SAIA - Saia Inc. (SAIA) Q4 2023 Earnings Call Transcript
2024-02-02 16:28:09 ET
Saia, Inc. (SAIA)
Q4 2023 Earnings Conference Call
February 02, 2024, 10:00 AM ET
Company Participants
Doug Col - Executive Vice President and Chief Financial Officer
Fritz Holzgrefe - President and Chief Executive Officer
Conference Call Participants
Jack Atkins - Stephens
Amit Mehrotra - Deutsche Bank
Chris Wetherbee - Citigroup
Scott Group - Wolfe Research
Jordan Alliger - Goldman Sachs
Jonathan Chappell - Evercore ISI
Ken Hoexter - Bank of America
James Monigan - Wells Fargo
Tom Wadewitz - UBS
Jason Seidl - TD Cowen
Bruce Chan - Stifel
Ravi Shanker - Morgan Stanley
Eric Morgan - Barclays
Stephanie Moore - Jefferies
Bascome Majors - Susquehanna
Tyler Brown - Raymond James
Presentation
Operator
Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 2023 Saia Incorporated Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
I would now like to turn the call over to Doug Col, Saia's Executive Vice President and Chief Financial Officer. Please go ahead.
Doug Col
Good morning, everyone. Welcome to Saia's fourth quarter 2023 conference call.
With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe.
Before we begin, you should know that during the call, we may make certain 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 actual results may differ materially. We refer you to our press release and our SEC filings for more information on the exact risk factors that could cause actual results to differ.
I will now turn the call over to Fritz for some opening comments.
Fritz Holzgrefe
Good morning, and thank you for joining us to discuss Saia's fourth-quarter and full-year results.
I must start my comments today with a word of thanks to the entire Saia team for their dedicated efforts, as we worked through volatile business trends in 2023. We started our 100th Anniversary Year with an engaged team that delivered a record number of shipments in 2023, just shy of $8 million in total for the year, and in turn 2023 revenue of $2.9 billion was also a record for our company.
2023 was really a tale of two halves, both shipments and tonnage per workday were down year-over-year for the first six months of the year, continuing a trend, which began in the second half of 2022, as the industrial economy slowed. Turning the calendar to the month of July, our industry experienced a generational type of movement as a large national competitor began limiting service, and ultimately ceased operations. At Saia, we saw volumes increase by as much as 10% to 20% on a given day from trends just a month earlier. Our contingency planning in advance of this change, put us in a position to handle the increased volumes almost seamlessly, while still maintaining excellent service for our customers....
Saia, Inc. (SAIA) Q4 2023 Earnings Call Transcript