Saia, Inc. (SAIA) has reported a 7.68 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $11.39 million, or $0.44 a share in the quarter, compared with $10.58 million, or $0.42 a share for the same period last year.
Revenue during the quarter grew 9.36 percent to $317.04 million from $289.91 million in the previous year period. Total expenses were 94.47 percent of quarterly revenues, up from 93.93 percent for the same period last year. That has resulted in a contraction of 54 basis points in operating margin to 5.53 percent.
Operating income for the quarter was $17.52 million, compared with $17.58 million in the previous year period.
"We are encouraged by the improved LTL shipment trends we experienced in the first quarter", said Saia president and chief executive officer, Rick O'Dell. "Our first quarter was a very busy time for all of us at Saia, as our plan for expansion into Pennsylvania and New Jersey kicked into high gear. We have secured the necessary terminals and completed the necessary hiring to commence operations in four new locations on May 1st. These are the first steps in our multi-year strategy of becoming a 48-state LTL service provider," O'Dell continued.
Operating cash flow improves significantly
Saia, Inc. has generated cash of $24.13 million from operating activities during the quarter, up 42.30 percent or $7.17 million, when compared with the last year period.
The company has spent $87.78 million cash to meet investing activities during the quarter as against cash outgo of $53.63 million in the last year period. It has incurred capital expenditure of $87.78 million on net basis during the quarter, up 63.69 percent or $34.15 million from year ago period.
Cash flow from financing activities was $62.82 million for the quarter, up 70.79 percent or $26.04 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $0.71 million as at Mar. 31, 2017.
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