Saia Reports Third Quarter Earnings per Share of $0.55 October 27, 2017 07:30 ET | Source: Saia, Inc. JOHNS CREEK, Ga., Oct. 27, 2017 (GLOBE NEWSWIRE) -- Saia, Inc. (NASDAQ:SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported third quarter 2017 financial results. Third Quarter 2017 Compared to Third Quarter 2016 Results Revenues were $350 million, a 10.6% increase LTL Shipments and LTL Tonnage per workday rose 3.1% and 3.6%, respectively LTL Revenue per hundredweight increased 8.0% Operating ratio rose by 20 basis points to 93.0% Operating income increased by 8.6% to $24.6 million Net income rose 4.2% to $14.4 million Diluted earnings per share were $0.55 compared to $0.54 “Third quarter operations were disrupted for a number of days by hurricanes Harvey and Irma. We estimate that third quarter shipments and tonnage per workday growth would have been approximately 1% higher had the storms not occurred,” said Saia President and Chief Executive Officer, Rick O’Dell. “Saia also experienced higher than normal operating costs for routing freight around weather impacted areas,” O’Dell continued. “We were very fortunate that our employees and their families were safe during the storms and the Company had minimal damage to facilities and equipment. With the dedicated effort of employees, we were able to get terminals in the impacted areas open within a few days. The impact of the storms notwithstanding, we continue to see strong demand and stable pricing in our business,” said O’Dell. “I am also pleased that we opened our 5th new terminal of the year on October 16th. The terminal is located in Laurel, Md. and will help us to serve customers in and around the markets of Baltimore, Md. and Washington, D.C. We are planning to open a terminal in Allentown, Pa. in December and have two additional Northeast expansion properties identified. The early results from our Northeast expansion have modestly exceeded our expectations,” concluded Mr. O’Dell. Financial Position and Capital Expenditures Total debt was $127.2 million at September 30, 2017 and inclusive of the cash on-hand, net debt to total capital was 19.3%. This compares to total debt of $94.2 million and net debt to total capital of 16.6% at September 30, 2016. Net capital expenditures in the year-to-date period through September were $183.9 million including equipment acquired with capital leases. This compares to $142.5 million in net capital expenditures in the first nine months of 2016. For the full year 2017, net capital expenditures are planned to be approximately $230 million.