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Ryder
🇺🇸 NYSE:R
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•
Dec 31, 2020

Ryder Q4 2020 Earnings Report

Reported significantly higher year-over-year earnings, made progress on initiatives to improve returns, and generated $1.6 billion of free cash flow.

Key Takeaways

Ryder System, Inc. reported Q4 2020 results with total revenue of $2.2 billion, a decrease of 3%. GAAP EPS from continuing operations was $0.48, compared to a loss of $(1.02) in the prior year. Comparable EPS from continuing operations was $0.83, including a $0.38 one-time expense for frontline employee bonuses.

Total revenue decreased by 3% to $2.2 billion, reflecting lower fuel revenue.

Operating revenue remained unchanged at $1.8 billion, as higher revenues in supply chain were offset by lower revenues in fleet management and dedicated businesses.

GAAP EPS from continuing operations was $0.48, compared to a loss of $(1.02) in the prior year, primarily due to improved results in used vehicle sales, lease, and rental.

Comparable EPS from continuing operations was $0.83, including a $0.38 one-time expense for frontline employee bonus, versus a loss of $(0.01) in the prior year.

Total Revenue
$2.21B
Previous year: $2.28B
-2.8%
EPS
$0.83
Previous year: -$0.01
-8400.0%
Rental utilization
79.1%
Previous year: 76%
+4.1%
Customer vehicles SelectCare
50.3K
Previous year: 56.9K
-11.6%
Gross Profit
$392M
Previous year: $279M
+40.6%
Cash and Equivalents
$151M
Previous year: $73.6M
+105.6%
Total Assets
$12.9B
Previous year: $14.5B
-10.7%

Ryder

Ryder

Ryder Revenue by Segment

Forward Guidance

Ryder provided full year 2021 guidance, including GAAP EPS forecast of $4.18 - $4.68 and comparable EPS forecast of $4.15 - $4.65. They also forecast operating cash flow of $2.2 billion and free cash flow of $400M - $700M.

Positive Outlook

  • Expect improving economic conditions and continued secular trends that favor outsourcing.
  • Expect higher contractual sales activity based on an improved deal pipeline.
  • Operating revenue growth in SCS and DTS is expected to be within the high-single-digit target range.
  • FMS growth is expected to be near the lower end of the mid-single digit target range.
  • Used vehicle market pricing is anticipated to modestly improve throughout the year.

Challenges Ahead

  • The 2021 market environment remains uncertain and may be impacted by developments related to COVID-19 and other factors.
  • Benefits from higher lease pricing and our maintenance cost-savings initiative are expected to be partially offset by a smaller lease fleet.
  • Depreciation expense impact from prior residual value estimate changes
  • Smaller lease fleet
  • Used vehicle market pricing is anticipated to modestly improve throughout the year.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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