Saia Stock Earnings Reports

Saia reported a record first-quarter revenue of $806.2M (+2.4% YoY) with shipments up ~1% for the quarter and improving month-to-month (strong back half of March and April-to-date strength). Operational performance improved: claims ratio was 0.5% (sixth straight quarter <0.6%), miles between preventable accidents and hours between lost-time injuries set first-quarter records, and productivity (revenue/mile-type metrics) improved vs. prior year. Revenue-per-shipment excluding fuel was down modestly (-1.2% YoY) due to lower weight/shorter length of haul, but increased through the quarter and contractual renewals were +6.7% in Q1. Fuel surcharge revenue rose (fuel made up 16.5% of revenue) but a rapid ~30% diesel spike in March caused an estimated ~$3.5M margin headwind due to surcharge timing. Costs: salaries/wages/benefits roughly flat (+1% total) with higher health insurance and workers’ comp; purchased transportation rose (driven by rail) while per-shipment costs increased ~2% (largely from self-insurance/health). Operating ratio deteriorated slightly to 91.7% (vs. 91.1% prior year); EPS was $1.86 (flat YoY). Balance sheet: $39M cash, $12M drawn on revolver, $113M debt. Management reiterated long-term strategy and continued investments (~$1.8B invested in network and fleet over last 36 months), believes the national network is starting to drive mix/volume benefits, and expects stronger seasonality and margin progression into Q2. Management guided to an expected sequential Q1→Q2 OR improvement of ~400–450 bps (vs. historical ~250–300 bps), while noting macro and fuel-price uncertainty.