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Saia Reports Record Second Quarter Results

JOHNS CREEK, Ga., July 27, 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 second quarter 2022 financial results. Diluted earnings per share in the quarter were $4.10 compared to $2.34 in the second quarter of 2021.

Highlights from the second quarter operating results were as follows:

Second Quarter 2022 Compared to Second Quarter 2021 Results

  • Revenue was $745.6 million, a 30.5% increase
  • Operating income was $146.0 million, a 76.1% increase
  • Operating ratio of 80.4 compared to 85.5
  • LTL shipments per workday increased 1.8%
  • LTL tonnage per workday increased 2.8%
  • LTL revenue per hundredweight increased 26.3%
  • LTL revenue per shipment rose 27.6% to $353.75

“As we continue to emphasize our customer first initiatives, we saw high levels of execution across our organization, fueling our record second quarter financial results,” stated Saia President and CEO, Fritz Holzgrefe. “Our quarterly revenue of $746 million and our operating income of $146 million are both records for our company, and our operating ratio of 80.4 was more than 500 basis points improved from the prior year quarter. Demand remained fairly consistent across the quarter averaging approximately 32,000 shipments per day and our cargo claims ratio was a solid 0.57%,” said Mr. Holzgrefe.

“In terms of our expansion efforts, four new terminals were opened in the quarter, and we have opened five in total so far this year. Plans are underway for an additional seven to ten terminals to be opened this year,” added Holzgrefe. “Our strategy of expanding our footprint is putting us in a position to be closer to customers, in more markets and therefore provide a higher level of service,” concluded Mr. Holzgrefe.

Saia Executive Vice President and Chief Financial Officer, Douglas Col added, “Enhancing the value proposition to our customers through higher service levels puts us in a good position to charge a more premium rate for that service, and we are seeing the benefit in our LTL revenue per shipment, which grew 27.6% to $353.75. Excluding fuel surcharge LTL revenue per shipment was up 16.1%.” “Despite inflation across our cost structure, we were still able to invest in improving service to support our premium service offering,” concluded Mr. Col.

Financial Position and Capital Expenditures

We ended the second quarter of 2022 with $137.9 million of cash on hand and total debt of $39.3 million, which compares to total debt of $61.0 million and $52.9 million of cash on hand at June 30, 2021.

Net capital expenditures were $155.3 million during the first six months of 2022, compared to $100.0 million in net capital expenditures during the first six months of 2021. In 2022, we anticipate that net capital expenditures will be in excess of $500 million.

Conference Call

Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 888-394-8218 or 323-794-2588 referencing conference ID #3976238. 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 August 24, 2022 at 2:00 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 181 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.

Saia, Inc.

Douglas Col
Executive Vice President and Chief Financial Officer  

Saia, Inc. and Subsidiaries 
Condensed Consolidated Balance Sheets 
(Amounts in thousands) 
 June 30, 2022 December 31, 2021 
Cash and cash equivalents$137,871 $106,588 
Accounts receivable, net 357,052  276,755 
Prepaid expenses and other 41,453  32,912 
Total current assets 536,376  416,255 
Cost 2,277,527  2,144,528 
Less: accumulated depreciation 924,628  864,074 
Net property and equipment 1,352,899  1,280,454 
OTHER ASSETS 53,204  40,760 
Total assets$2,047,855 $1,845,250 
Accounts payable$145,298 $114,010 
Wages and employees' benefits 78,945  73,109 
Other current liabilities 74,816  93,268 
Current portion of long-term debt 17,935  19,396 
Current portion of operating lease liability 22,155  21,565 
Total current liabilities 339,149  321,348 
Long-term debt, less current portion 21,360  31,008 
Operating lease liability, less current portion 85,522  88,409 
Deferred income taxes 123,229  124,137 
Claims, insurance and other 74,833  60,015 
Total other liabilities 304,944  303,569 
Common stock 26  26 
Additional paid-in capital 271,395  274,633 
Deferred compensation trust (6,103) (4,101)
Retained earnings 1,138,444  949,775 
Total stockholders' equity 1,403,762  1,220,333 
Total liabilities and stockholders' equity$2,047,855 $1,845,250 

Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Six Months Ended June 30, 2022 and 2021
(Amounts in thousands, except per share data)
 Second Quarter Six Months
 2022 2021  2022 2021 
OPERATING REVENUE$745,554 $571,333  $1,406,770 $1,055,407 
Salaries, wages and employees' benefits295,052 268,786  584,515 513,223 
Purchased transportation91,819 62,481  170,067 107,512 
Fuel, operating expenses and supplies145,530 90,664  268,301 175,565 
Operating taxes and licenses15,979 14,559  32,552 28,897 
Claims and insurance14,216 17,328  24,952 28,808 
Depreciation and amortization36,944 34,659  76,896 70,031 
Loss (gain) from property disposals, net21 (69) 45 (268)
Total operating expenses599,561 488,408  1,157,328 923,768 
OPERATING INCOME145,993 82,925  249,442 131,639 
Interest expense668 834  1,360 1,686 
Other, net769 (430) 1,004 (561)
Nonoperating expenses, net1,437 404  2,364 1,125 
INCOME BEFORE INCOME TAXES144,556 82,521  247,078 130,514 
Income tax expense35,311 20,047  58,409 30,749 
NET INCOME$109,245 $62,474  $188,669 $99,765 
Average common shares outstanding - basic26,507 26,332  26,489 26,309 
Average common shares outstanding - diluted26,665 26,704  26,662 26,687 
Basic earnings per share$4.12 $2.37  $7.12 $3.79 
Diluted earnings per share$4.10 $2.34  $7.08 $3.74 

Saia, Inc. and Subsidiaries 
Condensed Consolidated Statements of Cash Flows 
For the six months ended June 30, 2022 and 2021 
(Amounts in thousands) 
 Six Months 
 2022 2021 
Net cash provided by operating activities$207,905 $140,140 
Net cash provided by operating activities 207,905  140,140 
Acquisition of property and equipment (156,351) (100,202)
Proceeds from disposal of property and equipment 1,060  236 
Net cash used in investing activities (155,291) (99,966)
Borrowing (repayment) of revolving credit agreement, net    
Proceeds from stock option exercises 1,008  3,678 
Shares withheld for taxes (11,230) (6,350)
Other financing activity (11,109) (9,950)
Net cash used in financing activities (21,331) (12,622)

Saia, Inc. and Subsidiaries 
Financial Information 
For the Quarters Ended June 30, 2022 and 2021 
           Second Quarter    
  Second Quarter  %  Amount/Workday  % 
  2022  2021  Change  2022  2021  Change 
Workdays          64   64    
Operating ratio 80.4%  85.5%            
LTL tonnage (1) 1,446   1,406   2.8   22.60   21.97   2.8 
LTL shipments (1) 2,048   2,012   1.8   32.00   31.44   1.8 
LTL revenue/cwt.$25.05  $19.84   26.3          
LTL revenue/cwt., excluding fuel surcharges$19.44  $16.92   14.9          
LTL revenue/shipment$353.75  $277.24   27.6          
LTL revenue/shipment, excluding fuel surcharges$274.60  $236.43   16.1          
LTL pounds/shipment 1,412   1,397   1.1          
LTL length of haul (2) 910   911   (0.1)         

 (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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