Saia Inc (NASDAQ: SAIA) stock rose 1.4% on Feb 4th, 2019 (as of 10:42 am GMT-5; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 18. Total debt was $122.9 million at December 31, 2018 and inclusive of the cash on-hand, net debt to total capital was 14.8%. This compares to total debt of $132.9 million and net debt to total capital of 18.0% at December 31, 2017. Net capital expenditures in 2018 were $251.7 million including equipment acquired with capital leases. This compares to $217.0 million in net capital expenditures in 2017. In 2019, we anticipate net capital expenditures of approximately $300 million. SAIA’s yield in the fourth quarter improved by 12.0%, marking the 34th consecutive quarter of year-over-year improvement. Approximately 75% of the freight moves the company are handling in the Northeast are for customers who were already using Saia in other markets and understand the value proposition the company offer. In the fourth quarter, the on-time service metric averaged 98% and the cargo claims ratio was .75%.
SAIA in the fourth quarter of FY 18 has reported the adjusted earnings per share of 97 cents, beating the analysts’ estimates for the adjusted earnings per share of 89 cents, as per Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 12.9 percent to $406.75 billion in the fourth quarter of FY 18, beating the analysts’ estimates for revenue by 2.09%.
During the fourth quarter of FY 18, operating income was $33.3 million, which is a 45.4% growth, operating ratio improved by 180 basis points to 91.8, LTL shipments per workday decreased 0.2%, LTL tonnage per workday decreased 0.6%, LTL revenue per hundredweight increased 12.0% and LTL revenue per shipment rose 11.6% to $234.33
Meanwhile, SAIA announced that Saia LTL Freight has moved its Mount Joy, which is a Pennsylvania terminal to a much larger, company-owned facility in Carlisle. The new terminal is situated on 40 acres with a dock featuring 136 doors, expandable to 255, and is well-positioned to function as the major breakbulk operation servicing existing and planned points in the Northeast.
On the other hand, SAIA had announced that it has named Frederick J. Holzgrefe, III President and Chief Operating Officer, effective immediately and he is appointed a member of the Board of Directors. Holzgrefe will retain the title of CFO while a search for his successor is conducted.