Saia (SAIA) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $842.1 million, up 8.6% year-over-year, with LTL shipments per workday up 8.5% and tonnage per workday up 7.7%.

• Operating income declined 2.5% to $125.2 million, and diluted EPS was $3.46, down from $3.67 in Q3 2023.

• Eleven new terminals were opened and one relocated, achieving direct service in all 48 contiguous states.

• Investments in people, equipment, and technology supported network expansion and early customer acceptance.

• The company remains focused on long-term growth, customer-first initiatives, and capturing value from its expanded network.

Financial highlights

• Revenue increased to $842.1 million from $775.1 million in Q3 2023, with yield ex-fuel surcharge up 1.7%.

• Operating ratio deteriorated to 85.1% from 83.4% last year due to higher costs.

• Net income for Q3 2024 was $92.7 million, down from $98.2 million in Q3 2023.

• Salaries, wages, and benefits rose 15.5% due to headcount growth and wage increases.

• Depreciation and amortization expense increased $9.0 million in Q3 2024, reflecting investments in equipment and real estate.

Outlook and guidance

• Up to 3 more terminals are planned to open by year-end, totaling 21 for 2024—a company record.

• 2024 capital expenditures are expected to be approximately $1 billion, with normalization expected in 2025.

• Expense growth is expected to moderate in 2025 as terminal expansion slows, with focus shifting to capturing value from the expanded network.

• Management targets operating ratio improvement of 100–150 basis points in 2025 if the macro environment is stable.

• Initiatives focus on expanding the terminal network, improving customer service, and optimizing pricing and business mix.