Saia Posts 2Q Loss
Saia Inc. said it lost $1.7 million in the second quarter “due to the weak shipping environment and lower yields impacted by increasingly competitive pricing pressure.”
The per-share loss for the quarter was 13 cents, compared with a profit of $5.3 million, or 46 cents per share, in the same quarter last year, the carrier said Friday.
Its operating loss was $0.4 million, compared with operating income of $10.9 million a year ago.
Revenue fell 21% to $218 million, the company said in a statement. Saia is the parent company of less-than-truckload carrier Saia Motor Freight Line.
LTL tonnage fell 6.2% as shipments per workday fell 3% with a 3.4% reduction in weight per shipment, Saia said.
In April, Saia cut wages for leadership by 10% and 5% for hourly, linehaul and salaried employees in operations, maintenance and administration, the carrier said. Productivity still improved in all metrics, with 97% on-time service.
Saia is ranked No. 25 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
