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Ryder
🇺🇸 NYSE:R
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•
Mar 31, 2021

Ryder Q1 2021 Earnings Report

Ryder's first quarter results for 2021 were reported, showing increased revenue and EPS compared to the prior year, driven by strong performance in fleet management and supply chain solutions.

Key Takeaways

Ryder System, Inc. reported strong first quarter results, with total revenue of $2.2 billion and GAAP EPS of $0.97, compared to a loss of $(2.09) in the prior year. The company's performance was driven by improved results in fleet management solutions and supply chain solutions. Ryder increased its full-year 2021 EPS forecast and expects to achieve an adjusted ROE of 12-13%.

GAAP EPS from continuing operations was $0.97, compared to a loss of $(2.09) in the prior year.

Comparable EPS (non-GAAP) from continuing operations was $1.09, compared to a loss of $(1.38) in the prior year.

Total revenue reached $2.2 billion, up 3%, primarily due to higher revenue in supply chain and rental.

Ryder increased its GAAP EPS forecast for the full year 2021 to $5.65 - $6.05.

Total Revenue
$2.22B
Previous year: $2.16B
+2.8%
EPS
$1.09
Previous year: -$1.38
-179.0%
Rental utilization
72.9%
Previous year: 64.4%
+13.2%
SCS Average fleet count
9.5K
DTS Average fleet count
10K
Gross Profit
$406M
Previous year: $268M
+51.3%
Cash and Equivalents
$91.7M
Previous year: $397M
-76.9%
Free Cash Flow
$241M
Previous year: $111M
+118.2%
Total Assets
$12.7B
Previous year: $14.4B
-11.8%

Ryder

Ryder

Ryder Revenue by Segment

Forward Guidance

Ryder provided full year 2021 and second quarter 2021 guidance.

Positive Outlook

  • Expect continued favorable performance in FMS driven by lease, rental, and used vehicle sales.
  • Anticipate lease to benefit from pricing actions, increased sales activity, and improved operating performance.
  • Expect pricing in rental and used vehicle sales to remain strong.
  • Expect the impact of delayed truck deliveries will be offset by higher lease sales activity and vehicles placed in service during the first quarter, as well as higher rental utilization and pricing.
  • SCS and DTS are on track to meet or exceed revenue growth targets.

Challenges Ahead

  • Assume there will be some impact to supply chain earnings due to the semiconductor shortage impacting automotive customers.
  • SCS and DTS returns are anticipated to be impacted by strategic investments in new technologies and brand awareness campaign.
  • Expect depreciation from prior residual value estimate changes will impact FMS earnings.
  • Expect higher overheads including continued investments in marketing and technology will impact SCS earnings.
  • Expect higher insurance costs will impact DTS earnings.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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