Saia Takes 1Q Loss
Saia Inc. said Friday it lost $6.3 million in the first quarter “due to an unprecedented reduction in tonnage and increasing pricing pressure.”
The per-share loss for the quarter was 47 cents, compared with a loss of $833,000, or 6 cents per share, in the same quarter last year.
Its operating loss was $7.5 million, compared with operating income of $2 million a year ago.
Revenue fell 17% to $206.1 million, the company said in a statement. Saia is the parent company of less-than-truckload carrier Saia Motor Freight Line.
LTL tonnage fell 7.2% as shipments per workday fell 4.8% with a 2.6% reduction in weight per shipment, Saia said.
Saia is ranked No. 25 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
