Q4 2024 Saia Inc Earnings Call Transcript
Key Points
- Saia Inc (SAIA) achieved a record revenue of $3.2 billion for the full year 2024, marking a significant milestone in its 100th year of operation.
- The company opened 21 new terminals in 2024, expanding its national footprint and enabling direct service across the 48 contiguous states.
- Saia Inc (SAIA) onboarded over 1,300 new team members, enhancing its workforce to support growth and maintain high service standards.
- Fourth quarter revenue increased by 5% year-over-year to $789 million, setting a record for any fourth quarter in the company's history.
- The company successfully completed the upsize and extension of its revolving credit facility, providing financial flexibility for future capital expenditures.
- The operating ratio deteriorated to 87.1% in the fourth quarter, compared to 85% a year ago, indicating increased operational costs.
- Yield, excluding fuel surcharge, declined by 2.3% in the fourth quarter, reflecting challenges in pricing and mix optimization.
- Claims and insurance expenses increased by 16.6% year-over-year, driven by higher claims activity and unfavorable development of open cases.
- Depreciation expenses rose by 18.3% year-over-year due to ongoing investments in revenue equipment, real estate, and technology.
- Diluted earnings per share decreased to $2.84 in the fourth quarter, down from $3.33 in the same period last year, highlighting pressure on profitability.
Good morning, and welcome to the Saia, Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Matt Batteh, Saia's Executive Vice President and Chief Financial Officer. Please go ahead.
Thank you, Gary. Good morning, everyone. Welcome to Saia's fourth quarter 2024 conference call. With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe. Before we begin, you should know that during this call, we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We refer you to our press release and our SEC filings for more information on the exact risk factors that
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