Saia reported 8.4% year-over-year tonnage growth in May as shipments rose 3.7% and weight per shipment increased 4.5%, up from April’s 6.9% tonnage gain. The carrier expects Q2 operating margin to expand 400–450 basis points, implying an 87.5% operating ratio at the midpoint—its first y/y improvement in two years.
Saia reported May tonnage growth of 8.4% year-over-year as shipments increased 3.7% and weight per shipment rose 4.5%, up from April’s 6.9% tonnage gain driven by shipments and weight gains of 5.6% and 1.3%, respectively.
Two-year-stacked comps show tonnage growth decelerating from 15% in March to 8% in May, while weight per shipment maintained an 8% two-year increase in both April and May. A Purchasing Managers’ Index reading of 54 and a new orders subindex of 56.8 signal expanding industrial activity that may support future LTL volumes.
Saia forecasts second-quarter operating margin expansion of 400–450 basis points, implying an 87.5% operating ratio at the midpoint and marking its first year-over-year margin improvement in two years. The carrier’s approximately 40 newly opened terminals operated profitably in the first quarter, easing prior margin pressure from its network expansion.
