Saia, Inc. (NASDAQ: SAIA) reported Q3 EPS of $1.56, $0.26 better than the analyst estimate of $1.30. Revenue for the quarter came in at $481.4 million versus the consensus estimate of $470.96 million.

Third Quarter 2020 Compared to Third Quarter 2019 Results

• Revenue was $481.4 million, a 2.7% increase
• Operating income was $55.2 million, a 21.7% increase
• Operating ratio of 88.5 compared to 90.3
• LTL shipments per workday increased 0.9%
• LTL tonnage per workday was flat
• LTL revenue per hundredweight increased 2.6%
• LTL revenue per shipment rose 1.6% to $239.60

“Our third quarter results reflect a continuation of the improving volume trends we experienced in the middle of the second quarter and our continued focus on pricing and execution,” stated Saia President and Chief Executive Officer, Fritz Holzgrefe. “Tonnage per workday was flat compared to the prior year and we were able to grow revenue per shipment by 1.6% despite fuel surcharge revenue being down nearly 17% from a year ago,” Holzgrefe added. “To post a record operating ratio in one of the most volatile operating environments we have experienced in recent memory, is a tribute to the thousands of Saia employees who continue to deliver excellent service to our customers in these trying times,” said Holzgrefe.

Saia Executive Vice President and Chief Financial Officer, Douglas Col added, “Revenue growth of 2.7% on flat year-over-year tonnage was driven by a 5.5% increase in yield excluding fuel surcharge and a 6% increase in our length of haul. Our weight per shipment trends remain volatile on a day-to-day basis and though weight per shipment declined 1% for the full quarter, it was improving on a year-over-year basis for the last two months of the quarter,” concluded Col.

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