Saia(SAIA) - 2024 Q2 - Quarterly Results

Revenue and Operating Income - Revenue for Q2 2024 was $823.2 million, an 18.5% increase compared to the same period in 2023[13] - Operating income for Q2 2024 was $137.6 million, a 14.4% increase year-over-year[13] - Operating revenue for Q2 2024 increased to $823.244 million, up 18.5% from $694.622 million in Q2 2023[21] - Operating income for Q2 2024 grew to $137.593 million, up 14.4% from $120.255 million in Q2 2023[21] LTL Performance Metrics - LTL shipments per workday increased by 18.1% in Q2 2024[13] - LTL tonnage per workday increased by 9.7% in Q2 2024[13] - LTL revenue per hundredweight, excluding fuel surcharge revenue, increased by 8.7% in Q2 2024[13] - LTL tonnage grew by 9.7% to 1,559 in Q2 2024 compared to 1,421 in Q2 2023[22] - LTL shipments increased by 18.1% to 2,327 in Q2 2024 from 1,970 in Q2 2023[22] - LTL revenue per hundredweight (cwt.) rose by 8.0% to $25.75 in Q2 2024 from $23.85 in Q2 2023[22] - LTL revenue per shipment remained stable at $345.07 in Q2 2024, a slight 0.3% increase from $344.08 in Q2 2023[22] Capital Expenditures and Financial Position - Net capital expenditures were $681.3 million in the first six months of 2024, compared to $226.5 million in the same period in 2023[16] - The company ended Q2 2024 with $11.2 million in cash on hand and total debt of $176.7 million, compared to $235.0 million in cash and $21.4 million in debt at the end of Q2 2023[4] - The company anticipates net capital expenditures of approximately $1 billion for 2024, subject to market conditions[16] Operating Expenses - Operating expenses for Q2 2024 totaled $685.651 million, up 19.4% from $574.367 million in Q2 2023[21] - Salaries, wages, and employees' benefits increased to $372.240 million in Q2 2024, up 19.4% from $311.888 million in Q2 2023[21] - Fuel, operating expenses, and supplies rose to $160.877 million in Q2 2024, a 20.5% increase from $133.490 million in Q2 2023[21] Net Income - Net income for Q2 2024 rose to $102.519 million, a 12.3% increase from $91.319 million in Q2 2023[21] Operating Ratio - The operating ratio for Q2 2024 was 83.3%, compared to 82.7% in Q2 2023[13] Terminal Expansion - The company opened six new terminals and relocated two others in Q2 2024, with plans to open an additional 10 to 13 terminals by the end of the year[3]