Saia Posts Record Q3 Revenue of $982.5M, Unveils $250M Buyback

Saia Inc. reported record third-quarter revenue of $982.5 million, up 17% year over year, with earnings per share of $3.41, President and CEO Fritz Holgrefe said in an interview with FreightWaves. The less-than-truckload carrier also announced a $250 million share repurchase program, signaling a shift from years of heavy network investment toward profitability and capital returns. Revenue growth was driven by fuel surcharges, core pricing initiatives and tonnage gains. Tonnage per workday rose about 8.9% year over year to a record, while revenue per shipment climbed 5.8%. Shipments per workday grew less than 1%, which the company attributed to a deliberate push for higher-weight freight. The operating ratio came in at 87.6, and the claims ratio fell 40% year over year. Saia has added more than 40 facilities and relocated 25 since 2022, operating 219 locations across the lower 48 states. The CEO said the company sees potential to bring its operating ratio into the low 80s to upper 70s as the network matures, adding that the Los Angeles market remains a persistent drag.