Saia, Inc. (NASDAQ: SAIA) reported Q1 EPS of $1.40, $0.03 better than the analyst estimate of $1.37. Revenue for the quarter came in at $484.1 million versus the consensus estimate of $476.56 million.

First Quarter 2021 Compared to First Quarter 2020 Results

• Revenue was $484.1 million, a 8.4% increase
• Operating income was $48.7 million, a 25.6% increase
• Operating ratio of 89.9 compared to 91.3
• LTL shipments per workday increased 2.6%
• LTL tonnage per workday increased 5.3%
• LTL revenue per hundredweight increased 5.6%
• LTL revenue per shipment rose 8.4% to $261.96
• First quarter effective tax rate was 22.3% compared to 23.7% in the same period last year.

“Though first quarter results were impacted by severe winter weather in February, overall I am satisfied with how we handled the disruption to our network and delivered record first quarter revenue, operating income and operating ratio,” said Saia President and Chief Executive Officer, Frederick Holzgrefe. “For several days in mid-February we had about one-third of our network either closed or with limited operations as a result of severe winter weather which blanketed a good portion of the central U.S. Some business was undoubtedly lost during those days, but our operations team responded very well to quickly get our network productivity back to pre-storm levels,” added Holzgrefe.

“March results include some catch-up activity, but business trends improved as well and we were able to post revenue growth of 8.4% for the quarter and a sub-90% operating ratio for the third consecutive quarter,” said Holzgrefe. “Our targeted pricing actions continue to yield positive outcomes and our revenue per shipment grew 8.4% in the quarter and is driving our margin improvement,” concluded Mr. Holzgrefe.

Saia Executive Vice President and Chief Financial Officer, Douglas Col stated, “Record first quarter operating margins drove a 19% increase in operating cash flow and we exited the quarter with more than $53 million in cash on hand. In terms of other activity, we opened one new terminal in the first quarter and several others are in various stages of development, including a new terminal under construction in Northeast Atlanta, which we expect to open before the end of this year.”

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