Revenue: First Quarter 2024 revenue increased by 14.3% to $754.8 million, a record for any quarter in Saia’s history.
Shipments Per Day: Averaged approximately 33,000 shipments per day, a near 16% increase from the previous year.
Operating Ratio: Improved by 60 basis points to 84.4% from 85% in the first quarter of the previous year.
Diluted Earnings Per Share: $3.38, up from $2.85 in the first quarter a year ago.
Employee Head Count: Grew by over 15% year-over-year.
Yield (excluding fuel surcharge): Increased by 10.5%.
Fuel Surcharge Revenue: Increased slightly by 0.8% and was 15.7% of total revenue.
Future Guidance
Capital Expenditures: Anticipated to be approximately $1 billion for 2024.
New Terminal Openings: Plans to open 15 to 20 terminals in total this year, with majority expected in Q3.
Depreciation Expense: Expected to step up sequentially by $5 million in Q2 and slightly more in following quarter.
Operational Improvements: Aiming for an operating ratio improvement of 100 to 150 basis points over the year.
Employee Recruitment: Continues for staffing new openings with an emphasis on retaining Saia culture and service standards.
Trends, Market Conditions, Sentiment
Service Performance Indicators: Continue to trend positively, with significant growth in shipment volumes and facility expansions.
Market Position: Saia is positioned as a leading national LTL provider, as indicated by Mastio survey results.
Customer Perception: Positive feedback from customers on Saia’s investments in service and expanding footprint.
Pricing Environment: Constructive, with revenue per hundredweight (excluding fuel surcharge) increasing, despite a subdued demand environment.
Growth Strategy: Focused on geographic expansion and enhancing service offerings, despite macroeconomic uncertainties.
Competitive Environment: Remains stable with Saia focusing on maintaining high service levels and managing cost effectively amid a fluctuating macro environment.
Notable Quotes
”Our customer-first focus continued to deliver tangible results across our organization.” - Frederick Holzgrefe, President and CEO
”Our first quarter operating ratio of 84.4% improved by 60 basis points compared to our operating ratio of 85% posted in the first quarter last year and matches our best ever Q1 OR posted in 2022.” - Doug Col, EVP and Chief Financial Officer
”We’ve added 20 new facilities in the last 2 years with improving perceived levels of service.” - Frederick Holzgrefe
”Our plans to open 15 to 20 terminals in total this year remain.” - Douglas Col
”Our results included relocating 4 facilities in Q1. More significantly, we’ve already opened 4 new facilities in April alone.” - Frederick Holzgrefe
