![]() In the prepared statement released with the earnings, Holzgrefe said he anticipates four terminal openings this quarter. Saia opened two new terminals in the first quarter, one near Chicago and the other near Parkersburg, West Virginia. “The thing we like about organic growth is we’re in control of regulating it up or down if there was a scenario in which we didn’t feel comfortable executing,” he said. The CEO said Saia is pursuing a mostly organic growth strategy, rather than expanding through acquisitions. ![]() With Saia looking at 10 to 15 new terminals this year, Holzgrefe was asked whether the process could be pulled back if the market did not support that level of growth. But he added that number was not the end of the process, and that in recent quarters, performance has exceeded the number on the renewals. Holzgrefe, in response to an analyst’s question, said Saia had achieved contract pricing renewals of 10.2% during the quarter. “Although we had a great quarter, we have a ways to go to reach parity with some of the other elements of the market,” he said. But by way of comparison, the OR at Old Dominion Freight Line (NASDAQ: ODFL) for the quarter was 72.9%. Holzgrefe made reference on the call several times to seeing a gap between Saia’s performance and that of other major LTL carriers, though he did not identify any by name. But the April comparisons to last year were up just “slightly.” Revenue growth for April was up mid-20%, he said, adding that yield figures are not disclosed on a monthly basis. On the call, CFO Douglas Col said March shipments were up 2.2% and tonnage was up 4.2%. He said significant increases in truckload or LTL capacity are not expected. “Pricing remains stable, and in recent shipper surveys, customers have a positive business outlook over the next several months,” Holzgrefe said. The CEO also downplayed forecasts of a significant contraction in the freight market. The company recorded an OR of 85.4% for full-year 2021, and the first quarter already was less than that level. In its earnings call with analysts, CEO Frederick Holzgrefe said if markets continue to trend the way the company has seen so far in 2022, Saia expects to have full-year OR improvement of 200 basis points. Revenue of $661.2 million was $27.4 million was more than consensus. Net income of $2.98 a share came in 26 cents above consensus, according to Seeking Alpha. Tonnage was up 11.2%, shipments rose 7.5% and revenue per shipment excluding fuel rose a strong 25.7%. The key yield number of revenue per hundredweight excluding fuel rose 14.35% for the quarter, up to $19.28 from $16.86. In a quarter in which numerous truckload and LTL carriers have boasted about achieving revenue milestones, Saia (NASDAQ: SAIA) said its first-quarter revenue of $661.2 million was a record, as was its operating ratio of 84.4% compared to 89.9% a year earlier.Īll other key metrics for an LTL carrier were up as well. ![]() Saia kicked off a year in which it expects to grow by as many as 15 new terminals with first-quarter earnings that set several records, and with an outlook toward the balance of 2022 that sees the strong freight market mostly continuing.
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