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Sep 30, 2022
Ryder Q3 2022 Earnings Report
Ryder's Q3 2022 earnings reflect growth in all three business segments, driven by strong performance in used vehicle sales and rental, as well as pricing adjustments and new business in supply chain and dedicated transportation solutions.
Key Takeaways
Ryder reported record third-quarter earnings, with total revenue of $3.0 billion, up 23% year-over-year, and GAAP EPS from continuing operations of $4.82, compared to $2.58 in the prior year. The company's strong performance was driven by growth in all three business segments and benefits from initiatives to increase long-term returns.
Total revenue increased by 23% and operating revenue increased by 18%, reflecting organic revenue growth in all business segments and SCS acquisitions.
GAAP EPS from continuing operations was $4.82, compared to $2.58 in the prior year.
The company increased its full-year 2022 GAAP EPS forecast to $16.40 - $16.60 from $14.45 - $14.95.
Ryder completed its $300 million accelerated share repurchase program in September 2022.
Revenue by Segment
Forward Guidance
Ryder has increased its 2022 ROE and comparable EPS forecasts to reflect improved rental and used vehicle sales performance and remains confident in its outlook for continued strong core earnings. The company has increased its most recent free cash flow forecast for full year 2022 to $800 - $900 million due to higher proceeds from used vehicle sales.
Positive Outlook
- Total Revenue Growth ~23%
- Operating Revenue Growth (non-GAAP) ~18%
- FY22 GAAP EPS $16.40 - $16.60
- FY22 Comparable EPS (non-GAAP) $15.65 - $15.85
- ROE 26% - 27%
Challenges Ahead
- 4Q22 GAAP EPS $3.53 - $3.73
- 4Q22 Comparable EPS (non-GAAP) $3.18 - $3.38
- Net Cash from Operating Activities from Continuing Operations ~$2.3B
- Free Cash Flow (non-GAAP) $800M - $900M
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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