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Jun 30, 2023
Ryder Q2 2023 Earnings Report
Ryder reported strong results in a weak freight environment and raised full-year guidance.
Key Takeaways
Ryder reported a GAAP EPS from continuing operations of $(0.39) and a comparable EPS (non-GAAP) of $3.61. Total revenue was $2.9 billion. The company increased its full-year comparable EPS (non-GAAP) forecast to $12.20 - $12.70.
GAAP EPS from continuing operations was $(0.39), impacted by a non-cash UK exit charge.
Comparable EPS (non-GAAP) from continuing operations was $3.61, reflecting weaker market conditions in used vehicle sales and rental.
Strong performance in all segments benefited EBT.
Total revenue was $2.9 billion, compared to $3.0 billion in the prior year.
Revenue by Segment
Forward Guidance
Ryder increased earnings and ROE guidance, but accelerated timing of OEM deliveries is expected to increase ChoiceLease fleet growth and related capital expenditures, which should reduce free cash flow in 2023.
Positive Outlook
- Full Year 2023 Comparable EPS (non-GAAP) $12.20 - $12.70
- Full Year 2023 ROE 17% - 19%
- Net Cash from Operating Activities from Continuing Operations ~$2.5B
- Operating Revenue Growth (non-GAAP) ~2%
- Debt-to-Equity ~200%
Challenges Ahead
- Total Revenue Growth ~(2%)
- Free Cash Flow (non-GAAP) ~100M
- Capital Expenditures ~$3.2B
- FY23 GAAP EPS (includes ~$3.96 cumulative currency translation charge for UK exit) $7.95 - $8.45
- 3Q23 GAAP EPS $2.82 - $3.07
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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