Less-than-truckload carrier Saia Inc. reported second-quarter income increased slightly from a year ago, but operating income declined.
Net income increased to $13.57 million, or 55 cents per share, from $13.5 million, or 56 cents, a year earlier.
Revenue jumped 12.9% to $330 million, the largest increase in seven years, as LTL shipments rose 5.5% and tonnage gained 6.9%.
Operating income declined to $22.7 million from $23.3 million the prior year on higher insurance expenses due to accident severity. Claims and insurance costs increased $8.3 million from the second quarter last year.
“The higher accident severity in the second quarter masked the strong tonnage growth and favorable pricing trends that we achieved,” CEO Rick O’Dell said in a statement.