Saia Loses $6.3M On Low Demand, Pricing Pressure
JOHNS CREEK, Ga. (AP) ¿ Trucking company Saia Inc. said it lost $6.3 million in the first quarter as shipping tonnage and pricing pressure more than offset savings from cheaper fuel.
The Johns Creek, Ga., company lost 47 cents per share for the quarter ended March 31, wider than a loss of $833,000, or 6 cents per share, a year earlier.
Revenue fell 17 percent to $206.1 million, from $249.3 million a year ago.
Analysts surveyed by Thomson Reuters were expecting a loss of 6 cents per share on revenue of $219 million.Saia said its less-than-truckload yield was down 8.9 percent because of the decline in fuel surcharges. Saia said that on April 1 it cut the pay of its leaders by 10 percent, and cut pay by 5 percent for hourly, linehaul, and salaried workers in operations, maintenance, and administration. It has 7,400 employees. The company said its first quarter is normally the weakest because of lower seasonal demand and the potential for bad weather. "Therefore, we believe results of first quarter operations will not be indicative of full year results," the company said. Saia shares fell $1.81, or 13.6 percent, to $11.52 in morning trading.
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