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Saia
Saia adds terminals in Southern California, Minnesota
Less-than-truckload carrier Saia announced the opening of two terminals in California and Minnesota. The facilities were acquired from bankrupt Yellow Corp.’s estate.
A service center near Anaheim, California, appears to be a location previously leased by Yellow (OTC: YELLQ) while a location in Owatonna, Minnesota, had been owned and operated by the defunct carrier. In total, Saia (NASDAQ: SAIA) acquired 28 owned and leased properties valued at more than $240 million from Yellow.
Saia has already...
https://www.freightwaves.com/news/saia-adds-terminals-in-southern-california-minnesota
XPO seeing higher volumes, ‘above-market yield growth’ in Q2
Less-than-truckload carrier XPO’s May update showed it continued to grow tonnage while taking yields meaningfully higher.
Tonnage in May was up 2.4% year over year (y/y), which followed a 3.1% increase in April. May’s tonnage growth was the combination of a 3.8% increase in shipments partially offset by a 1.4% decline in weight per shipment.
XPO (NYSE: XPO) also reported yield (excluding fuel surcharge) in the first two months of the second quarter increased by an undisclosed amount from the...
https://www.freightwaves.com/news/xpo-seeing-higher-volumes-above-market-yield-growth-in-q2
Old Dominion’s tonnage turns positive in Q2
Old Dominion Freight Line’s tonnage metrics have turned positive for the first time in nearly two years. The less-than-truckload carrier’s second-quarter update shows improvement from the first quarter but a slight deceleration in growth rates from April to May.
The company announced Wednesday that revenue per day was 5.6% higher year over year (y/y) in May, better than the 1.2% growth rate in the first quarter but slightly below a 6.3% increase in April. May’s tonnage was up 1.5% y/y as...
https://www.freightwaves.com/news/old-dominions-tonnage-turns-positive-in-q2
Saia’s stock pops on May’s volume acceleration
Less-than-truckload carrier Saia saw an acceleration in daily shipment counts through the first two months of the second quarter. After the company logged a 15.7% year-over-year (y/y) increase in shipments during the first quarter, a Tuesday midquarter report showed the carrier’s shipments finished April 18% higher y/y and were up 18.6% y/y in May.
Saia (NASDAQ: SAIA) and other national LTL carriers continue to benefit from the freight left behind following Yellow Corp.’s (OTC: YELLQ) shutdown...
https://www.freightwaves.com/news/saias-stock-pops-on-mays-volume-acceleration
Saia hires new CFO from within
Less-than-truckload carrier Saia announced its new chief financial officer Tuesday. Internal hire Matthew Batteh has assumed the role effective immediately.
Batteh succeeds Doug Col, who announced his retirement last month in conjunction with the company’s first-quarter results. Col has served as CFO since the beginning of 2020. He will remain with the company through the transition.
Batteh joined Saia (NASDAQ: SAIA) in 2015, most recently serving as the company’s vice president of finance. He...
https://www.freightwaves.com/news/saia-hires-new-cfo-from-within
Shippers move LTL freight to full truckload
The ongoing freight recession is having a multimodal spillover effect as shippers look for creative ways to save costs. Excess supply of trucking capacity remains the 18-wheeled elephant in the room, to such an extent that we see instances in which LTL is losing share to full truckload due to lower costs. Typically full truckload can compete with rail and intermodal when rates are lower, but recent Q1 earnings commentary...
https://www.freightwaves.com/news/shippers-move-ltl-freight-to-full-truckload
Saia’s Q1 miss, weak March shipments send shares 20% lower
Shares of less-than-truckload carriers were priced for beat-and-raise results heading into earnings season. Saia missed first-quarter expectations Friday, sending its stock 20% lower and pulling the rest of its peer group down for a second time in a week.
Saia (NASDAQ: SAIA) said March didn’t provide the seasonal demand uptick the company normally experiences. The update followed an in-line report from Old Dominion Freight Line (NASDAQ: ODFL) on Wednesday, which accelerated a sell-off that...
https://www.freightwaves.com/news/saias-q1-miss-light-march-shipments-send-shares-20-lower
TFI’s US LTL operations need heavier shipments, CEO says of Q1 results
Some key statistics at the U.S. LTL operations of TFI International remain a cause for concern at the Canada-based trucking conglomerate, and CEO Alain Bedard did not hold back discussing those issues on the company’s first-quarter earnings call.
The core of the U.S. LTL activities at TFI (NYSE: TFII) is known as TForce, and its roots are in the TFI acquisition of UPS’ LTL operations, UPS Freight, in 2021.
LTL discussions often turn to revenue per hundredweight, or yield, in analyzing how a...
5 auto haulers combining to create publicly traded trucking company
A Florida-based auto hauler, Proficient Auto Transport, is the lead company in the process of rolling up several other auto haulers with plans to take itself public in an initial public offering.
In a prospectus filed with the Securities and Exchange Commission and made public last week, Proficient Auto Logistics was introduced as the name of the company that will acquire five auto haulers at the time the IPO goes through: Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group,...