Released on October 27, 2023, Saia Inc (SAIA, Financial)'s Q3 2023 earnings report showed a steady financial performance despite operational challenges. The company reported a 6.2% increase in revenue, reaching $775.1 million, compared to the same period in 2022. Operating income also saw a slight increase of 0.1%, amounting to $128.4 million.
Operational Highlights and CEO Commentary
Key operational results for Q3 2023 included a 12.2% increase in LTL shipments per workday and a 6.7% increase in LTL tonnage per workday. The company also reported an 8.4% increase in LTL revenue per hundredweight, excluding fuel surcharge revenue, and a 3.0% increase in LTL revenue per shipment, excluding fuel surcharge revenue.
CEO Fritz Holzgrefe commented on the quarter's results, stating,
I am pleased with how third quarter results came together, especially in light of the significant step-up in volume in late July resulting from the shutdown of a large LTL competitor. Our team worked some very long hours to handle a 10% increase in shipments per day compared to June levels while maintaining our high customer service levels."
Financial Position and Capital Expenditures
As of the end of Q3 2023, Saia Inc (SAIA, Financial) reported $249.3 million in cash on hand and a total debt of $18.9 million. This is a significant improvement from the same period in 2022, where the company had $149.8 million in cash and a total debt of $34.9 million. Net capital expenditures for the first nine months of 2023 were $338.4 million, compared to $278.0 million in the same period of 2022.
Analysis of Financial Statements
The company's condensed consolidated balance sheets showed a significant increase in total assets from $2,174,710 in December 2022 to $2,485,319 in September 2023. The consolidated statements of operations revealed a slight increase in operating income from $128,355 in Q3 2022 to $128,435 in Q3 2023. The diluted earnings per share remained constant at $3.67 for both periods.
The condensed consolidated statements of cash flows showed a net increase in cash and cash equivalents from $43,237 in the first nine months of 2022 to $61,872 in the same period of 2023. This indicates a strong cash flow position for the company.
Overall, Saia Inc (SAIA, Financial) has shown resilience and adaptability in the face of operational challenges, managing to maintain steady financial performance and growth.
Explore the complete 8-K earnings release (here) from Saia Inc for further details.
