Saia Inc. Johns Greek, Ga., reported its second-quarter 2008 revenues Were $276 million, an Increase of 9 percent over the same period in 2007.
However, operating income was $10.9 million compared to $14.6 million in the prior-year quarter, and earnings per share were $0.46 vs. $0.51 in the prior-year quarter.
This includes recognition of an alternative fuel tax credit related to prior periods of $0.10 per share.
Saia's operating ratio was 96.1 vs. 94.2 in the prior-year quarter. LTL tonnage was down 1.9 percent from the prior-year quarter as LTL shipments were down 2.6 percent with a 0.7 percent increase in weight per shipment. LTL yield was up 10.8 percent over the prior-year quarter primarily due to the impact of higher fuel surcharges and longer length of haul.
"Second quarter margins declined compared to the prior-year quarter primarily due to the weak shipping environment with expenses further impacted by escalating fuel cost and pricing pressure," said Rick O'Dell, president and chief executive officer. "We continue to address the current challenging environment through Saia specific initiatives including increased marketing efforts and growth in synergy revenue.
"In spite of a challenging environment, we improved our operating ratio by three points compared to the seasonally weak first quarter. We gained traction in our cost initiative projects, particularly in linehaul and dock operations. Our safety performance also showed continued improvement and reduced severity."
For the year-to-date, revenues were $525 million compared to $485 million in the prior-year period. Operating income was $12.9 million compared to $21.6 million in the prior-year period. Net income was $5.4 million compared to $10.4 million in the prior-year period. Earnings per share were $0.40 compared to $0.72 in the prior-year period.
However, operating income was $10.9 million compared to $14.6 million in the prior-year quarter, and earnings per share were $0.46 vs. $0.51 in the prior-year quarter.
This includes recognition of an alternative fuel tax credit related to prior periods of $0.10 per share.
Saia's operating ratio was 96.1 vs. 94.2 in the prior-year quarter. LTL tonnage was down 1.9 percent from the prior-year quarter as LTL shipments were down 2.6 percent with a 0.7 percent increase in weight per shipment. LTL yield was up 10.8 percent over the prior-year quarter primarily due to the impact of higher fuel surcharges and longer length of haul.
"Second quarter margins declined compared to the prior-year quarter primarily due to the weak shipping environment with expenses further impacted by escalating fuel cost and pricing pressure," said Rick O'Dell, president and chief executive officer. "We continue to address the current challenging environment through Saia specific initiatives including increased marketing efforts and growth in synergy revenue.
"In spite of a challenging environment, we improved our operating ratio by three points compared to the seasonally weak first quarter. We gained traction in our cost initiative projects, particularly in linehaul and dock operations. Our safety performance also showed continued improvement and reduced severity."
For the year-to-date, revenues were $525 million compared to $485 million in the prior-year period. Operating income was $12.9 million compared to $21.6 million in the prior-year period. Net income was $5.4 million compared to $10.4 million in the prior-year period. Earnings per share were $0.40 compared to $0.72 in the prior-year period.
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