Saia's stock surged 5.41% at the market open on Thursday, following the release of its first-quarter financial results which exceeded analyst expectations.

The U.S. less-than-truckload carrier reported quarterly earnings per share of $1.86, beating the FactSet consensus estimate of $1.80. Revenue for the quarter was $806.2 million, a 2.4% increase year-over-year and above the analyst estimate of $788 million. The company attributed the revenue growth to a recovery in shipment volumes during March after a challenging start to the year.

Management highlighted year-over-year improvements in core efficiency metrics as the company's national network continues to mature. "Our results reflected record first quarter revenue levels as customers increasingly continued to rely on our national network," said Saia President and CEO Fritz Holzgrefe.