Saia, Inc. (SAIA) Tops Q1 EPS by 24c, Revenues Beat

Saia, Inc. (NASDAQ: SAIA) reported Q1 EPS of $1.06, $0.24 better than the analyst estimate of $0.82. Revenue for the quarter came in at $446.4 million versus the consensus estimate of $440.25 million.

Highlights from the first quarter operating results were as follows:

First Quarter 2020 Compared to First Quarter 2019 Results

• Revenue was $446.4 million, an 8.7% increase
• Operating income was $38.8 million, a 35.4% increase
• Operating ratio of 91.3 compared to 93.0
• LTL shipments per workday rose 2.3%
• LTL tonnage per workday increased by 4.0%
• LTL revenue per hundredweight increased 3.1%
• LTL revenue per shipment rose 4.9% to $241.61

“First quarter results were marked by shipment volatility over the first couple of months and then after a strong start in March, we experienced a quick and meaningful downturn in business volumes across our network, as a result of the COVID-19 pandemic. We were able to quickly make some cost adjustments, enabling us to produce improved financial results. We achieved a record low first quarter operating ratio which we believe validates our ability to execute on the growth strategy initiated several years ago”, said Saia President and Chief Executive Officer, Fritz Holzgrefe.

“Our operating ratio improved 170 basis points year-over-year as we saw improved productivity across our operations and as a result of our continued focus on pricing and mix management. Our shipments were up 2.3% from the prior year and combined with a 3.4% increase in yield, we increased our revenue per shipment by over 5%. The first quarter marked our 39th consecutive quarter of year over year yield improvement”, Holzgrefe continued.

“The COVID-19 pandemic has created unprecedented disruption to our business and to that of our customers. I am proud of the way our entire team has responded and that we have been able to do our part to provide essential goods all across the country. Our priority as a company is 100% focused on the health and safety of our employees, customers, vendors and all those in the communities we serve, while still honoring our commitment to deliver freight and meet our customers needs,” concluded Holzgrefe.

Saia Vice President and Chief Financial Officer, Douglas Col stated, “We have executed our growth strategy over the last several years while maintaining considerable financial flexibility and a strong balance sheet and liquidity position. We currently have $47 million in cash on hand and access to more than $300 million through our revolving credit facility (including a $100 million accordion facility, subject to certain conditions and lender commitments) and other sources of borrowing in place. We have prioritized our 2020 investment plan to match our current outlook. We plan to selectively forego some previously planned investments until such time that business conditions improve while remaining open to opportunistic investments should they become available”.

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

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