Saia Inc., a less-than-truckload (LTL) trucking company with a market capitalization of approximately $7.2 billion, reported first-quarter earnings that fell significantly short of analyst expectations, leading to a sharp decline in its stock price. The company posted earnings per share of $1.86, missing consensus by almost $1, and down from $3.38 a year ago. Revenue for the quarter was $787.6 million, a 4.3% year-over-year increase, but still below expectations. Saia's operating income dropped 40.5% to $70.2 million, and its operating ratio deteriorated to 91.1% from 84.4% a year earlier. Cost per shipment increased 9.4% year-over-year, while salaries, wages, and benefits expenses rose 410 basis points as a percentage of revenue. Net debt increased by $207 million year-over-year to fund terminal acquisitions. President and CEO Fritz Holzgrefe attributed the weak results to an uncertain macroeconomic environment, with shipments in March flat compared to February, deviating from typical seasonal growth patterns. Trade uncertainty and severe weather in January were also cited as contributing factors. The disappointing results triggered a steep selloff in Saia's shares, which fell as much as 32% during trading. Analysts noted that Saia's outlook will depend on demand recovery and the performance of newly opened terminals amid ongoing tariff and trade policy uncertainties.