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Saia Reports Second Quarter Results

1. Q2 2025 EPS decreased to $2.67, down from $3.83 in 2024. 2. Revenue of $817.1 million showed a 0.7% decline year-over-year. 3. Operating income fell by 27.8%, leading to an operating ratio of 87.8%. 4. LTL shipments per day decreased by 2.8%, but tonnage increased by 1.1%. 5. Saia aims for net capital expenditures of $600-$650 million in 2025.

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FAQ

Why Bearish?

The significant decrease in earnings per share and operating income may lead to negative market sentiment, similar to previous quarters when earnings declines resulted in stock price drops.

How important is it?

The reported financial results significantly affect investor outlook and stock valuation. Historic patterns indicate that earnings declines can directly impact stock performance.

Why Short Term?

The immediate reaction to earnings reports often results in quick price adjustments. Historical data shows that initial earnings misses usually lead to short-term price declines.

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JBHTODFLXPO
July 25, 2025 07:30 ET  | Source: Saia, Inc. JOHNS CREEK, Ga., July 25, 2025 (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 2025 financial results. Diluted earnings per share for the quarter were $2.67 compared to $3.83 in the second quarter of 2024. Highlights from the second quarter operating results were as follows: Second Quarter 2025 Compared to Second Quarter 2024 Results Revenue was $817.1 million, a 0.7% decreaseOperating income was $99.4 million, a 27.8% decreaseOperating ratio of 87.8% compared to 83.3%LTL shipments per workday decreased 2.8%LTL tonnage per workday increased 1.1%LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 1.2%LTL revenue per shipment, excluding fuel surcharge revenue, increased 2.7% Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, "I was pleased with our team's ability to focus on what was within our control in the second quarter. Our continued emphasis on taking care of the customer in all of our markets, mix management, and managing costs to adjust to current volume trends demonstrated our ability to navigate a dynamic backdrop."   Executive Vice President and CFO, Matt Batteh, noted that, "Our customer first focus is yielding tangible results, especially in our newer markets, as our facilities opened for less than three years continue to lead the charge in volume and revenue growth. We continued to see improvements in operational efficiencies throughout Q2, demonstrating the value of our long-term strategy of getting closer to the customer and building density in the network."  Financial Position and Capital Expenditures We ended the second quarter of 2025 with $18.8 million of cash on hand and total debt of $309.1 million, which compares to $11.2 million of cash on hand and total debt of $176.7 million at June 30, 2024. Net capital expenditures were $375.6 million during the first six months of 2025, compared to $681.3 million in net capital expenditures during the first six months of 2024. In 2025, we anticipate that net capital expenditures will be approximately $600 million to $650 million, subject to ongoing evaluation of market conditions. 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 1-877-317-6789 and request to join the Saia, Inc. call. 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 www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through August 25, 2025 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-877-344-7529 referencing conference ID #9136263. 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 213 terminals with national service. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations. 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,” “potential” 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, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) unexpected liabilities resulting from the acquisition of real estate assets; (10) 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; (11) risks arising from remote work, including increased risk of related cybersecurity incidents; (12) failure to keep pace with technological developments; (13) liabilities and costs arising from the use of artificial intelligence; (14) labor relations, including the adverse impact should a portion of our workforce become unionized; (15) cost, availability and resale value of real property and revenue equipment; (16) supply chain disruption and delays on new equipment delivery; (17) capacity and highway infrastructure constraints; (18) changes in U.S. trade policy and the impact of tariffs; (19) risks arising from international business operations and relationships; (20) seasonal factors, harsh weather and disasters caused by climate change; (21) the creditworthiness of our customers and their ability to pay for services; (22) our need for capital and uncertainty of the credit markets; (23) the possibility of defaults under our debt agreements, including violation of financial covenants; (24) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (25) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (26) dependence on key employees; (27) employee turnover from changes to compensation and benefits or market factors; (28) increased costs of healthcare benefits; (29) damage to our reputation from adverse publicity, including from the use of or impact from social media; (30) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (31) 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; (32) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (33) 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; (34) unforeseen costs from new and existing data privacy laws; (35) changes to the way LTL freight is categorized; (36) costs from new and