Saia, Inc. (SAIA) has reported a 9.12 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $10.35 million, or $0.40 a share in the quarter, compared with $11.39 million, or $0.45 a share for the same period last year.
Revenue during the quarter grew 4.39 percent to $300.22 million from $287.61 million in the previous year period. Gross margin for the quarter expanded 152 basis points over the previous year period to 72.81 percent. Total expenses were 94.28 percent of quarterly revenues, up from 93.88 percent for the same period last year. That has resulted in a contraction of 40 basis points in operating margin to 5.72 percent.
Operating income for the quarter was $17.19 million, compared with $17.62 million in the previous year period.
"We were encouraged by shipment and tonnage per workday trends in the fourth quarter and our results reflected some of the same themes we saw in the business all year," said Saia President and Chief Executive Officer, Rick O'Dell. "We continued our very positive pricing actions and saw fourth quarter contractual renewals average 5.2%. Customer service standards remain very high and we achieved a cargo claims ratio of 0.74% in the fourth quarter compared to 0.97% in the fourth quarter last year."
Operating cash flow improves marginally
Saia, Inc. has generated cash of $145.78 million from operating activities during the year, up 2.15 percent or $3.06 million, when compared with the last year.
The company has spent $117.68 million cash to meet investing activities during the year as against cash outgo of $107.92 million in the last year. It has incurred net capital expenditure of $117.68 million on net basis during the year, up 37.35 percent or $32 million from year ago.
The company has spent $26.68 million cash to carry out financing activities during the year as against cash outgo of $39.04 million in the last year period.
Cash and cash equivalents stood at $1.54 million as on Dec. 31, 2016, up 1,141.13 percent or $1.42 million from $0.12 million on Dec. 31, 2015.
Working capital increases
Saia, Inc. has recorded an increase in the working capital over the last year. It stood at $21.54 million as at Dec. 31, 2016, up 22.30 percent or $3.93 million from $17.61 million on Dec. 31, 2015. Current ratio was at 1.15 as on Dec. 31, 2016, up from 1.12 on Dec. 31, 2015.
Debt moves up
Saia, Inc. has witnessed an increase in total debt over the last one year. It stood at $73.80 million as on Dec. 31, 2016, up 7 percent or $4.83 million from $68.97 million on Dec. 31, 2015. Total debt was 9.22 percent of total assets as on Dec. 31, 2016, compared with 9.46 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.15 as on Dec. 31, 2016, when compared with the last year. Interest coverage ratio deteriorated to 17.47 for the quarter from 17.96 for the same period last year.
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