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Saia Inc. reported massive second-quarter will increase in revenue and income, helped by improved working effectivity and the financial rebound from the COVID-19 recession.
The Johns Creek, Ga.-based less-than-truckload provider mentioned web earnings rose 119.6% to $62.5 million, or $2.34 a diluted share, for the three months ending June 30. That in contrast with $28.5 million, or $1.07, throughout the identical interval a 12 months earlier.
Income elevated 36.6% to $571.3 from $418.1 million.
The outlook for the third quarter is sweet, CEO Frederick Holzgrefe mentioned in a July 29 information launch.
“Shipper demand stays robust early within the third quarter,” he mentioned, “and we proceed to rent drivers and dockworkers throughout all areas of our service map.”
Whereas a lot of the achieve got here from the recovering economic system, Saia is also making progress enhancing its operations.
It posted an working ratio — the share bills characterize of income — of 85.5 within the quarter, the perfect for any quarter within the motor provider’s historical past, Holzgrefe mentioned.
“We had an excellent quarter by way of service, and our cargo claims ratio of 0.54% can also be a document,” he mentioned.
Saia mentioned its complete shipments within the second quarter elevated 15.3% and reached an all-time excessive. It logged a document $277 in income per cargo, a 17.9% achieve over final 12 months. Tonnage per workday elevated 23.1%. Income per hundredweight rose 10.5%
“We’re working arduous to accommodate our clients’ wants in an atmosphere the place we’re experiencing a really tight labor market,” mentioned Douglas Col, government vp and chief monetary officer.
Through the quarter, Saia launched take a look at packages to start to scale back its reliance on diesel gasoline. The corporate added two battery-electric tractors and 5 compressed pure fuel tractors.
The corporate opened a terminal in Hagerstown, Md., in June and mentioned it expects to open a number of extra later this 12 months.
Saia additionally recorded stability sheet enhancements. Its debt degree on the finish of the quarter stood at $61 million, and its web debt to complete capital measure was 0.8%. That in contrast with complete debt of $160.8 million and web debt to complete capital of 13.1% on June 30, 2020.
The corporate has spent about $100 million on capital expenditures through the first half of this 12 months and expects to spend about $275 million for the complete 12 months.
Saia ranks No. 20 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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https://www.ttnews.com/articles/saia-reports-q2-profit-revenue-increases | Saia Reviews Q2 Revenue, Income Will increase