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.
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