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 2016 financial results.
Third Quarter 2016 Compared to Third Quarter 2015 Results
- Revenue declined by 0.2% to $316 million
- LTL shipments per workday declined by 1.2%
- LTL tonnage per workday fell by 2.9%
- LTL yield increased 3.7%
- Operating ratio of 92.8 compared to 93.7
- Operating income increased 14.1% to $22.6 million
- Net income increased 17.4% to $13.8 million
- Diluted earnings per share were $0.54 compared to $0.46
“Third quarter operating results reflect our continued pricing discipline and our company-wide efforts aimed at achieving operating efficiencies across all areas of our network. In the quarter we saw year-over-year improvements in dock, city and linehaul productivity,” said Saia President and Chief Executive Officer, Rick O’Dell. “The combination of improved productivity with continued positive pricing actions enabled us to post a 90 basis point improvement in our operating ratio in the third quarter compared to third quarter last year. Rates increased an average of 5.7% on contractual renewals in the quarter and in early October we implemented a general rate increase of 4.9%,” O’Dell added.
“Though the economic environment continues to offer only tepid growth, I was encouraged to see our LTL shipment trend turn positive in September for the first time since February,” O’Dell concluded.
Financial Position and Capital Expenditures
Total debt was $94.2 million at September 30, 2016 and inclusive of the cash on-hand, net debt to total capital was 16.6% compared to 15.6% at September 30, 2015. Net capital expenditures, including equipment financed with capital leases, in the year-to-date period through September were $142.5 million compared to $114.4 million in the first nine months of 2015.
Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 800-499-4035 or 416-204-9269 referencing conference ID #3198861. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company web site at www.saiacorp.com. A replay of the call will be offered two hours after the completion of the call through December 21, 2016 at 1:00 p.m. Eastern Time. The replay will be available by dialing 1-888-203-1112 or 719-457-0820.
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 148 terminals in 34 states. For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.com.
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.