Core Viewpoint - Saia is focusing on cost controls and efficiency initiatives to navigate through current challenges while awaiting a market recovery [1] Financial Performance - Saia reported third-quarter adjusted earnings per share of $2.81, exceeding consensus estimates by 25 cents but down 65 cents year-over-year [1] - Revenue for the quarter was $840 million, slightly down year-over-year but $11 million above consensus estimates [2] - Tonnage declined 1.5% year-over-year, with daily shipments down 2% year-over-year but up 3% from the second quarter [4][5] Tonnage Trends - Tonnage showed a deteriorating trend throughout the quarter, with a 0.9% increase in July followed by declines of 2.2% and 3.3% in August and September, respectively [3] - October tonnage is down 4% year-over-year, with management noting weaker performance in the first weeks of the month [3] Operational Efficiency - The adjusted operating ratio was reported at 87.6%, which is 250 basis points worse year-over-year but 20 basis points better than the second quarter [7] - New terminals showed a 100 basis points improvement in operating ratio and are now operating below a 95% average [8] Pricing Environment - Management indicated that the pricing environment remains rational, with contractual rate increases averaging 5.1% in the quarter and a new general rate increase of 5.9% implemented on October 1 [6]