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Saia's August Tonnage Surge Marks Acceleration as Year-Over-Year Comparisons Ease

Saia reported an 8.7% year-over-year tonnage increase in August, driven by a 1.1% rise in daily shipments and a weight-per-shipment increase. The acceleration reflected easier prior-year comparisons, though tonnage growth on a two-year stacked basis slowed to 6.1% for a second consecutive month. The Johns Creek, Georgia-based carrier implemented a general rate increase in July that was 120 basis points higher and three months earlier than the prior year's adjustment. Contractual rate renewals averaged 10%, while revenue per shipment climbed 4% during the second quarter. Saia expects third-quarter margins to deteriorate 100 basis points year-over-year, less than its typical 150-200 basis point seasonal decline. The carrier's 60 terminal openings, expansions and relocations since 2022 increased door count by 25%, though new locations operate at low-90% operating ratios versus low-80s at established facilities.