Q2 2024 Saia Inc Earnings Call Transcript
Key Points
- Saia Inc (SAIA) reported a record second-quarter revenue of $823 million, an 18.5% increase from the previous year.
- The company averaged approximately 36,400 shipments per day, an 18% increase from the same period last year.
- Saia Inc (SAIA) opened six new terminals and relocated two others, enhancing their service and value proposition.
- Yield, excluding fuel surcharge, improved by 8.7%, reflecting a constructive pricing backdrop.
- Operating income increased by 14.4% year-over-year, reaching $137.6 million.
- The operating ratio deteriorated to 83.3 from 82.7 in the previous year, impacted by costs related to new terminal openings.
- The mix of business created a margin headwind of approximately 150 to 200 basis points compared to last year.
- New terminals collectively operated at a higher operating ratio of approximately 95, contributing to a 130-basis-point headwind for the quarter.
- Salaries, wages, and benefits increased by 19.4%, driven by headcount growth and wage increases.
- Purchase transportation expense increased by 22.7%, reflecting higher costs associated with non-asset truckload volume and LTL purchase transportation miles.
I'll be your conference operator today. At this time, I would like to welcome everyone to the Saia, Inc. s econd-quarter 2024 earnings conference call. (Operator Instructions) Thank you.
And I would now like to turn the conference over to Mr. Matt Batteh, Executive Vice President and Chief Financial Officer. You may begin.
Thank you, Abby. Good morning, everyone, and welcome to Saia's second-quarter 2024 conference call. With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe.
Before we begin, you should know that during this call, we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We refer you to our press release and our SEC filings for more
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