By Katherine Hamilton
Saia reported a drop in first-quarter earnings, missing Wall Street expectations due to lower shipments and economic uncertainty.
The freight shipping company on Friday posted a profit of $49.8 million, or $1.86 a share, in the quarter ended March 31, compared with $90.7 million, or $3.38 a share, a year earlier.
Analysts polled by FactSet expected earnings to be $2.76 a share.
Revenue rose 4.3% to $787.6 million. Analysts surveyed by FactSet forecast revenue of $812.8 million.
Chief Executive Fritz Holzgrefe said the company didn't have the typical sequential growth in shipments this quarter, primarily because of an uncertain macroeconomic environment. March shipments were flat to February, causing revenues to fall well below expectations, he said.
Unusually harsh winter weather in the South also prompted closures and limited operations, ultimately lowering operating income.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 25, 2025 07:43 ET (11:43 GMT)
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