Less-than-truckload carrier Saia focuses on cost controls and efficiency measures to navigate towards recovery. Q3 adjusted earnings per share were $2.81, beating estimates by 25 cents but down 65 cents y/y. Revenue was slightly down at $840 million, tonnage fell 1.5% y/y, and yield remained flat. Tonnage declined each month, with October down 4% y/y. Daily shipments were down 2% y/y but up 3% from Q2. Management assured a rational pricing environment with rate increases. Adjusted operating ratio was 87.6%, 250 bps worse y/y. Adjusted cost per shipment increased 4.6% y/y, with a slight offset in revenue per shipment. New terminals showed OR improvement and operate below 95% OR on average. Expenses increased 50 bps y/y, with a 3% headcount decrease. Saia expects a 91.1% OR for Q4, 400 bps worse y/y. Shares were up 1.6% compared to the S&P 500.

Read more at Yahoo Finance: Saia’s margins slip as LTLs await rebound