Saia Reports Record Second Quarter Earnings per Share of $1.40

JOHNS CREEK, Ga., July 31, 2019 (GLOBE NEWSWIRE) -- Saia, Inc. SAIA, a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported second quarter 2019 financial results. Diluted earnings per share in the quarter were $1.40 compared to $1.15 in the second quarter of 2018.

Second Quarter 2019 Compared to Second Quarter 2018 Results

• Revenues were $464.2 million, an 8.3% increase
• Operating income was $51.2 million, a 23.1% increase
• Operating ratio improved to 89.0 from 90.3
• LTL shipments per workday increased 3.6%
• LTL tonnage per workday decreased 1.9%
• LTL revenue per hundredweight increased 9.8%
• LTL revenue per shipment rose 4.0% to $234.33

"Our second quarter operating ratio of 89.0 is a record for any quarter for Saia as a public company and highlights the long-term opportunity for Saia. The solid quarter included low-single digit shipment growth, continued strong pricing and strong operational execution," said Saia Chief Executive Officer, Rick O'Dell. "The pricing backdrop in our industry continues to be constructive for carriers who can offer consistent high-quality service. Our LTL yield increased by 9.8% in the quarter, marking our 36th consecutive quarter of year-over-year improvement," continued O'Dell.

"Our expansion into the Northeast continued in the second quarter with two additional terminal openings, bringing the year-to-date new opening count to three. Since our Northeast expansion began in May 2017, we have opened 13 new terminals in the region. We continue to see growth with existing customers as we extend our reach and offer direct service to more locations and we expect to open six additional terminals over the remainder of the year," O'Dell concluded.

Financial Position and Capital Expenditures

Total debt was $179.9 million at June 30, 2019 and inclusive of the cash on-hand, net debt to total capital was 19.1%. This compares to total debt of $155.0 million and net debt to total capital of 19.4% at June 30, 2018.

Net capital expenditures in the first half of 2019 were $171.1 million including equipment acquired with capital leases. This compares to $140.6 million in net capital expenditures in the first half of 2018. In 2019, we anticipate net capital expenditures of $275-$300 million.

Conference Call

Management will hold a conference call to discuss quarterly results today at 11:00 a.m. Eastern Time. To participate in the call, please dial 888-204-4368 or 323-794-2423 referencing conference ID #1063727. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com. A replay of the call will be offered two hours after the completion of the call through August 28, 2019 at 2:00 p.m. Eastern Time. The replay will be available by dialing 888-203-1112.

Saia, Inc. SAIA offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 163 terminals across 42 states. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com.

Cautionary Note Regarding Forward-Looking Statements

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns in the business cycle; (2) effectiveness of Company-specific performance improvement initiatives, including management of the cost structure to match shifts in customer volume levels; (3) the creditworthiness of our customers and their ability to pay for services; (4) failure to achieve acquisition synergies; (5) failure to operate and grow acquired businesses in a manner that supports the value allocated to these acquired businesses; (6) economic declines in the geographic regions or industries in which our customers operate; (7) competitive initiatives and pricing pressures, including in connection with fuel surcharge; (8) loss of significant customers; (9) the Company's need for capital and uncertainty of the credit markets; (10) the possibility of defaults under the Company's debt agreements (including violation of financial covenants); (11) possible issuance of equity which would dilute stock ownership; (12) integration risks; (13) the effect of litigation including class action lawsuits; (14) cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment, technology and other assets; (15) the effect of governmental regulations, including but not limited to Hours of Service, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, the Food and Drug Administration, compliance with legislation requiring companies to evaluate their internal control over financial reporting, Homeland Security, environmental regulations, tax law changes and potential changes to the North American Free Trade Agreement and to certain international tariffs; (16) changes in interpretation of accounting principles; (17) dependence on key employees; (18) inclement weather; (19) labor relations, including the adverse impact should a portion of the Company's workforce become unionized; (20) terrorism risks; (21) self-insurance claims and other expense volatility; (22) risks arising from international business operations and relationships; (23) cost and availability of insurance coverage, including the possibility the Company may be required to pay additional premiums under its auto liability policy; (24) increased costs of healthcare and prescription drugs, including as a result of healthcare reform legislation; (25) social media risks; (26) disruption in or failure of the Company's technology or equipment, including services essential to operations of the Company and/or cyber security risk; (27) failure to successfully execute the strategy to expand the Company's service geography into the Northeastern United States; and (28) other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings.

As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this press release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:  Saia, Inc.
             Doug Col
             dcol@saia.com
             678.542.3910