Saia Inc. (NASDAQ: SAIA) reported that its revenues and operating income were up in the second quarter of 2019.
Headquartered in Johns Creek, Georgia, the less-than-truckload (LTL) carrier reported an 8.3 percent increase in revenue to $464.2 million and a 23.1 percent jump in its operating revenue to $51.2 million in the second quarter.
Saia, which operates 163 terminals across 42 states, reported earnings per diluted share of $1.40, up from $1.15 in the second quarter of 2018.
The company’s operating ratio improved to 89.0 in the second quarter from 90.3 for the same quarter a year ago.
“Our second quarter operating ratio of 89.0 is a record for any quarter for Saia as a public company and highlights the long-term opportunity for Saia,” said Rick O’Dell, the company’s chief executive officer. “The pricing backdrop in our industry continues to be constructive for carriers that can offer consistent high-quality service.”
O’Dell added that the company’s LTL yield increased by 9.8 percent in the second quarter, making it the company’s “36th consecutive quarter of year-over-year improvement.”
In the second quarter, the company’s shipments per workday increased 3.6 percent, its revenue per shipment rose 4 percent to $234.33, but it’s tonnage per workday decreased 1.9 percent compared with the same quarter a year ago.
The company’s total debt was nearly $180 million at the end of the second quarter compared with $155 million a year ago. Saia’s net capital expenditures were $171.1 million, including equipment acquired with capital leases, compared with $140.6 million a year earlier.
In 2019, the company expects net capital expenditures of $275 to $300 million, according to Saia’s earnings release.
The company has also increased its expansion into the Northeast with the opening of two terminals in the second quarter of 2019. The company has opened 13 new terminals in the region since May 2017, O’Dell said.
“We continue to see growth with existing customers as we extend our reach and offer different service to more locations and we expect to open six additional terminals over the remainder of the year,” he said.