Saia's tonnage growth accelerates in May on easier comp
The company's shipments grew 3.7% and weight per shipment increased 4.5%
This improvement is measured against a softer prior-year result
Tonnage growth has slowed from a recent high of 15% in March to 8% in May.
Saia's prior-year comps range from mostly negative to slightly positive for the rest of the year
Higher shipment weights are a sign of an improving LTL market, typically driving revenue per shipment and margins higher
The Purchasing Managers' Index registered a 54 reading for the month, which was 130 bps higher than April
Manufacturing data shows industrial activity is positive for a fifth consecutive month in May
Saia doesn't provide any revenue-based metrics in its intra-quarter updates
The company's massive terminal expansion has been a drag on results
The improving LTL market is driving revenue per shipment and margins higher, as evidenced by Saia's weight per shipment averaging 8% on a two-year-stacked comp.
