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Sep 30, 2023
Ryder Q3 2023 Earnings Report
Reported strong returns in a weak freight environment and raised full-year guidance.
Key Takeaways
Ryder reported a decrease in total revenue to $2.9 billion but an increase in operating revenue to $2.4 billion. GAAP EPS was $3.44, while comparable EPS was $3.58. The company raised its full-year comparable EPS forecast to $12.60 - $12.85 and adjusted ROE forecast to 18% - 19%.
GAAP EPS from continuing operations was $3.44, compared to $4.82 in the prior year.
Comparable EPS (non-GAAP) from continuing operations was $3.58, compared to $4.45 in the prior year.
Total revenue was $2.9 billion, compared to $3.0 billion in the prior year.
Operating revenue (non-GAAP) was $2.4 billion, up 1%.
Revenue by Segment
Forward Guidance
Ryder expects to achieve earnings and return targets throughout the cycle, despite weakening freight conditions and used vehicle pricing.
Positive Outlook
- FY23 Comparable EPS (non-GAAP) is expected to be $12.60 - $12.85
- FY23 Operating Revenue Growth (non-GAAP) is expected to be ~2%
- FY23 Net Cash from Operating Activities from Continuing Operations is expected to be ~$2.5B
- FY23 Free Cash Flow (non-GAAP) is expected to be ~$100M
- Adjusted ROE is expected to be 18% - 19%
Challenges Ahead
- Total Revenue Growth is expected to be ~(2%)
- FY23 GAAP EPS (includes ~$3.96 cumulative currency translation charge for FMS UK exit) is expected to be $8.44 - $8.69
- Capital Expenditures are expected to be ~$3.2B
- Debt-to-Equity is expected to be ~220%
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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