Jack Knife
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NEW YORK (AP) - Shares of trucking company Saia Inc. rose Monday amid a lower broader market, as an analyst applauded its unexpected fourth-quarter profit and recommended the stock to investors.
The company said Friday it earned $1.4 million, or 10 cents per share, in the fourth-quarter. Analysts surveyed by Thomson Reuters, on average, expected a loss of 4 cents per share.
Stifel Nicolaus David G. Ross reiterated his "Buy" rating on the stock, noting the Johns Creek, Ga.-based company is aiming to further cut costs this year to balance sluggish trucking demand. It is targeting $8 million to $10 million in annual savings through new better fuel purchasing and planning, streamlining terminal operations and implementing new driver routing software to minimize mileage.
Ross also said the company remains "in decent financial shape," noting it is well within the terms of its debt agreements.
The analyst maintained his earnings estimates for this year and next, which are both well above the average estimate of analysts surveyed by Thomson Reuters.
Saia shares rose 43 cents, or 4 percent, to $11.12 in afternoon trading.
The company said Friday it earned $1.4 million, or 10 cents per share, in the fourth-quarter. Analysts surveyed by Thomson Reuters, on average, expected a loss of 4 cents per share.
Stifel Nicolaus David G. Ross reiterated his "Buy" rating on the stock, noting the Johns Creek, Ga.-based company is aiming to further cut costs this year to balance sluggish trucking demand. It is targeting $8 million to $10 million in annual savings through new better fuel purchasing and planning, streamlining terminal operations and implementing new driver routing software to minimize mileage.
Ross also said the company remains "in decent financial shape," noting it is well within the terms of its debt agreements.
The analyst maintained his earnings estimates for this year and next, which are both well above the average estimate of analysts surveyed by Thomson Reuters.
Saia shares rose 43 cents, or 4 percent, to $11.12 in afternoon trading.
