Less-than-truckload carrier Saia reported second-quarter earnings per share of $3.83, which was 4% below the consensus estimate of $4 but 12% higher year over year.
Revenue increased 19% y/y to $823 million as tonnage improved 10% and revenue per hundredweight, or yield, increased 8% (9% higher excluding fuel surcharges). The carrier reported an 83.3% operating ratio, which was 60 basis points worse y/y but 110 bps better than the first quarter.
Lighter-weight shipments and higher costs associated with opening new terminals were cited as reasons for the margin deterioration.
Saia (NASDAQ: SAIA) will host a conference call at 10 a.m. EDT on Friday to discuss second-quarter results. Stay tuned to FreightWaves for continuing coverage of Saia’s earnings report.
Click for link to full report – “Freight mix, terminal openings weigh on Saia’s Q2; stock drops 20%”
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