Among the highlights of second-quarter earnings at Saia (NASDAQ: SAIA) released early Friday morning were:
The data on yield, generally seen as the most important metric for LTL carriers, was mixed. The revenue per hundredweight, which is the definition of yield, was $23.85 for the second quarter ended June 30. That was down 4.8% from the second quarter of 2022, when it was $25.05. But net of fuel, yield rose 2.7%, to $19.96 from $19.44.
Even in a weak freight market, pounds per shipment rose 2.2% to 1,443. Revenue per shipment was up 4.8%, to $287.90.
Diluted earnings per share were $3.42, compared to $4.10 a year earlier.
Saia’s operating ratio was 82.7%, a relatively small weakening from 80.4% a year ago.
The claims ratio was 0.61%, which CEO Fritz Holzgrefe described in a prepared statement as “among the lowest in our industry.”
The company’s cash position is far greater than it was a year ago. It closed the quarter with $235 million in cash, compared to $137.9 million a year ago. Total debt is down to $21.9 million from $37.4 million.
Premarket gains in the stock price before Friday’s opening were strong. Per Barchart, Saia stock was up 5.2% from Thursday’s close shortly after 8 a.m.
More articles by John Kingston
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