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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%.
Ryder
Ryder
Ryder Revenue by Segment
Revenue by Segment
Supply Chain Solutions Revenue
CapyFin.comDedicated Transport Revenue
CapyFin.com 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%
- 4Q23 GAAP EPS is expected to be $2.45 - $2.70
Revenue & Expenses
Visualization of income flow from segment revenue to net income