Saia Inc

Old Dominion Freight Line announced Monday a 4.9% general rate increase to various tariff codes effective Oct. 5, one month earlier than last year's hike, which was itself moved up by a month. The percentage represents an expected average of adjustments to base rates across different lanes and weight classes, used to offset cost inflation and fund capex projects; last year's GRI was also expected to average 4.9%. Greg Lawrence, vice president of pricing services, said the increase is designed to help offset continued cost pressures related to real estate, equipment, technology, and competitive wages and benefits. Other public carriers have also pulled GRIs ahead of the traditional one-year schedule: ArcBest implemented a 5.9% hike for LTL services at both business units on June 22, roughly six weeks ahead of the one-year anniversary of last year's increase, while Saia implemented a 7.1% general rate increase on July 6, 120 basis points higher and 3 months earlier than last year. The increases come as the Institute for Supply Management's Manufacturing PMI remained in expansion territory for an eighth consecutive month in August at 54.6, just 100 bps below a four-year high set in July, with the new orders subindex at 53.7.

Saia reported that August less-than-truckload tonnage per workday rose 8.7% year over year, while shipments per workday increased just 1.1% and weight per shipment climbed 7.5%. For July and August combined, shipments per workday rose 1.0%, tonnage per workday grew 8.3%, and weight per shipment increased 7.2%, showing the tonnage gain came mainly from heavier freight rather than more shipments. The carrier's second-quarter results showed tonnage per workday up 8.4%, revenue up 17.1% and operating income up 26%, with the operating ratio improving to 86.9% from 87.8%, though revenue per hundredweight excluding fuel surcharge fell 2.2%. Saia operates a 218-terminal network and did not disclose network utilization in the August update, which also omitted yield, operating-ratio and service data. Insider Monkey's database showed 49 hedge funds holding Saia at the end of 2Q2026, up from 45 three months earlier.

Less-than-truckload carrier Saia reported an 8.7% year-over-year increase in tonnage for August, with daily shipments up 1.1% and weight per shipment up 7.5%, as easier prior-year comparisons boosted the metrics slightly from July's growth rates. On a two-year-stacked basis, tonnage growth slowed for a second straight month, coming in at 6.5% in August versus 8.7% in July, partly due to a 7.1% general rate increase implemented on July 6 that can create near-term volatility. The company, which does not provide revenue-based metrics in its intraquarter updates, noted that contractual rate renewals averaged 10.7% in the second quarter, and it expects only 100 basis points of margin degradation from the second to third quarter, implying an 87.9% operating ratio that would be 30 basis points worse year-over-year excluding a real estate gain. Saia has opened, expanded, or relocated roughly 60 terminals since 2022, increasing door count by 25%, though these newer locations operate at a low-90% operating ratio compared to the low-80s for the rest of its network. Shares of SAIA were up 2.9% on Thursday, while Old Dominion's shares were down 2.4%, following a week in which manufacturing data came in slightly below expectations, with the ISM Manufacturing PMI at 54.6 in August, 60 basis points light of consensus.

Deutsche Bank has issued a bullish catalyst call on Saia, predicting the trucking and transportation stock is poised to rally. Analyst Richa Harnain and his team view Saia's upcoming August tonnage update and third-quarter earnings results as potential catalysts for the shares to push higher. Harnain noted that Saia's 8% volume-growth forecast is above expectations, and historical precedent shows Saia has outperformed peers more than 70% of the time following GRI-related volume disruptions. He also stated that Saia's cost-per-shipment growth since 2023 has been broadly in line with key peers, suggesting the investment debate centers on pricing recovery rather than a structural cost disadvantage. Deutsche Bank has set Q3 estimates for Saia ahead of consensus due to better pricing execution and volume growth, and expects evidence of sustained revenue-per-shipment improvement to lead to a more constructive view on the stock.

Saia has opened 70 terminals since 2017 as part of a deliberate, multiyear organic expansion that CEO Fritz Holzgrefe says is still far from its full potential. Since 2023 alone, the carrier has added close to 40 new locations and replaced or relocated another 30 facilities, a pace of physical network transformation that Holzgrefe said no other LTL carrier has matched in the same period. The buildout has unlocked transit lanes Saia could not previously offer, such as freight from Trenton, New Jersey, to Texas markets in three days, and has doubled its market share in the Atlanta metro over roughly five years. Saia pushed through a general rate increase in July and issued two wage increases over the past year, while its operating ratio stands at 86, though Holzgrefe noted that figure understates performance in longer-established facilities and that the roughly 40 facilities opened since 2023 have not yet reached their full profitability potential, leaving the company in what he called the early innings of its growth story.

Truckload and less-than-truckload rate indexes are expected to reach new highs in the third quarter as the freight industry recovers from a nearly four-year downturn. The TD Cowen-AFS Freight Index shows the truckload rate-per-mile component hit a 14-quarter high in the second quarter, 16% above the January 2018 baseline, and is forecast to rise to 17.7% above the baseline in the third quarter. The less-than-truckload rate-per-pound component reached an all-time high in the second quarter, 76.5% above the 2018 baseline, and is projected to increase 30 basis points sequentially in the third quarter. Capacity constraints, higher diesel fuel prices, and accelerated general rate increases by carriers such as ArcBest and Saia are driving the increases. The report also notes that more than 48,000 non-compliant drivers have left the industry over the past year, further tightening supply.

Saia Inc. has launched Saia REV, a company-wide initiative aimed at delivering faster transit times, expanded logistics capabilities and enhanced shipment visibility for customers across North America. The initiative, which stands for Rapid, Expanded and Visible, introduces more than 2,000 transit time improvements across Saia's network, reducing delivery times on key lanes, such as from five-day to four-day service. Saia is also automating its Guaranteed 10 a.m. delivery service, which it says is the earliest standard morning delivery offered by any nationwide less-than-truckload carrier. A new track-and-trace platform will provide turn-by-turn shipment visibility from pickup through final delivery, while Saia Logistics is expanding final mile capabilities to include residential delivery, white glove service and two-person delivery teams. The REV initiative reflects Saia's continued investment in network optimization and technology as shipper expectations evolve toward greater speed and transparency.

Landstar reported first-quarter revenues of $1.17 billion, up 1.6% year on year and exceeding analyst expectations by 1.5%, alongside beats on adjusted operating income and EPS. The 15 ground transportation stocks tracked as a group beat revenue consensus by 2.1% and have seen share prices rise 8.6% on average since reporting. Heartland Express posted the best performance relative to estimates with revenues of $176.3 million, down 19.7% year on year but 2.6% above consensus, while Universal Logistics had the weakest quarter, missing revenue estimates by 1.3% with revenues of $367.6 million. Saia reported revenues of $806.2 million, up 2.4% year on year and 2.2% above estimates, and Knight-Swift Transportation posted revenues of $1.85 billion, up 1.4% year on year and in line with expectations.

Less-than-truckload carrier Saia has opened new terminals in Duluth, Minnesota and Columbia, Missouri, marking the third straight month of network expansion after no openings in 2025. The company said the moves are part of its continued investment in strengthening its nationwide network. Earlier this year, Saia opened terminals in Marysville, Washington and Edinburgh, Indiana in May, and in York, Pennsylvania in April. CFO Matthew Batteh noted that newer terminals are still operating at an operating ratio in the upper 90s, above the company average, but improved margins by over 2 points year-over-year. CEO Frederick Holzgrefe highlighted that Saia has invested approximately $1.8 billion in its network and fleet over the past 36 months, representing more than 19% of total revenue during that period.