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Saia Reports Record Third Quarter Results

JOHNS CREEK, Ga., Oct. 31, 2022 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported third quarter 2022 financial results. Diluted earnings per share in the quarter were $3.67 compared to $2.98 in the third quarter of 2021. Third quarter 2021 adjusted diluted earnings per share1 were $2.86.

Highlights from the third quarter operating results were as follows:

Third Quarter 2022 Compared to Third Quarter 2021 Results

  • Revenue was $729.6 million, a 18.4% increase
  • Operating income was $128.4 million, a 21.0% increase
  • Operating ratio of 82.4 compared to 82.8 (adjusted operating ratio1 of 83.5 in 2021)
  • LTL shipments per workday decreased 2.5%
  • LTL tonnage per workday decreased 0.4%
  • LTL revenue per hundredweight increased 17.5%
  • LTL revenue per shipment rose 20.1% to $359.04

“Saia’s third quarter operating ratio of 82.4% was 110 basis points better than last year’s adjusted operating ratio and operating income increased by 26% compared to last year’s adjusted operating income, despite a somewhat softer demand environment experienced over the last several weeks of the quarter,” stated Saia President and CEO, Fritz Holzgrefe. “Revenue and LTL revenue per shipment, both excluding fuel surcharge, increased by 9.3% and 10.2% respectively, reflecting a continuation of the constructive LTL pricing environment. Including fuel surcharge, our yield rose 17.5% and LTL revenue per shipment grew by 20.1% in the quarter.”

“We opened five new terminals in the quarter and opened one more in October, bringing our year-to-date total of new openings to 11. We have no other openings planned for this year, but will resume our expansion efforts in the first quarter of 2023 and anticipate another 10-15 openings next year. Customer response to our expanded service capabilities continues to be positive and we believe that the terminal expansion strategy is enabling us to provide differentiated service levels,” concluded Mr. Holzgrefe.

Saia Executive Vice President and Chief Financial Officer, Douglas Col added, “I am pleased with the year-over-year operating ratio improvement and that we were able to achieve that while still being able to provide our employees with a wage increase in July. On the cost side, we have seen a step-up in depreciation expense as new equipment has been delivered into the fleet, but we expect to see a benefit in maintenance expense and also potentially in reduced purchased transportation expense in the coming months as we run more miles with Company equipment and drivers.”

Financial Position and Capital Expenditures

We ended the third quarter of 2022 with $149.8 million of cash on hand and total debt of $34.9 million, which compares to $121.7 million of cash on hand and total debt of $55.2 million at September 30, 2021.

Net capital expenditures were $278.0 million during the first nine months of 2022, compared to $148.4 million in net capital expenditures during the first nine months of 2021. In 2022, we anticipate that net capital expenditures will be approximately $500 million.

Conference Call

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 888-394-8218 or 323-794-2591 referencing conference ID #6820944. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at A replay of the call will be offered two hours after the completion of the call through November 28, 2022 at 1:00 p.m. Eastern Time. The replay will be available by dialing 888-203-1112.

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 187 terminals with service across 45 states.  For more information on Saia, Inc. visit the Investor Relations section at

