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Mar 31, 2024
Ryder Q1 2024 Earnings Report
Ryder delivered solid first-quarter results amid a challenging freight environment, driven by better-than-expected used vehicle results and benefits from ongoing maintenance cost savings initiative.
Key Takeaways
Ryder reported solid first-quarter results with a GAAP EPS of $1.89 and a comparable EPS (non-GAAP) of $2.14. Total revenue increased to $3.1 billion. The company raised its full-year 2024 forecast, reflecting the outperformance in the quarter.
GAAP EPS from continuing operations was $1.89, compared to $2.95 in the prior year.
Comparable EPS (non-GAAP) from continuing operations was $2.14, compared to $2.81 in the prior year.
Total revenue increased to $3.1 billion, compared to $3.0 billion in the prior year.
Operating revenue (non-GAAP) increased by 6%, reflecting recent acquisitions and contractual revenue growth.
Revenue by Segment
Forward Guidance
Ryder raised the lower end of its full-year forecast to reflect the outperformance in the quarter, partially offset by a more modest rental upturn than initially expected. The company is also raising its free cash flow forecast and reducing its rental capital spending forecast by $100 million to align with this revised outlook.
Positive Outlook
- Operating revenue (non-GAAP) expected to increase by approximately 10%.
- FY24 GAAP EPS of $10.95 - $11.70
- FY24 Comparable EPS (non-GAAP) of $11.75 - $12.50
- Adjusted ROE of 15.5% - 16.5%
- Net cash provided by operating activities from continuing operations of ~$2.4B
Challenges Ahead
- Free Cash Flow (non-GAAP) of $(175) - $(275)M
- Capital Expenditures of ~$3.2B
- Debt-to-Equity of ~240%
- 2Q24 GAAP EPS of $2.58 - $2.78
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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