SAIA · Saia, Inc.

Saia Inc. delivered a record first quarter revenue of $806.2 million, up 2.4% year-over-year, primarily fueled by a 12.3% rise in fuel surcharge revenue to 16.5% of total and a modest 1.0% increase in shipments per workday. However, revenue per shipment excluding fuel dipped 1.2% to $297.11, reflecting a 3.1% decline in weight per shipment and 1.7% shorter average haul length to 890 miles, partially offset by a 1.9% yield improvement excluding fuel. Tonnage fell 2.1% year-over-year. Expenses rose faster at 3.1%, pushing the operating ratio to 91.7% from 91.1%, with key pressures from a 30% diesel price spike in March creating a $3.5 million margin headwind due to fuel surcharge lag, $7.9 million higher health insurance costs, and rising claims/insurance expenses up 6.3%. Salaries and wages saw some relief from 6.3% lower headcount, while purchased transportation grew 7.5% to 8.0% of revenue amid rail usage increases. Operational highlights included a 0.5% cargo claims ratio, record Q1 miles between preventable accidents, and productivity gains with touches up over 2.5% YoY. Management emphasized network investments, service reliability, and pricing discipline, with 6.7% contractual renewals, noting volume acceleration into late March and April trends up 5.5% in shipments. No formal guidance was provided, but optimism centers on national network leverage as freight demand stabilizes post-recession.