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Sep 30, 2022
Saia Q3 2022 Earnings Report
Saia reported record Q3 2022 results with increased revenue and operating income.
Key Takeaways
Saia, Inc. reported a revenue increase of 18.4% to $729.6 million and a 21.0% increase in operating income to $128.4 million for the third quarter of 2022. Diluted earnings per share were $3.67, compared to $2.98 in the third quarter of 2021. The company's operating ratio improved to 82.4 compared to 82.8 in the previous year.
Revenue increased by 18.4% to $729.6 million.
Operating income rose by 21.0% to $128.4 million.
Operating ratio improved to 82.4 from 82.8.
LTL revenue per shipment increased by 20.1% to $359.04.
Saia
Saia
Forward Guidance
Saia opened five new terminals in the third quarter and one in October, bringing the year-to-date total to 11. The company anticipates opening another 10-15 terminals in 2023.
Positive Outlook
- Customer response to expanded service capabilities is positive.
- Terminal expansion strategy is enabling differentiated service levels.
- Year-over-year operating ratio improvement.
- Wage increase provided to employees in July.
- Potential benefit in maintenance expense with new equipment.
Challenges Ahead
- Softer demand environment experienced over the last several weeks of the quarter.
- Step-up in depreciation expense as new equipment has been delivered into the fleet.
- LTL shipments per workday decreased 2.5%.
- LTL tonnage per workday decreased 0.4%.
- No terminal openings planned for the remainder of the year.