Saia (SAIA) May Tonnage Growth Accelerates to 8.4% on Easier Prior-Year Comparison

Saia Inc. (NASDAQ: SAIA) reported year-over-year tonnage growth of 8.4% in May, an acceleration from 6.9% in April, as a softer prior-year comparison provided a tailwind. Shipments rose 3.7% and weight per shipment increased 4.5%. The less-than-truckload carrier issued its monthly operating update June 2, 2026. Two-year stacked tonnage growth slowed to 8% in May from a recent peak of 15% in March, but management expects easier comparisons for the rest of 2026. Average shipment weight, a positive margin indicator, held at an 8% two-year stacked gain in both April and May. The Institute for Supply Management’s Purchasing Managers’ Index registered 54 for May—the highest in four years—signaling a fifth straight month of industrial expansion that historically leads LTL volumes. Saia guided for 400-450 basis points of sequential operating margin improvement in the second quarter, implying an operating ratio around 87.5% at the midpoint. That would mark the first year-over-year margin improvement in over two years as pressure from a terminal expansion eases. Shares slipped 1.3% at midday June 2, while the S&P 500 was up 0.1%.