Saia Inc. shares tumbled 13.35% in intraday trading on Thursday, even after the less-than-truckload carrier reported second-quarter earnings that surpassed analyst expectations. The stock plummeted despite the company announcing diluted earnings per share of $3.51, above the consensus estimate of $3.38, and revenue of $956.5 million, which slightly exceeded the $953.2 million forecast.

The sell-off appeared to be driven by concerns over pricing and future growth. While LTL shipments per workday rose 4.4% and tonnage per workday increased 8.4%, the company's LTL revenue per hundredweight, excluding fuel surcharge, fell 2.2% year-over-year, indicating pricing pressure in the competitive freight market. Additionally, Saia's net capital expenditure guidance for 2026 was set at $350 million to $400 million, a sharp reduction from the $375.6 million spent in just the first half of 2025, signaling a potential slowdown in its network expansion strategy.

“The quarter’s results were driven by continued focus on pricing and mix optimization, healthy volume trends and strong operational execution,” said CFO Matt Batteh. However, the market's reaction suggests investors may have been looking for stronger pricing power and more aggressive growth investments from the company, which has been rapidly expanding its terminal network.