Saia President and CEO, Fritz Holzgrefe, said, “Primarily resulting from an uncertain macroeconomic environment, we did not see the typical sequential growth in shipments through the quarter, with March shipments flat to February, causing our first quarter revenues to fall well below our expectations. Additionally, while the first quarter is typically impacted by adverse weather events, unusually harsh winter weather in the southern part of the country prompted closures and limited operations in some of our most dense and most profitable regions. Despite these headwinds, we experienced shipment growth of 4.6% for the full quarter, led by terminals opened in the past three years, and we continue to be pleased with customer acceptance in these markets.”

• Barclays analyst Brandon Oglenski maintained Saia with an Overweight rating and lowered the price target from $475 to $290.
• Wells Fargo analyst Christian Wetherbee maintained the stock with an Equal-Weight rating and lowered the price target from $400 to $260.
• Evercore ISI Group analyst Jonathan Chappell maintained Saia with an Outperform rating and lowered the price target from $415 to $298.
• JP Morgan analyst Brian Ossenbeck maintained Saia with an Overweight rating and lowered the price target from $436 to $299.
• BMO Capital analyst Fadi Chamoun downgraded Saia from Outperform to Market Perform and lowered the price target from $455 to $285.