Saia Q4 Profit Declines, Misses Estimates

(RTTNews) - Saia, Inc. (SAIA) Friday announced a decline in fourth-quarter earnings, despite higher revenues, compared to the prior year.

Quarterly earnings were $70.86 million, or $2.65 per share, down from $73.76 million or $2.76 per share last year. On average, 16 analysts polled by Thomson Reuters expected the company to earn $2.83 per share. Analysts estimates usually exclude special items.

The company noted that slowing volumes throughout the quarter and 13.2 percent decline in December tonnage per day impacted the results.

Revenue for the quarter increased 6.3 percent to $655.73 million from $617.08 million a year ago. Wall Street was looking for revenue of $658.41 million.

Looking ahead, the company said it is taking a measured approach to expansion in 2023 with five terminal openings scheduled for the first half and will be opportunistic with openings beyond those.