SAIA - Saia 1Q Earnings Rise 27 Percent
Friday April 20, 10:10 am ET
Saia 1Q Profit Advances 27 Percent,as the Company Overcomes Weak Freight Demand, Bad Weather
DULUTH, Ga. _ (AP) -- Less-than-truckload carrier Saia Inc. said Friday its first-quarter profit rose 27 percent, as the company overcame a difficult operating environment and bad weather.
The report sent shares of the company surging in morning trading.
Quarterly earnings increased to $3 million, or 21 cents per share, from $2.4 million, or 16 cents per share, during the same period last year. Revenue grew 13 percent to $231.8 million from $204.6 million. The results included a charge of $2.4 million, or 10 cents per share, related to integration expenses.
Analysts polled by Thomson Financial forecast a profit of 24 cents per share. Thomson estimates usually exclude special items.
Revenue grew 13 percent to $231.8 million from $204.6 million last year.
SAIA Chief Executive Rick O'Dell called the results relatively pleasing, given difficult economic environment and the severe weather during the quarter. On top of severe winter storms in February and March, carriers across the country have faced weak freight demand, due mostly to a slowdown in residential home construction and production cuts by automakers.
Shares of Saia jumped $4.15, or 17 percent, to $28.96 on the Nasdaq Stock Exchange
