Less-than-truckload carrier Saia (NASDAQ: SAIA) reported fourth-quarter earnings per share of $1.51 Monday, 21 cents ahead of consensus and more than 85% higher year-over-year. The period benefited from a sub-20% corporate tax rate, roughly 9 cents per share, which was related to stock-based compensation.
Revenue grew 8% year-over-year as tonnage increased 6% and revenue per hundredweight, or yield, increased more than 1%. The company posted an 89.4% operating ratio, 440 basis points better than the 2019 fourth quarter.
CLICK FOR FULL ARTICLE – Saia looking to expand terminal count and margins
“Moving into 2021, we continue to focus our efforts on expansion of our network and of course on continuing profitability initiatives,” Saia President and CEO Fritz Holzgrefe said. “We have one planned terminal opening for the first quarter and are reviewing several other opportunities.”
The company posted the best full-year OR in its history at 90.1%, 140 basis points better year-over-year. Price improvements throughout the year were the driver, according to management.
“We have long felt that positive pricing action was the best path towards improved profitability and 2020 provides excellent evidence of that path,” said CFO Doug Col. “The growth [in revenue] came from a 3.9% increase in yield excluding fuel surcharge, which fueled a 4.9% increase in revenue per bill excluding fuel surcharge, and this largely explained the 140 basis point improvement in our operating ratio versus the prior year.”
Saia will host a conference call to discuss these results with analysts at 10 a.m. Monday.
CLICK FOR FULL ARTICLE – Saia looking to expand terminal count and margins
