Saia, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $3.2 billion, an 11.4% increase from $2.9 billion in 2023. The company's operating income also rose to $482.2 million, up from $460.5 million the previous year. This growth was primarily driven by a rise in shipments and tonnage, attributed in part to the redistribution of freight following the bankruptcy of a competitor in 2023. The average revenue per shipment, excluding fuel surcharges, increased by 1.1%, reflecting successful pricing actions and changes in business mix.
In terms of operational metrics, Saia LTL Freight experienced an 8.9% increase in LTL tonnage and a 12.4% rise in LTL shipments for 2024. The average weight per shipment decreased slightly to 1,343 pounds, while the average length of haul remained stable at approximately 891 miles. The company also expanded its terminal network, acquiring 17 freight terminals and leases for an additional 11 terminals from Yellow Corporation in January 2024, which is expected to enhance service capabilities and market reach.
Saia's workforce grew to approximately 15,300 employees, with a notable increase in salaries, wages, and benefits expenses, which rose by 14.3% to $1.5 billion. This increase was driven by a company-wide wage increase of approximately 4.1% implemented in July 2024, as well as higher training costs and an increase in workers' compensation claims. The operating ratio for 2024 was reported at 85.0%, slightly higher than the previous year's 84.0%, indicating a marginal increase in operating expenses relative to revenue.
Looking ahead, Saia's management remains optimistic about future growth, emphasizing the importance of enhancing customer service and operational efficiencies. The company plans to continue its geographic expansion and invest in technology to support increased volume and improve customer experience. However, the outlook is tempered by potential external challenges, including economic conditions, inflation, and regulatory changes that could impact operations and profitability. The company anticipates net capital expenditures exceeding $700 million in 2025, focusing on revenue equipment and real estate investments to support its growth initiatives.
About SAIA INC
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