were as follows:

Fourth Quarter 2019 Compared to Fourth Quarter 2018 Results

• Revenue was $443.1 million, an 8.9% increase
• Operating income was $27.4 million, a 17.7% decrease
• Operating ratio of 93.8 compared to 91.8
• LTL shipments per workday rose 6.3%
• LTL tonnage per workday increased by 4.3%
• LTL revenue per hundredweight increased 3.7%
• LTL revenue per shipment rose 1.8% to $238.45

“While the fourth quarter results did not meet our expectations, 2019 revenue of $1.8 billion was a record and overall, I am pleased with what was accomplished this year,” said Saia Chief Executive Officer, Rick O’Dell. “We opportunistically accelerated our expansion plans mid-year and of the nine terminals opened in the year, six were opened between mid-September and the end of October. While these second half openings and the associated expenses were a drag in the back-half of the year, I believe that the longer term benefit of offering customers 48-state coverage is well worth the short-term challenges associated with the expansion,” O’Dell continued. “We have opened 18 terminals in new markets in the Northeast since our organic expansion began in May 2017, and we are now on an annualized revenue run rate of more than $280 million of business into and out of this region,” concluded O’Dell.

Saia’s President and Chief Operating Officer, Fritz Holzgrefe, commented on the current environment, “Our yield in the fourth quarter improved for the 38th consecutive quarter and we remain committed to pricing for improved profitability. Despite the sluggish industrial backdrop, we view the pricing environment as rational.”

“After a year of aggressive expansion and investment in our business in 2019, our plan for 2020 includes a very light terminal opening schedule. Instead, our focus shifts to service execution across all of the new terminals and margin improvement through cost leverage,” Holzgrefe said.

For earnings history and earnings-related data on Saia, Inc. (SAIA) click here.

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