Saia(SAIA) - 2024 Q3 - Quarterly Results

Revenue and Operating Income - Revenue for Q3 2024 was $842.1 million, an 8.6$125.2 million, a 2.5% decrease compared to Q3 2023[1] - Operating revenue for Q3 2024 increased to $842.1 million, up 8.6$775.1 million in Q3 2023[8] LTL Shipments and Tonnage - LTL shipments per workday increased by 8.5% and LTL tonnage per workday increased by 7.7% in Q3 2024 compared to Q3 2023[1] - LTL tonnage increased by 9.4% to 1.605 million in Q3 2024 compared to 1.467 million in Q3 2023[10] - LTL shipments grew by 10.2% to 2.379 million in Q3 2024 from 2.158 million in Q3 2023[10] LTL Revenue Metrics - LTL revenue per hundredweight, excluding fuel surcharge revenue, increased by 1.7% in Q3 2024 compared to Q3 2023[1] - LTL revenue per shipment, excluding fuel surcharge revenue, increased by 0.9% in Q3 2024 compared to Q3 2023[1] - LTL revenue per hundredweight (cwt) excluding fuel surcharge increased by 1.7% to $21.75 in Q3 2024 from$21.39 in Q3 2023[10] Capital Expenditures and Investments - Net capital expenditures for the first nine months of 2024 were $873.2 million, compared to$338.4 million in the same period of 2023, with anticipated net capital expenditures of approximately $1 billion for 2024[3] - Net cash used in investing activities increased significantly to$868.2 million in the first nine months of 2024, up from $337.0 million in the same period of 2023[9] - Acquisition of property and equipment surged to$875.3 million in the first nine months of 2024, more than double the $340.5 million in the same period of 2023[9] Financial Position - The company ended Q3 2024 with$14.4 million in cash on hand and total debt of $191.0 million, compared to$249.3 million in cash and $18.9 million in total debt at the end of Q3 2023[2] Net Income and Earnings Per Share - Net income for Q3 2024 decreased to$92.7 million, down 5.6% from $98.2 million in Q3 2023[8] - Basic earnings per share decreased to$3.47 in Q3 2024 from $3.69 in Q3 2023[8] Operating Expenses and Ratio - Total operating expenses rose to$716.9 million in Q3 2024, an increase of 10.9% from $646.7 million in Q3 2023[8] - Operating ratio worsened to 85.1% in Q3 2024 from 83.4% in Q3 2023[10] Terminal Expansion - The company opened 11 new terminals and relocated one terminal during Q3 2024, with plans to open up to 3 additional terminals in Q4 2024, totaling 21 new openings for the year[1][2]