existing laws regarding how to classify workers; (37) changes in accounting and financial standards or practices; (38) widespread outbreak of an illness or any other communicable disease; (39) international conflicts and geopolitical instability; (40) evolving stakeholder expectations regarding environmental and social issues; (41) provisions in our governing documents and Delaware law that may have anti-takeover effects; (42) issuances of equity that would dilute stock ownership; (43) weakness, disruption or loss of confidence in financial or credit markets; and (44) 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. CONTACT:        Saia, Inc.Matthew BattehExecutive Vice President and Chief Financial OfficerInvestors@saia.com Saia, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(Amounts in thousands)(Unaudited)       June 30, 2025 December 31, 2024Assets         Current Assets:    Cash and cash equivalents $18,837  $19,473 Accounts receivable, net  347,196   322,991 Prepaid expenses and other  85,117   93,305 Total current assets  451,150   435,769      Property and Equipment:    Cost  4,133,481   3,790,069 Less: accumulated depreciation  1,321,880   1,233,134 Net property and equipment  2,811,601   2,556,935 Operating Lease Right-of-Use Assets  145,336   126,828 Other Assets  49,639   47,325 Total assets $3,457,726  $3,166,857      Liabilities and Stockholders' Equity         Current Liabilities:    Accounts payable $128,993  $114,560 Wages, vacation and employees' benefits  61,909   49,953 Other current liabilities  80,970   81,162 Current portion of long-term debt  1,967   5,313 Current portion of operating lease liability  28,970   27,372 Total current liabilities  302,809   278,360      Other Liabilities:    Long-term debt, less current portion  307,124   194,981 Operating lease liability, less current portion  106,282   96,798 Deferred income taxes  236,536   219,062 Claims, insurance and other  68,453   66,385 Total other liabilities  718,395   577,226      Stockholders' Equity:    Common stock  27   27 Additional paid-in capital  300,593   295,106 Deferred compensation trust  (9,418)  (7,981)Retained earnings  2,145,320   2,024,119 Total stockholders' equity  2,436,522   2,311,271 Total liabilities and stockholders' equity $3,457,726  $3,166,857            Saia, Inc. and SubsidiariesConsolidated Statements of OperationsFor the Quarters and Six Months Ended June 30, 2025 and 2024(Amounts in thousands, except per share data)(Unaudited)       Second Quarter Six Months   2025   2024   2025   2024 Operating Revenue $817,115  $823,244  $1,604,690  $1,578,019          Operating Expenses:        Salaries, wages and employees' benefits  390,975   372,240   780,231   713,953 Purchased transportation  57,699   61,047   117,548   113,554 Fuel, operating expenses and supplies  161,634   160,877   328,305   317,202 Operating taxes and licenses  22,014   19,693   42,451   39,459 Claims and insurance  22,826   18,828   44,371   36,291 Depreciation and amortization  62,546   52,536   121,589   101,385 Other operating, net  22   430   628   670 Total operating expenses  717,716   685,651   1,435,123   1,322,514          Operating Income  99,399   137,593   169,567   255,505          Nonoperating (Income) Expenses:        Interest expense  4,742   2,412   9,027   2,954 Interest income  (34)  (110)  (73)  (865)Other, net  (873)  (326)  (516)  (1,114)Nonoperating expenses, net  3,835   1,976   8,438   975          Income Before Income Taxes  95,564   135,617   161,129   254,530 Income Tax Provision  24,173   33,098   39,928   61,316 Net Income $71,391  $102,519  $121,201  $193,214          Weighted average common shares outstanding - basic  26,739   26,691   26,730   26,682 Weighted average common shares outstanding - diluted  26,785   26,802   26,782   26,798          Basic earnings per share $2.67  $3.84  $4.53  $7.24 Diluted earnings per share $2.67  $3.83  $4.53  $7.21                                      Saia, Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the six months ended June 30, 2025 and 2024(Amounts in thousands)(Unaudited)  Six Months   2025   2024 Operating Activities:    Net cash provided by operating activities $279,815  $237,242 Net cash provided by operating activities  279,815   237,242 Investing Activities:    Acquisition of property and equipment  (377,540)  (681,919)Proceeds from disposal of property and equipment  1,967   643 Other  (8,394)  4,999 Net cash used in investing activities  (383,967)  (676,277)Financing Activities:    Borrowing of revolving credit facility, net  113,000   67,000 Borrowing of private shelf agreement  –   100,000 Proceeds from stock option exercises  2,463   1,993 Shares withheld for taxes  (7,744)  (7,968)Other financing activity  (4,203)  (7,036)Net cash provided by financing activities  103,516   153,989 Net (Decrease) Increase in Cash and Cash Equivalents  (636)  (285,046)Cash and Cash Equivalents, beginning of period  19,473   296,215 Cash and Cash Equivalents, end of period $18,837  $11,169                 Saia, Inc. and SubsidiariesFinancial InformationFor the Quarters Ended June 30, 2025 and 2024(Unaudited)                     Second Quarter    Second Quarter % Amount/Workday %   2025   2024  Change 2025 2024 ChangeWorkdays      64 64  Operating ratio 87.8%  83.3%        LTL tonnage (1) 1,576   1,559  1.1  24.63 24.36 1.1 LTL shipments (1) 2,261   2,327  (2.8) 35.33 36.36 (2.8)LTL revenue/cwt.$25.20  $25.75  (2.1)      LTL revenue/cwt., excluding fuel surcharge$21.42  $21.69  (1.2)      LTL revenue/shipment$351.36  $345.07  1.8       LTL revenue/shipment, excluding fuel surcharge$298.71  $290.72  2.7       LTL pounds/shipment 1,394   1,340  4.0       LTL length of haul (2) 893   888  0.6                    (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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