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Mar 31, 2024
Saia Q1 2024 Earnings Report
Saia's first quarter 2024 results showed revenue growth and improved operational efficiency.
Key Takeaways
Saia, Inc. reported a 14.3% increase in revenue to $754.8 million and diluted earnings per share of $3.38 for the first quarter of 2024, compared to $2.85 in the first quarter of 2023. The company's operating ratio improved to 84.4% from 85.0% in the prior year, driven by growth in LTL shipments and tonnage.
Revenue increased by 14.3% to $754.8 million.
Operating income increased by 18.9% to $117.9 million.
Diluted earnings per share increased to $3.38 from $2.85.
LTL shipments per workday increased by 15.7%.
Saia
Saia
Forward Guidance
Saia anticipates net capital expenditures of approximately $1 billion in 2024, subject to ongoing evaluation of market conditions. The company plans to open 15-20 new terminals and has already taken delivery of over 2,000 trailers, 400 tractors, and 400 forklifts.
Positive Outlook
- Continued focus on customer service metrics.
- Planned investment in fleet growth and modernization.
- Significant investments in real estate and equipment.
- Customers see value in our product and support our growth initiatives.
- Financial position allows flexibility.
Challenges Ahead
- Winter weather impacted operations in the first months of the quarter.
- March trends improved a bit from February, but we did not experience the expected seasonal step-up.
- Volume being below our expectations late in the quarter.
- Net capital expenditures will be approximately $1 billion, subject to ongoing evaluation of market conditions.
- Subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements.