Less-than-truckload carrier Saia missed analyst expectations in the third quarter on Friday, reporting earnings per share of $3.46. That was 7 cents light of consensus and 21 cents lower year-over-year.

Saia's (NASDAQ: SAIA) revenue rose 8.6% y/y to $842 million. Revenue on a per-day basis was up 6.9% y/y. The per-day revenue increase was driven by a 7.7% increase in tonnage per day, partially offset by a 0.9% decline in revenue per hundredweight, or yield. Excluding fuel, yield was 1.7% higher.

The increase in tonnage was driven by an 8.5% increase in shipments per day, which was partially offset by 0.8% less weight per shipment. Saia was one of the largest recipients of Yellow Corp.'s (OTC: YELLQ) July 30, 2023, shutdown. On a two-year stacked comparison, its tonnage is up 14.4%.

Table: Saia's key performance indicators

Saia reported an 85.1% operating ratio (operating expenses expressed as a percentage of revenue) in the quarter, which was 170 basis points worse y/y and 180 bps worse than in the second quarter. The result was in line with management’s guidance of 100 to 200 bps sequential deterioration.

"The freight backdrop in the third quarter remained muted, and while weight per shipment was essentially flat compared to the second quarter, we continued to experience [freight] mix headwinds year over year," Saia said.