Less-than-truckload carrier Saia reported a headline earnings miss for the fourth quarter. The Johns Creek, Georgia-based company reported fourth-quarter revenue of $790 million, which was $1 million higher year over year and $14 million better than the consensus estimate. Earnings per share of $1.77 came in 38% lower y/y and 14 cents light of consensus. The company called out $4.7 million in incremental insurance costs tied to “unexpected adverse developments” related to prior accidents. Excluding the costs, the company’s fourth quarter EPS would have been in line with expectations at $1.91. Saia’s (NASDAQ: SAIA) revenue per day was flat y/y as tonnage fell 1.5% and revenue per hundredweight (yield) increased 1.6% (0.5% higher excluding fuel surcharges). The tonnage decline was due to a 0.5% decline in shipments and a 1% decline in weight per shipment. The quarter had a tough tonnage comp (plus-8.3% y/y in the year-ago period). Yield had an easier comparison in the quarter (negative-2.3% in the 2024 fourth quarter). The 1% decline in weight per shipment was a modest tailwind to the yield metric. Revenue per shipment was down 0.5% y/y in the quarter, excluding fuel surcharges. Table: Saia’s key performance indicators A 91.9% operating ratio (inverse of operating margin) was 480 basis points worse y/y and 430 bps worse than the third quarter. That was worse than management’s guidance, which called for 300 to 400 bps of sequential deterioration. The incremental insurance costs were a 60-bp drag. Salaries, wages and benefits expenses (as a percentage of revenue)…
