NEW YORK — Shares of trucking company Saia Inc. jumped Thursday after it said its first-quarter loss narrowed more than expected, mostly due to cost cutting and improved productivity.
The stock jumped more than 11 percent to $17.64 in midday trading.
The company reported a loss of $3.2 million, or 21 cents per share, compared with a year-ago loss of $6.3 million, or 47 cents per share. Revenue rose 3 percent to $212.2 million.
Analysts polled by Thomson Reuters were expecting a loss of 31 cents and revenue of $208.6 million.
Saia said productivity improved in a number of areas including average loads, dock and clerical work. The company cut costs at terminals and had fewer injuries and claims compared with a year earlier.
The weight of its shipments increased in the quarter although the number of shipments was flat.
Kevin Jones of The Trucker staff can be reached for comment at firstname.lastname@example.org.
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