Shares of Saia Inc. (SAIA) surged 6.12% on Thursday after the less-than-truckload (LTL) transportation provider reported better-than-expected Q3 2024 revenue, driven by solid growth in shipment and tonnage volumes. However, the company's earnings per share (EPS) narrowly missed Wall Street's consensus estimate.
In the third quarter, Saia posted revenue of $842.1 million, up 8.6% year-over-year and beating analysts' average forecast of $839.9 million. The strong revenue growth was fueled by a 8.5% increase in LTL shipments and a 7.7% rise in LTL tonnage per workday compared to the year-ago period.
Despite the impressive top-line performance, Saia's Q3 EPS of $3.46 fell slightly short of the consensus estimate of $3.51. The earnings miss was primarily attributed to higher operating expenses, particularly in the areas of salaries, wages, and employee benefits, which rose 15.6% year-over-year due to inflationary pressures and increased headcount to support the company's expansion plans.
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