With two new terminals opened this spring, Saia reports higher revenue
May 2, 2022
There is a reason if you are noticing more Saia trucks on the road. The company this spring has opened new terminals in West Virginia and Illinois. More openings are expected this year in addition to those opened last year, according to company news releases.
On top of that, the company is making more money. Revenue for the first quarter was $661.2 million, which is 36.6% more than the first quarter of 2021. Operating income for the first quarter 2022 was $103.4 million, a 112.4% increase over the first quarter of 2021.
Other notes comparing first quarter 2022 finances to first quarter 2021:
- Less than truckload shipments per workday increased 5.7%.
- LTL tonnage per workday increased 9.5%.
- LTL revenue per hundredweight increased 21.4%.
- LTL revenue per shipment rose 25.7% to $329.30.
Saia reports an operating ratio of 84.4 for the first quarter 2022, compared to 89.9 for the first quarter 2021. The operating ratio measures how efficiently the company keeps costs low while generating revenue. The smaller the ratio, the more efficient the company is at generating revenue vs. total expenses. A decreasing operating ratio indicates that operating expenses are becoming a smaller percentage of net sales.
“We have opened two new terminals this year, and our opening pace will accelerate now that winter weather is behind us,” Fritz Holzgrefe, president and CEO of Johns Creek, Ga.-based Saia Inc., said in a news release. “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.”
New Saia terminals
In late April, Saia LTL Freight announced the opening of its newest terminal in Minral Wells, V. Va, which is near Parkersburg, W. Va. Parkersburg is part of the Mid-Ohio Valley and is home to many important industries including manufacturing, education and healthcare, according to a company news release.
In mid-March, Saia announced opening a terminal in LaSalle, Ill. It is the fifth Saia terminal in the state.
In 2021, Saia reports having opened seven new facilities:
- Calhoun, Ga, north of Atlanta, announced in December.
- Stauton, Va., announced in November.
- Girard, Ohio, near Youngstown, Ohio, announced in October.
- New Haven, Conn., announced in October.
- Fredericksburg, Va., announced in September.
- Hagerstown, Md., announced in June, the second facility in Maryland.
- Wilmington, Del., announced in March.
Saia LTL Freight was founded in 1924 in Houma, La., by Louis Saia Sr., a produce dealer who switched from selling produce to delivering it. The company has a network of 178 terminals. It is publicly traded on the Nasdaq Stock Market under SAIA. LL
More business news is available on Land Line Media.