Saia(US:SAIA)2022-07-27 20:07Financial Performance - Operating revenue for Q2 2022 was $745.6 million, a 30.5% increase from $571.3 million in Q2 2021[12] - Net income for Q2 2022 reached $109.2 million, up 74.7% from $62.5 million in Q2 2021[12] - Operating income for the first six months of 2022 was $249.4 million, a 89.5% increase from $131.6 million in the same period of 2021[12] - Basic earnings per share for Q2 2022 were $4.12, compared to $2.37 in Q2 2021, representing a 73.8% increase[12] - Net income for the six months ended June 30, 2022, was $188,669,000, a 89% increase from $99,765,000 in the same period of 2021[17] - Basic earnings per share for the six months ended June 30, 2022, was $7.12, compared to $3.79 for the same period in 2021, marking an 88% increase[30] - Diluted earnings per share for the six months ended June 30, 2022, was $7.08, up from $3.74 in 2021, indicating an increase of 89%[30] - Consolidated operating income for Q2 2022 was $146.0 million, a 76.1% increase from $82.9 million in Q2 2021[47] - Net income for Q2 2022 was $109.2 million, or $4.10 per diluted share, compared to $62.5 million, or $2.34 per diluted share, in Q2 2021[64] Assets and Liabilities - Total assets as of June 30, 2022, were $2.05 billion, compared to $1.85 billion at the end of 2021, reflecting an 11% increase[9] - Total current liabilities increased to $339.1 million as of June 30, 2022, from $321.3 million at the end of 2021, a 5.4% rise[9] - Retained earnings as of June 30, 2022, were $1.14 billion, up from $949.8 million at the end of 2021, indicating a 19.9% increase[9] - The company reported a total stockholders' equity of $1.40 billion as of June 30, 2022, compared to $1.22 billion at the end of 2021, reflecting a 14.8% increase[9] - Total debt as of June 30, 2022, was $39,295,000, down from $50,404,000 at December 31, 2021, indicating a reduction of 22%[34] Cash Flow and Investments - Net cash provided by operating activities increased to $207,905,000 for the six months ended June 30, 2022, compared to $140,140,000 in 2021, reflecting a 48% growth[17] - Cash and cash equivalents increased to $137.9 million as of June 30, 2022, from $106.6 million at the end of 2021, a 29.3% increase[9] - Cash and cash equivalents at the end of the period rose to $137,871,000, up from $52,860,000 at the end of June 30, 2021, representing a 160% increase[17] - Net cash used in investing activities was $(155,291,000) for the six months ended June 30, 2022, compared to $(99,966,000) in 2021, reflecting a 55% increase in investment outflows[17] - Net capital expenditures for the first six months of 2022 were $155.3 million, with approximately $206.3 million of the remaining capital budget committed as of June 30, 2022[78] Operational Metrics - LTL shipments increased by 1.8% per workday, while LTL tonnage rose by 2.8% per workday compared to the prior year[47] - The operating ratio improved to 80.4% in Q2 2022 from 85.5% in Q2 2021, reflecting better pricing initiatives and cost control[47] - LTL revenue per shipment rose 27.6% to $353.75, with tonnage up 2.8% per workday to 1.4 million tons[55] - Fuel surcharge revenue as a percentage of operating revenue increased to 21.7% in Q2 2022 from 14.4% in Q2 2021 due to rising fuel costs[56] Future Projections and Capital Expenditures - The company expects net capital expenditures in 2022 to exceed $500 million, driven by real estate acquisitions and network expansion[66] - Projected net capital expenditures for 2022 are expected to exceed $500 million, an increase from $277.3 million in 2021[77] Insurance and Liabilities - The Company has accrued approximately $112.7 million for claims and insurance liabilities as of June 30, 2022[81] - The Company is required to pay additional amounts of up to $11.5 million if losses paid by the insurer exceed $18.4 million over the four-year policy period ending March 1, 2023[75] - The financial condition and liquidity of the Company could be adversely affected by significant claims not covered by insurance[101] - Insurance companies may require collateral in the form of letters of credit, which could reduce capital available for future growth[102] Stock and Shareholder Activities - The Company purchased a total of 3,140 shares of its stock during the period from April 1, 2022, to June 30, 2022[103] - The average price paid for shares purchased in June 2022 was $191.24[104]