Saia, Inc. (NASDAQ: SAIA) reported Q2 EPS of $1.07, $0.17 better than the analyst estimate of $0.90. Revenue for the quarter came in at $418.1 million versus the consensus estimate of $414.87 million.

Results

• Revenue was $418.1 million, a 9.9% decrease
• Operating income was $35.7 million, a 30.3% decrease
• Operating ratio of 91.5 compared to 89.0
• LTL shipments per workday decreased 9.7%
• LTL tonnage per workday decreased by 8.9%
• LTL revenue per hundredweight decreased 0.6%
• LTL revenue per shipment rose 0.3% to $235.08

“Our second quarter results were achieved during one of the most volatile operating backdrops our company has ever faced,” said Saia President and Chief Executive Officer, Fritz Holzgrefe. “I have been gratified that our employees responded to the challenge by adapting to new operating procedures and practices, to provide not only for their safety, but that of our customers and vendors. Their willingness to do so allowed us to continuously fulfill our essential role in servicing our customers' critical needs,” continued Holzgrefe.

“After a dramatic drop in shipment volume in mid-March, we began to see a bottoming process in mid-April and then shipment trends continued to improve in May and June,” stated Holzgrefe. “Our second quarter results reflect both a difficult April and the subsequent improved volumes thereafter, combined with the prudent cost measures adopted quickly. As volumes improved through the quarter we were able to begin returning furloughed staff back to full-time hours and we were also able to award a special a one-time bonus of $250 per employee to those employees who worked through the difficult conditions created by the pandemic. While our operating ratio of 91.5 was higher than our record operating ratio last year, I was pleased that we were able to maintain margins similar to our record first quarter results this year,” added Holzgrefe.

“The COVID-19 pandemic has created unprecedented disruption and uncertainty for our business and our customers over the last few months. Though the outlook remains uncertain, we have demonstrated our ability to pivot and adapt to this increased volatility,” said Holzgrefe. “We are pleased to demonstrate that with solid execution of our strategy, we are in a position to be successful even when faced with an unprecedented situation in our country,” concluded Holzgrefe.

Saia Executive Vice President and Chief Financial Officer, Douglas Col added, “Despite the volatility in business levels we have experienced this year, revenue is only down 1.2% through the first six months compared to last year and net debt year-to-date is actually down 3.4%. With a strong balance sheet and the flexibility of our dedicated non-union workforce, we believe we are well-positioned to continue building upon our 96-year history of growth,” Col concluded.

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