Company Reports

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened more than 40 new terminal facilities since 2017, with about half of those opened over the past few years, bringing the total to more than 190.

Less-than-truckload specialist Saia's first-quarter top line grew 14%, with a big boost from freight diversions from bankrupt peer Yellow. We've been baking solid year over year volume and pricing gains, but revenue came in slightly below our expected run rate on softer than expected tonnage trends. April year-over-year tonnage growth is also trending lighter than we anticipated.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened more than 40 new terminal facilities since 2017, with about half of those opened over the past few years, bringing the total to more than 190.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened more than 40 new terminal facilities since 2017, with about half of those opened over the past few years, bringing the total to more than 190.

No-moat less-than-truckload specialist Saia's fourth-quarter top line jumped 14.5%, driven in large part by freight diversions from bankrupt peer Yellow. We've been baking in meaningful volume and pricing gains, but revenue modestly beat our forecast.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically more of a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened more than 40 new terminal facilities since 2017, with about half of those opened over the past few years, bringing the total to around 190.

Less-than-truckload specialist Saia's top-line trend swung positive year over year, rising 6%, much better than the 7% decline last quarter thanks to the freight diversions from bankrupt peer Yellow. We've already been baking in a meaningful sequential uptick in volume and pricing, but revenue modestly beat our forecast.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically more of a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened 41 new terminal facilities since 2017, including 21 over the past two years, bringing the total to about 190.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically more of a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened 41 new terminal facilities since 2017, including 21 over the past two years, bringing the total to about 190.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically more of a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened 41 new terminal facilities since 2017, including 21 over the past two years, bringing the total to about 190.

Less-than-truckload specialist Saia's top line fell 7% year over year, but was in line with our expectations as initial freight diversions from floundering LTL peer Yellow helped offset greater-than-expected deterioration in core LTL-industry demand. Recall Yellow is facing a potential bankruptcy and customers have been diverting freight to other carriers in recent weeks.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers by revenue and is a top-tier operator in terms of profitability and service quality. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically more of a super-regional carrier, serving 34 states across the South, Southwest, Midwest, Pacific Northwest and West. That said, in 2017, it launched an organic expansion strategy into the Northeast, while more recently boosting door capacity and service capabilities in existing regions with solid long term growth prospects such as Dallas and Atlanta. Saia has opened 41 new terminal facilities since 2017, including 21 over the past two years, bringing the total to about 190.

Saia ranks among the 10 largest less-than-truckload, or LTL, carriers and is a strong operator in terms of profitability. Pure-play public competitors of similar quality include XPO and best-in-class Old Dominion. Saia was historically a super-regional carrier, but in 2017 it started expanding into the Northeast, while more recently boosting door capacity in existing regions with attractive long-term growth prospects. Saia has bolstered its margin profile in recent years with help from disciplined yield management, improved business mix (higher margin, heavier weighted freight), and rising lane density in recently expanded regions. Also, in our view, Saia's heavy terminal investment has positioned it well to take market share once the trucking landscape works through its current normalization/pullback phase.