Business
Saia Reports Fourth Quarter and Full Year Results
JOHNS CREEK, Ga., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering multi-regional less-than-truckload
About this update from Saia, Inc.
[{"type":"text","content":"JOHNS CREEK, Ga., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported fourth quarter 2019 financial results. Diluted earnings per share in the quarter were $0.81 compared to $0.97 in the fourth quarter of 2018. Fourth quarter earnings per share include a $0.07 per share positive impact from tax credits for years 2018 and 2019, enacted in the fourth quarter. Full year diluted earnings per share were $4.30 in 2019 compared to $3.99 in 2018.\n Highlights from the fourth quarter and full year operating results were as follows: Fourth Quarter 2019 Compared to Fourth Quarter 2018 Results Revenue was $443.1 million, an 8.9% increaseOperating income was $27.4 million, a 17.7% decreaseOperating ratio of 93.8 compared to 91.8LTL shipments per workday rose 6.3%LTL tonnage per workday increased by 4.3%LTL revenue per hundredweight increased 3.7%LTL revenue per shipment rose 1.8% to $238.45 Full Year 2019 Results Compared to Full Year 2018 Results Revenue was $1.8 billion, an 8.0% increaseOperating income was $152.6 million, an 8.1% increaseOperating ratio of 91.5 compared to 91.5LTL shipments per workday rose 4.3%LTL tonnage per workday increased by 0.4%LTL revenue per hundredweight increased 7.4%LTL revenue per shipment rose 3.4% to $234.81 The increase in fourth quarter revenue was offset by the investment in Northeast expansion, wage increase and continued inflationary healthcare costs. The Company also experienced a spike in claims and insurance expense in the fourth quarter, primarily related to increased accident severity. Finally, depreciation and amortization expense increased 17% year-over-year as a result of the Company’s continued investments in revenue equipment, properties and technology. “While the fourth quarter results did not meet our expectations, 2019 revenue of $1.8 billion was a record and overall, I am pleased with what was accomplished this year,” said Saia Chief Executive Officer, Rick O’Dell. “We opportunistically accelerated our expansion plans mid-year and of the nine terminals opened in the year, six were opened between mid-September and the end of October. While these second half openings and the associated expenses were a drag in the back-half of the...