- Saia Inc (NASDAQ:SAIA) reported first-quarter FY22 revenue growth of 36.6% year-over-year to $661.22 million, beating the consensus of $632.12 million.
- EPS improved to $2.98 from $1.40 in 1Q21, beating the consensus of $2.71.
- The operating income increased by 112.4% Y/Y to $103.45 million, and the margin expanded by 558 bps to 15.6%.
- The company reported an Operating ratio of 84.4% compared to 89.9% in 1Q21.
- Saia generated cash from operating activities of $95.96 million, compared to $60.97 million a year ago.
- LTL shipments per workday increased 5.7%, tonnage per workday increased 9.5%, and revenue per hundredweight increased 21.4%.
- LTL revenue per shipment rose by 25.7% Y/Y to $329.30.
- Total debt was $44.9 million as of March 31, 2022, and SAIA ended the quarter with $141.3 million of cash on hand.
- Net capital expenditures were $45.4 million during the first three months of 2022. The company anticipates net capital expenditures to be more than $500 million for FY22.
- "We have opened two new terminals this year, and our opening pace will accelerate now that winter weather is behind us. I would anticipate another four terminal openings will be completed by the end of the second quarter and we are still anticipating opening a total of 10 to 15 new locations in 2022," commented President and CEO Fritz Holzgrefe.
- Price Action: SAIA shares are trading lower by 3.07% at $199.64 on the last check Monday.
