Saia Reports Earnings Dip Amid Investments for Q4
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Saia Inc. closed out 2024 with lower fourth-quarter earnings amid efforts to reinvest in the operations of the business, but it set a revenue record for the full year, the company reported Feb. 3.
The Johns Creek, Ga.-based less-than-truckload carrier posted net income of $76.1 million, or $2.84 a diluted share, for the three months ending Dec. 31. That compared with $89.2 million, $3.33, during the same time the previous year. Total Q4 revenue increased by 5% to $789 million from $751.1 million.
“We opened 21 terminals in 2024, which is, by far, a record, and we relocated an additional nine terminals,” Saia CEO Fritz Holzgrefe said during a call with investors. “We ended the year with 214 terminals and now have a national footprint, enabling us to provide direct service to our customers in the 48 contiguous states.”
For the full year, Saia reported net income of $362.1 million, $13.51, on record revenue of $3.21 billion, compared with net income of $354.9 million, $13.26, on revenue of $2.88 billion in 2023.
“The record level of real estate investments we made in 2024 officially positioned Saia as a leading national carrier, allowing us to provide better service to our existing customers and grow with new customers,” Holzgrefe said. “In addition to investments in real estate, 2024 is also a record year for equipment as we had serviced over 6,000 trailers. This investment in our fleet allows us to better service our customers and provide unique solutions for their needs.”
Saia also onboarded about 1,300 new team members during 2024, and the company now has more than 15,000 employees. Saia’s investments into real estate, equipment, technology and its workforce throughout the year amounted to over $1 billion in capital expenditures.
“A record level of investment in 2024 represents our commitment to putting the customer first and ensuring that we’re instilling our great Saia culture in each of our new locations,” Holzgrefe said. “While underlying macrotrends remain uncertain, our year-over-year results continue to reflect the growth experience since mid-2023.”
Saia highlighted in its report that LTL shipments per workday increased 4.5%, while LTL revenue per shipment increased 1.3%. The report also noted that LTL tonnage per workday increased 8.3%, and LTL revenue per hundredweight decreased 2.3%.
“I’m pleased [with] the execution of our growth strategy and our ability to demonstrate our customer-first approach during this record year of expansion,” Holzgrefe said. “While the terminals are a drag on margins in the near term, these investments and capacity are critical to creating long-term value for both our customers and shareholders.”
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Holzgrefe stressed that having a comparable footprint to other similar carriers is critical to attracting customers and added that company leadership is constantly analyzing the impact of new openings from a margin and customer-acceptance standpoint.
“2024 is a landmark year for the company on many levels,” Holzgrefe said. “We’re able to implement a significant portion of our long-term investment strategy in a comparatively short period of time. The next stage in development of our strategy will be focused entirely on supporting our customers’ success.”
Saia ranks No. 18 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 6 on the LTL sector list.
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