It has been about a month since the last earnings report for Ryder (R) . Shares have lost about 0.9% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Ryder due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Earnings Beat at Ryder in Q4 Ryder's first-quarter 2024 ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 1-4364 RYDER SYSTEM, INC. (Exact name of registrant as specified in its charter) Florida 59-0739250 (State or other jurisdiction of incorporat ...

Financial Data and Key Metrics Changes - Operating revenue for the first quarter was $2.5 billion, up 6% from the prior year, primarily due to recent acquisitions and contractual growth, partially offset by lower rental revenue [105] - Comparable earnings per share from continuing operations were $2.14, down from $2.81 in the prior year, reflecting weaker market conditions in used vehicle sales and rental [106] - Return on equity was 17%, in line with the high-teens target over the cycle, with a year-over-year decline due to weakening used vehicle sales and rental market conditions [107] - Free cash flow for the first quarter decreased to $13 million from $101 million in 2023, primarily due to lower proceeds from property and used vehicle sales [107] Business Line Data and Key Metrics Changes - Fleet Management Solutions operating revenue decreased by 1% due to lower rental demand, partially offset by higher ChoiceLease revenue, which grew by 9% [108] - Dedicated operating revenue increased by 33%, reflecting the acquisition of Cardinal Logistics, although EBT declined due to acquisition integration and related costs [114] - Supply Chain operating revenue increased by 11%, driven by the IFS and Cardinal acquisitions, with earnings benefiting from stronger automotive performance [121] Market Data and Key Metrics Changes - Used vehicle sales results showed a decline, with used tractor proceeds down 34% and used truck proceeds down 30% compared to the prior year [112] - Rental utilization on the power fleet was 66%, down from 75% in the prior year, reflecting weak market conditions [110] - The average rental fleet is expected to be down 8% in 2024, with rental capital expenditures reduced by approximately $100 million [115] Company Strategy and Development Direction - The company continues to execute a balanced growth strategy, which has driven outperformance relative to prior cycles, with a focus on enhancing returns and integrating recent acquisitions [84][85] - The integration of Cardinal Logistics is on track, expected to generate significant cost savings and efficiencies, with net synergies projected between $40 million and $60 million [100][101] - The company remains committed to investing in organic growth and strategic acquisitions to drive long-term profitable growth [119] Management's Comments on Operating Environment and Future Outlook - Management expects 2024 to reflect trough market conditions in used vehicle sales and rental, with a gradual pickup anticipated in the second half of the year [130] - The company is confident in the long-term secular growth trends in its segments, despite current economic uncertainties causing some customers to delay decisions [130] - Management highlighted the importance of maintaining pricing discipline in the leasing market, despite some softness in demand [31] Other Important Information - The company plans to hold an Investor Day on June 13 in New York City, featuring presentations from business leaders and showcasing expanded supply chain capabilities [6] - The full year 2024 forecast for free cash flow is negative $175 million to $275 million, an improvement from prior forecasts due to lower rental capital expenditures [89] Q&A Session All Questions and Answers Question: Update on used truck rental market recovery - Management noted that the current downturn in rental and used trucks is the longest in a long time, with expectations of nearing the end of this cycle, and some stabilization in used truck pricing is beginning to show [11][12][14] Question: Recovery in used vehicle pricing - Management indicated that they are not assuming a recovery in used vehicle pricing for the balance of the year, expecting to hit the bottom in the second and third quarters, with a potential uptick in the fourth quarter [18][19] Question: Trends in Dedicated and Supply Chain backlogs - Management reported that the Dedicated pipeline has seen a pop year-over-year, but there are delays in decision-making in the Supply Chain segment due to economic uncertainty [46][47] Question: Benefits from anticipated pre-buy activity - Management expects benefits across leasing fleet growth, rental, and used pricing gains from the anticipated pre-buy activity ahead of the 2027 EPA engine technology changes [51][52] Question: Comments on end markets and trends in SCS - Management highlighted continued volume in the automotive sector and industrial, with expectations for improvement in e-commerce omnichannel demand in the second half of the year [60][62]

April 23, 2024 Safe Harbor and Non-GAAP Financial Measures Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including: our forecast; our outlook; our expectations regarding market trends and economic environment, such as rental demand, economic growth, challenging freight environment, weakening used vehicle sales and rental, and declining volumes in our omnichannel retail vertical; our expect ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-4364 RYDER SYSTEM, INC. (Exact name of registrant as specified in its charter) Florida 59-0739250 (State or other jurisdiction of incorporation or organization ...

Ryder System, Inc. (NYSE:R) Q4 2023 Earnings Call Transcript February 14, 2024 11:00 AM ET Company Participants Calene Candela - VP, IR Robert Sanchez - Chairman and CEO John Diez - EVP and CFO Steve Sensing - President, Supply Chain Solutions and Dedicated Transportation Solutions Tom Haven - President, Fleet Management Solutions Conference Call Participants Jordan Alliger - Goldman Sachs Scott Group - Wolfe Research Jeff Kauffman - Vertical Research Partners Brian Ossenbeck - JPMorgan Allison Poliniak - W ...

43 Note: Amounts may not be additive due to rounding. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2024 Ryder System, Inc. All Rights Reserved Adjusted Return on Equity Reconciliation(1) Adjusted return on equity (1) [A]/[B] 13 % 29 % 19 % 16 % Note: Amounts may not be additive due to rounding. ($ Millions) SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 45 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-- ...

Ryder System, Inc. (NYSE:R) Q3 2023 Earnings Conference Call October 25, 2023 11:00 AM ET Company Participants Calene Candela - Vice President, Investor Relations Robert Sanchez - Chairman and Chief Executive Officer John Diez - Executive Vice President and Chief Financial Officer Tom Havens - President of Fleet Management Solutions Steve Sensing - President of Supply Chain Solutions and Dedicated Transportation Solutions Conference Call Participants Jordan Alliger - Goldman Sachs Jeffrey Kauffman - Vertica ...

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2023 Ryder System, Inc. All Rights Reserved | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|-------|-------|-------|----------------|-------|-------|-------| | Total Revenue: \nFleet Management Solutions \nSupply Chain Solutions | | 2023 \n$ 1,487 \n 1,194 | Third Quarter \n2022 \n$ 1,582 \n 1,206 | \n% B/(W) \n (6)% \n (1)% | | 2023 \n$ 1,266 \n 909 | \n | Memo: Operating Reven ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 1-4364 RYDER SYSTEM, INC. (Exact name of registrant as specified in its charter) Florida 59-0739250 (State or other jurisdiction of incorp ...