Cautionary Note Regarding Forward-Looking Statements

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 may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers and other employees, purchased transportation and fuel; (5) claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (6) cost and availability of insurance coverage, including the possibility the Company may be required to pay additional premiums, assume additional liability under its auto liability policies or be unable to obtain insurance coverage; (7) failure to successfully execute the strategy to expand our service geography; (8) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (9) failure to keep pace with technological developments; (10) labor relations, including the adverse impact should a portion of our workforce become unionized; (11) cost and availability of real property and revenue equipment; (12) supply chain disruption and delays on new equipment delivery; (13) capacity and highway infrastructure constraints; (14) risks arising from international business operations and relationships; (15) seasonal factors, harsh weather and disasters caused by climate change; (16) economic declines in the geographic regions or industries in which our customers operate; (17) the creditworthiness of our customers and their ability to pay for services; (18) our need for capital and uncertainty of the credit markets; (19) the possibility of defaults under our debt agreements (including violation of financial covenants); (20) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (21) dependence on key employees; (22) employee turnover from changes to compensation and benefits or market factors; (23) increased costs of healthcare benefits; (24) damage to our reputation from adverse publicity, including from the use of or impact from social media; (25) failure to make future acquisitions or to achieve acquisition synergies; (26) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (27) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (28) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; (29) unforeseen costs from new and existing data privacy laws; (30) changes in accounting and financial standards or practices; (31) widespread outbreak of an illness or any other communicable disease, including the COVID-19 pandemic, or any other health crisis or business disruptions and higher costs that may arise from the COVID-19 pandemic in the future, including governmental regulations requiring that employees be vaccinated or be tested regularly for COVID-19 before reporting to work; (32) increasing investor and customer sensitivity to social and sustainability issues, including climate change; (33) anti-terrorism measures and terrorist events; (34)  provisions in our governing documents and Delaware law that may have anti-takeover effects; (35) issuances of equity that would dilute stock ownership; and (36) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.

As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.


1 Non-GAAP Financial Disclosure and Reconciliation:

From time to time we supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures. These include "adjusted" operating income and "adjusted" diluted earnings per share. The Company's management believes that certain non-GAAP financial measures provide a greater understanding of ongoing operations and enhance compatibility of results with prior periods. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

A gain of $4.3 million from the sale of a terminal was recorded during the third quarter of 2021. This gain resulted in an increase in operating income of $4.3 million, an increase in diluted earnings per share of $0.12 and an improvement of 70 basis points in the operating ratio for the third quarter of 2021. This transaction occurred as the result of management's efforts towards expanding door count by replacing a smaller facility with a larger facility better positioned to successfully support the Company's overall strategy.

Saia, Inc. and Subsidiaries 
Reconciliation of Certain GAAP and Non-GAAP Income Statement Items 
For the Quarter and Nine Months Ended September 30, 2022 and 2021 
(Amounts in thousands, except operating ratio and per share data) 
  Third Quarter  Nine Months 
  2022  2021  2022  2021 
Operating Income (GAAP) $128,355  $106,117  $377,797  $237,756 
Less: Operating Income impact of Gain on Real Estate Disposal  -   (4,267)  -   (4,267)
Adjusted operating income (Non-GAAP) $128,355  $101,850  $377,797  $233,489 
  Third Quarter  Nine Months 
  2022  2021  2022  2021 
Diluted earnings per share  (GAAP) $3.67  $2.98  $10.75  $6.72 
Less: Diluted earnings per share impact of Gain on Real Estate Disposal  -   (0.12)  -   (0.12)
Adjusted diluted earnings per share  (Non-GAAP) $3.67  $2.86  $10.75  $6.60 
  Third Quarter  Nine Months 
  2022  2021  2022  2021 
Operating Ratio  82.4   82.8   82.3   85.8 
Less: Operating Ratio impact of Gain on Real Estate Disposal  -   0.7   -   0.2 
Adjusted operating ratio  82.4   83.5   82.3   86.0 

CONTACT:   Saia, Inc.

Douglas Col
Executive Vice President and Chief Financial Officer

Saia, Inc. and Subsidiaries 
Condensed Consolidated Balance Sheets 
(Amounts in thousands) 
  September 30, 2022  December 31, 2021 
Cash and cash equivalents $149,825  $106,588 
Accounts receivable, net  335,595   276,755 
Prepaid expenses and other  65,982   32,912 
Total current assets  551,402   416,255 
Cost  2,403,702   2,144,528 
Less: accumulated depreciation  964,533   864,074 
Net property and equipment  1,439,169   1,280,454 
OTHER ASSETS  42,297   40,760 
Total assets $2,140,324  $1,845,250 
Accounts payable $114,697  $114,010 
Wages and employees' benefits  79,193   73,109 
Other current liabilities  105,915   93,268 
Current portion of long-term debt  15,914   19,396 
Current portion of operating lease liability  22,750   21,565 
Total current liabilities  338,469   321,348 
Long-term debt, less current portion  18,936   31,008 
Operating lease liability, less current portion  87,388   88,409 
Deferred income taxes  124,960   124,137 
Claims, insurance and other  64,089   60,015 
Total other liabilities  295,373   303,569 
Common stock  26   26 
Additional paid-in capital  275,358   274,633 
Deferred compensation trust  (5,237)  (4,101)
Retained earnings  1,236,335   949,775 
Total stockholders' equity  1,506,482   1,220,333 
Total liabilities and stockholders' equity $2,140,324  $1,845,250 

Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Nine Months Ended September 30, 2022 and 2021
(Amounts in thousands, except per share data)
  Third Quarter Nine Months
   2022   2021   2022   2021 
OPERATING REVENUE $729,561  $616,216  $2,136,331  $1,671,623 
Salaries, wages and employees' benefits  297,247   277,087   881,762   790,310 
Purchased transportation  85,452   72,193   255,519   179,705 
Fuel, operating expenses and supplies  145,461   98,834   413,762   274,399 
Operating taxes and licenses  16,261   14,572   48,813   43,469 
Claims and insurance  15,988   15,518   40,940   44,326 
Depreciation and amortization  40,682   35,742   117,578   105,773 
Loss (gain) from property disposals, net  115   (3,847)  160   (4,115)
Total operating expenses  601,206   510,099   1,758,534   1,433,867 
OPERATING INCOME  128,355   106,117   377,797   237,756 
Interest expense  581   777   1,941   2,463 
Other, net  68   14   1,072   (547)
Nonoperating expenses, net  649   791   3,013   1,916 
INCOME BEFORE INCOME TAXES  127,706   105,326   374,784   235,840 
Income tax expense  29,815   25,617   88,224   56,366 
NET INCOME $97,891  $79,709  $286,560  $179,474 
Average common shares outstanding - basic  26,539   26,334   26,506   26,317 
Average common shares outstanding - diluted  26,676   26,713   26,663   26,699 
Basic earnings per share $3.69  $3.03  $10.81  $6.82 
Diluted earnings per share $3.67  $2.98  $10.75  $6.72 

Saia, Inc. and Subsidiaries 
Condensed Consolidated Statements of Cash Flows 
For the nine months ended September 30, 2022 and 2021 
(Amounts in thousands) 
  Nine Months 
  2022  2021 
Net cash provided by operating activities $344,074  $267,686 
Net cash provided by operating activities  344,074   267,686 
Acquisition of property and equipment  (279,057)  (154,884)
Proceeds from disposal of property and equipment  1,061   6,460 
Other     (500)
Net cash used in investing activities  (277,996)  (148,924)
Borrowing (repayment) of revolving credit agreement, net      
Proceeds from stock option exercises  4,416   3,678 
Shares withheld for taxes  (11,703)  (6,571)
Other financing activity  (15,554)  (15,805)
Net cash used in financing activities  (22,841)  (18,698)
(1) Cash, cash equivalents and restricted cash at the end of the period includes $3.7 million of restricted cash included in accounts receivable, net on the Condensed Consolidated Balance Sheet ending September 30, 2021 

Saia, Inc. and Subsidiaries 
Financial  Information 
For the Quarters Ended September 30, 2022 and 2021 
           Third Quarter    
  Third Quarter  %  Amount/Workday  % 
  2022  2021  Change  2022  2021  Change 
Workdays          64   64    
Operating ratio 82.4%  82.8%            
LTL tonnage (1) 1,397   1,402   (0.4)  21.83   21.91   (0.4)
LTL shipments (1) 1,954   2,004   (2.5)  30.52   31.31   (2.5)
LTL revenue/cwt.$25.10  $21.36   17.5          
LTL revenue/cwt., excluding fuel surcharges$19.74  $18.31   7.8          
LTL revenue/shipment$359.04  $299.02   20.1          
LTL revenue/shipment, excluding fuel surcharges$282.41  $256.23   10.2          
LTL pounds/shipment 1,431   1,400   2.2          
LTL length of haul (2) 897   915   (2.0)         
(1) In thousands.                 
(2) In miles.                 
Note: LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight.  The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy. 


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