Saia Earnings: Yellow Share Gains Providing Boost but LTL Backdrop Remains Unfavorable
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.