Saia reports Q4 EPS $2.65, consensus $2.83

Reports Q4 revenue $655.7M, consensus $658.41M. LTL shipments per workday decreased 8.2%; LTL tonnage per workday decreased 7.7%; LTL revenue per hundredweight increased 14.3%; LTL revenue per shipment rose 15.0% to $364.44. "Fourth quarter results were impacted by slowing volumes throughout the quarter and December tonnage per day was down 13.2%. Despite this softer freight environment, revenue grew by 6.3% and was a fourth quarter record. Revenue per shipment grew by 15% in the quarter, benefitting from solid pricing activity as well as increased fuel surcharge revenue versus the prior year," stated CEO Fritz Holzgrefe. "Stepping back and looking at full-year results, it was another successful year for our company as we grew revenue by 22% and operating income by more than 40%. We opened 11 additional terminals this past year and have developed a robust pipeline of more than 30 properties to support additional openings in the years to come. Our expansion efforts are at the core of our strategy to enhance customer service and extend our high quality service offering into more communities where our customers do business and where we can offer quality LTL service to new customers. We are 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," concluded Holzgrefe.