Saia, a trucking line based in Johns Creek, Ga., has experienced growth in net income and revenue in the third quarter. This can be attributed to the discontinuation of rival company Yellow, which has boosted demand for Saia's less-than-truckload haulage services.
In the quarter ending in September, Saia recorded net earnings of $98.2 million, or $3.67 per share. This is a slight increase from $97.9 million, or $3.67 per share, during the same period last year. Despite a smaller count of outstanding shares compared to the previous year, Saia managed to surpass the average Wall Street estimate of $3.62 per share, as reported by FactSet.
Furthermore, Saia's third-quarter revenue saw a 6.2% increase, reaching $775.1 million. This exceeded the average analyst estimate of $744 million, according to FactSet.
Increased Demand and Growth
Saia experienced a 5% rise in less-than-truckload tonnage during the three-month period, reaching 1.47 billion metric tons. Additionally, less-than-truckload shipments per workday increased by 12% for the quarter.
The company attributes this growth to a significant increase in volume since late July, following the shutdown of a major competitor in the less-than-truckload market.
Expansion and Workforce
To accommodate the increased demand and support its growth, Saia has been actively expanding its workforce. Since the end of the second quarter, the company has added over 1,000 new employees.