By Jasmine Li
Saia reported lower profit in the third quarter, citing a muted freight environment.
The Johns Creek, Ga. freight shipping company posted net income of $92.7 million, or $3.46 per share, compared with $98.2 million, or $3.67 a share, in the same quarter a year ago. Analysts polled by FactSet had expected $3.55 per share.
The company reported revenue of $842.1 million, up from $775.1 million in the same quarter last year. Analysts had expected $839.8 million.
"The freight backdrop in the third quarter remained muted, and while weight per shipment was essentially flat compared to the second quarter, we continue to experience mix headwinds compared to prior year," said Chief Financial Officer Matt Bateh.
Batteh said there continues to be some uncertainty in Saia's outlook, but it remains committed to its long-term growth strategy.
Chief Executive Frederick Holzgrefe said Saia opened 11 new terminals in the quarter, and is now able to provide direct service to all of the contiguous 48 states. Saia said it plans to add three more terminals in the fourth quarter.
Write to Jasmine Li at jasmine.li@wsj.com
(END) Dow Jones Newswires
October 25, 2024 07:58 ET (11:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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