Saia Inc (SAIA) Q1 2019 Earnings Call Transcript

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Logo of jester cap with thought bubble.

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Saia Inc (NASDAQ: SAIA)
Q1 2019 Earnings Call
May. 01, 2019, 10:00 a.m. ET

Contents:

  • Prepared Remarks

  • Questions and Answers

  • Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Saia Inc. First Quarter 2019 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Doug Col. Please go ahead, sir.

Douglas L. Col -- Secretary and Treasurer

Thank you, Simon. Good morning, everyone. Welcome to Saia's first quarter 2019 conference call. Hosting today's call are Rick O'Dell, Saia's Chief Executive Officer; and Fritz Holzgrefe, our President and Chief Operating officer.

Before we begin, you should know that during this call, we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties, and our actual results may differ materially. We refer you to our press release and our most recent SEC filings for more information on the exact risk factors that could cause actual results to differ.

Now I would like to turn the call over to Rick.

Richard D. O'Dell -- Chief Executive Officer

Well, good morning, and thank you for joining us to discuss Saia's results. I'm pleased to report record first quarter revenue, operating income, net income and diluted earnings per share. While, the quarter's results did not meet our expectations, we believe the opportunity for better results is on the horizon and as the difficult winter weather experienced in the first quarter is behind us.

First quarter revenue was a record $410.6 million and with our operating ratio flat at 93%. Operating income grew 3.8% to first quarter record of $28.6 million. Revenue growth was highlighted by 10.6% increase in our LTL revenue per hundredweight. We also had an average increase of 9.8% on contractual rate renewals in the quarter. The first quarter marked the 35th consecutive quarter in which we achieved a year-over-year improvement in our LTL yield. The first quarter this year included one less workday versus last year.

Net income and diluted earnings per share of $22.3 million and $0.85 respectively were also first quarter record. Both of these comparisons benefited from a lower tax rate than in the previous year. Some comparisons from the first quarter of this year to the first quarter of 2018 are as follows; LTL shipments per workday decreased by 0.1%. LTL tonnage per workday decreased by 3.5%. LTL weight per shipment was also down 3.5%. LTL revenue per shipment rose 6.8% to $230.43.