JOHNS CREEK, Ga., Oct. 29, 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 third quarter 2020 financial results. Diluted earnings per share in the quarter were $1.56 compared to $1.25 in the third quarter of 2019.
Highlights from the third quarter operating results were as follows:
Third Quarter 2020 Compared to Third Quarter 2019 Results
- Revenue was $481.4 million, a 2.7% increase
- Operating income was $55.2 million, a 21.7% increase
- Operating ratio of 88.5 compared to 90.3
- LTL shipments per workday increased 0.9%
- LTL tonnage per workday was flat
- LTL revenue per hundredweight increased 2.6%
- LTL revenue per shipment rose 1.6% to $239.60
“Our third quarter results reflect a continuation of the improving volume trends we experienced in the middle of the second quarter and our continued focus on pricing and execution,” stated Saia President and Chief Executive Officer, Fritz Holzgrefe. “Tonnage per workday was flat compared to the prior year and we were able to grow revenue per shipment by 1.6% despite fuel surcharge revenue being down nearly 17% from a year ago,” Holzgrefe added. “To post a record operating ratio in one of the most volatile operating environments we have experienced in recent memory, is a tribute to the thousands of Saia employees who continue to deliver excellent service to our customers in these trying times,” said Holzgrefe.
Saia Executive Vice President and Chief Financial Officer, Douglas Col added, “Revenue growth of 2.7% on flat year-over-year tonnage was driven by a 5.5% increase in yield excluding fuel surcharge and a 6% increase in our length of haul. Our weight per shipment trends remain volatile on a day-to-day basis and though weight per shipment declined 1% for the full quarter, it was improving on a year-over-year basis for the last two months of the quarter,” concluded Col.
Financial Position and Capital Expenditures
Total debt was $120.9 million at September 30, 2020 and inclusive of the cash on-hand, net debt to total capital was 9.4%. This compares to total debt of $165.3 million and net debt to total capital of 17.3% at September 30, 2019.
Year-to-date capital investments were $205.3 million in 2020. This compares to $245.2 million in capital investments during the same period in 2019, which included equipment acquired with finance leases. In 2020, we anticipate capital expenditures will be approximately $225 million.
Earlier this month we opened a new 200 door terminal in Memphis, Tennessee. The new terminal is 60% larger than our previously occupied terminal in that market.
