Saia LTL Shows February Improvement as Shipment Counts Turn Positive

Key Details Saia reported that tonnage declined 2.7% year-over-year in February, a significant improvement from January's 7% drop. The Georgia-based carrier saw daily shipments increase 0.3%, though this gain was partially offset by a 3% decline in weight per shipment. On a two-year basis, tonnage was up 9.5%, demonstrating solid year-over-year trends despite near-term headwinds. Why It Matters February's positive shipment trend signals improving demand after winter weather disrupted January volumes. The company noted that January results would have been better without severe storms, suggesting underlying demand may be stronger than headline numbers indicate. Saia's contract renewal pricing increased 5.9% in February, providing revenue support despite volume challenges. Outlook Manufacturing data is improving, with the PMI hitting 52.4 in February and the new orders subindex at 55.8, both signaling expansion. These metrics typically lead LTL volumes by several months, offering hope for volume recovery ahead. Saia projects 100 to 200 basis points of year-over-year margin improvement in 2026, with expansion from its 39 newly opened terminals supporting long-term growth despite near-term margin pressures.