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Sep 30, 2024
Ryder Q3 2024 Earnings Report
Delivered solid Q3 results and continued to outperform prior cycles.
Key Takeaways
Ryder System reported a solid third quarter, driven by earnings growth in contractual lease, dedicated, and supply chain businesses. The company's ROE of 16% demonstrates the resilience of its transformed business model. While market conditions in used vehicle sales and rental remained weak, Ryder delivered comparable EPS in line with its forecast.
GAAP EPS from continuing operations was $3.25, compared to $3.44 in the prior year.
Comparable EPS (non-GAAP) from continuing operations was $3.44, compared to $3.58 in the prior year.
Total revenue reached $3.2 billion, compared to $2.9 billion in the prior year.
Operating revenue (non-GAAP) increased by 9% to $2.6 billion, reflecting recent acquisitions.
Revenue by Segment
Forward Guidance
Ryder expects earnings growth in the fourth quarter driven by its high-performing contractual portfolio. The current forecast does not contemplate a recovery in freight conditions this year. The company remains confident that ongoing execution of its balanced growth strategy will further enhance returns.
Positive Outlook
- Total Revenue Growth ~7%
- Operating Revenue Growth (non-GAAP) ~8%
- FY24 GAAP EPS $11.10 - $11.30
- FY24 Comparable EPS (non-GAAP) $11.90 - $12.10
- Adjusted ROE 16% - 16.5%
Challenges Ahead
- Net Cash from Operating Activities from Continuing Operations ~$2.4B
- Free Cash Flow (non-GAAP) $150 - $250M
- Capital Expenditures ~$2.9B
- Debt-to-Equity ~250%
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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