Saia, Inc. Reports Third Quarter 2024 Financial Results
JOHNS CREEK, Ga., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Saia, Inc. (NASDAQ: SAIA), a prominent transportation provider, has released its financial results for the third quarter of 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Quarter-over-Quarter (YoY) | Wall Street Consensus |
|---|---|---|---|---|
| Revenue | $842.1 million | $775.6 million | +8.6% | $839.88 million |
| Earnings Per Share (EPS) | $3.46 | $3.67 | -5.7% | $3.53 |
Despite a 5.7% decline in EPS from the prior year, Saia reported a notable 8.6% increase in revenue over Q3 2023. Revenue slightly exceeded Wall Street's expectations, which was projected at $839.88 million. However, EPS came in below the consensus estimate of $3.53, reflecting the competitive and challenging operating environment the company is facing.
Revenue Performance by Segment
Detailed segment revenue data and previous guidance comparisons were not available from the report.
Despite the lack of detailed segment breakdown, Saia showed resilience in its LTL business, with an 8.5% increase in LTL shipments per workday and a 7.7% uptick in LTL tonnage, showcasing strong operational performance.
Key Developments
- Opened 11 new terminals and relocated one terminal.
- Majority of openings in the Great Plains states, expanding direct service coverage.
- Direct service is now available to all 48 contiguous U.S. states.
- Ended Q3 2024 with $14.4 million cash on hand and total debt of $191.0 million.
- Net capital expenditures reached $873.2 million for the first nine months of 2024.
Comments from Company Officers
Fritz Holzgrefe, Saia's President and CEO, expressed satisfaction with the company's footprint expansion and its enhanced value proposition for customers as a result of the new terminals. He also highlighted the company's dedication to improving customer experience and expanding market reach.
Matt Batteh, Executive Vice President and CFO, commented on the muted freight backdrop and mix headwinds but was optimistic about providing new customer solutions with each terminal opening. He emphasized the company’s commitment to its long-term growth strategy despite uncertainties.
Forward Guidance
Saia did not provide explicit forward guidance but hinted at continued growth with plans to open up to three additional terminals in the fourth quarter, resulting in a total of 21 new openings for the year.
Stock Price Movement
Following the earnings release, Saia's stock saw a decline of approximately 3.02%, reflecting market reactions to the mixed results and cautious forward outlook.
In conclusion, Saia, Inc. has demonstrated robust growth in its revenue streams and continues to expand its operational capacity despite some challenges in profitability and market conditions. The company's strategic expansions are positioning it for future success in servicing a broader geographical market.
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