Saia(US:SAIA)2025-10-30 20:30Financial Performance - Operating revenue for Q3 2025 was $839,644,000, a slight decrease of 0.5% compared to $842,103,000 in Q3 2024[14] - Net income for Q3 2025 was $86,316,000, down 6.2% from $92,748,000 in Q3 2024[14] - Basic earnings per share for Q3 2025 was $3.23, down from $3.47 in Q3 2024, reflecting a decrease of 6.9%[14] - Net income for the nine months ended September 30, 2025, was $207,517,000, a decrease of 27.5% compared to $285,962,000 for the same period in 2024[32] - Revenue for the nine months ended September 30, 2025, increased to $2,444,334,000, up 1.0% from $2,420,122,000 in 2024[32] - Basic earnings per share for the nine months ended September 30, 2025, was $7.76, down 27.5% from $10.72 in 2024[34] - Operating revenues for the nine months ended September 30, 2025, were $2.4 billion, up 1.0% from the same period in 2024[64] - Consolidated operating income for the third quarter of 2025 was $118.6 million, down from $125.2 million in the prior year quarter, resulting in an operating ratio of 85.9%[65] - Net income for the third quarter of 2025 was $86.3 million, or $3.22 per diluted share, compared to $92.7 million, or $3.46 per diluted share, in the third quarter of 2024[72] Assets and Liabilities - Total current assets increased to $496,994,000 as of September 30, 2025, up 14.0% from $435,769,000 at December 31, 2024[12] - Total assets reached $3,500,960,000, representing a 10.5% increase from $3,166,857,000 at December 31, 2024[12] - Long-term debt, less current portion, increased to $218,000,000 as of September 30, 2025, compared to $194,981,000 at December 31, 2024[12] - The company’s total debt increased to $219,199,000 as of September 30, 2025, from $200,294,000 at December 31, 2024[37] - Total stockholders' equity increased to $2,526,027,000 as of September 30, 2025, up 9.3% from $2,311,271,000 at December 31, 2024[12] Cash Flow and Investments - Net cash provided by operating activities was $457,665,000 for the nine months ended September 30, 2025, compared to $418,963,000 in 2024, reflecting a 9.2% increase[21] - The company reported a net cash used in investing activities of $(454,472,000) for the nine months ended September 30, 2025, a decrease of 47.8% from $(868,224,000) in 2024[21] - Cash and cash equivalents at the end of the period were $35,500,000, compared to $14,405,000 at the end of the same period in 2024[21] - Net cash used in investing activities decreased by $413.7 million to $454.5 million for the nine months ended September 30, 2025, compared to $868.2 million in the prior year, primarily due to the acquisition of terminals from Yellow Corporation[86] Operational Metrics - Operating expenses for Q3 2025 totaled $721,034,000, a marginal increase of 0.2% from $716,932,000 in Q3 2024[14] - LTL shipments decreased by 1.9% to 2.3 million shipments in Q3 2025, while LTL tonnage was down 1.5% to 1.6 million tons[62] - LTL revenue per shipment, excluding fuel surcharge, increased by 0.3% to $294.35 in Q3 2025[62] - The operating ratio for Q3 2025 was 85.9%, compared to 85.1% in Q3 2024[54] - Salaries, wages, and employee benefits increased by $2.9 million in the third quarter of 2025, primarily due to higher group health insurance costs[66] Debt and Financing - The company had outstanding borrowings of $118,000,000 under the Revolving Credit Facility as of September 30, 2025, compared to $94,000,000 at December 31, 2024[39] - The company’s liquidity needs primarily arise from capital investments and working capital requirements, with $445,600,000 available under the Revolving Credit Facility as of September 30, 2025[39] - The Company entered into a $350 million uncommitted Private Shelf Agreement with PGIM, Inc., allowing the issuance of senior notes through November 9, 2026[40] - The Company issued senior promissory notes totaling $100 million under a Private Shelf Agreement, bearing interest at 6.09% per annum, maturing on May 1, 2029[92] - The Revolving Credit Facility was amended to increase commitments by $300 million to a total of $600 million, with a maturity date extended to December 9, 2029[89] Compliance and Risk Management - As of September 30, 2025, the Company maintained compliance with a consolidated net lease adjusted leverage ratio of less than 3.50 to 1.00[43] - The Company was in compliance with its debt covenants under both the Revolving Credit Facility and the Private Shelf Agreement as of September 30, 2025[94] - The Company is exposed to market risks including interest rates and diesel fuel prices, with a fuel surcharge program in place to mitigate risks from rising diesel prices[100] Miscellaneous - The effective tax rate was 24.8% for the quarters ended September 30, 2025, and 2024[71] - Working capital at September 30, 2025, was $201.1 million, an increase from $90.7 million at September 30, 2024[84] - The company implemented a 5.9% general rate increase on October 1, 2025, affecting approximately 25% of operating revenue[80] - The company anticipates a 3.0% salary and wage increase for all employees, excluding executives, effective October 1, 2025[81] - Contractual obligations for operating leases totaled $152.9 million as of September 30, 2025, with purchase obligations amounting to $39.7 million[96] - The Company has accrued approximately $3.5 million for uncertain tax positions and $99.0 million for claims and insurance liabilities as of September 30, 2025[98]