Ryder System (R) has displayed an impressive performance, with its shares appreciating 20.3% over the past six months. This growth is impressive and has outperformed its industry. Additionally, Ryder's price performance compares favorably with that of other companies in the Equipment and Leasing industry like Wabtec Corporation (WAB) and Air Lease Corporation (AL) . Six-Month Price Performance Given the recent rally, the question that naturally arises is whether Ryder stock can sustain its bullish price per ...

Shares of Ryder System (R) scaled a 52-week high of $143.73 in the trading session on Aug. 26, 2024, before closing a tad lower at $141.25. The company's shares have gained 25.2% over the past six months, steadily outperforming the 16.4% rise of the industry it belongs to. Image Source: Zacks Investment Research Why the Uptick in the Ryder Stock? Ryder's bottom line has been benefitting from its consistent efforts to reward its shareholders through dividends and share buybacks are appreciative. In 2022, Ryd ...

Core Insights - Therma Bright Inc. announces a significant milestone with its portfolio company Inretio, as Inretio's Preva® ischemic stroke clot removal device successfully completes its third human trial, indicating its potential to transform stroke and blood clot treatment [2][3][7] Company Overview - Therma Bright Inc. is a developer and investment partner in advanced diagnostic and medical device technologies, focusing on innovative solutions for critical healthcare challenges [8] Product Innovation - The Preva® device represents a major advancement in thrombectomy procedures, designed to restore blood flow in ischemic stroke patients effectively, even when traditional treatments fail [3][4] - The device utilizes a patented solution that minimizes the risk of embolization and reduces the need for repeated maneuvers during the procedure [4] Market Potential - The global coronary stents market is projected to exceed USD 4.8 billion by 2029, presenting a growth opportunity for Inretio's Preva® solution and Therma Bright's investment [6] - The demand for advanced clot removal solutions is increasing, positioning Therma Bright's investment in Inretio to potentially yield significant returns as the technology progresses [7]

Ryder System's (R) top line is boosted by a robust segmental performance by Dedicated Transportation Solutions ("DTS") and Supply Chain Solutions ("SCS"). Proactive cost-cutting efforts and a shareholderfriendly approach bode well for the company. However, R is grappling with soft freight market conditions. Factors Favoring R Ryder's top line is bolstered by its strong segmental performance. As a reflection of this, in the second quarter of 2024, the Fleet Management Solutions ("FMS") unit saw a 2% revenue ...

Ryder System, Inc. (NYSE:R) Q2 2024 Results Conference Call July 25, 2024 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 Global Fleet Management Solutions Steve Sensing - President-Global Supply Chain Solutions and Dedicated Transportation Conference Call Participants Christyne McGarvey - Morgan Stanley Jeff Kauffman - Vertical ...

SG&A expenses increased 7% in the second quarter of 2024 and 6% in the six months ended June 30, 2024. The increase in the second quarter and six months ended June 30, 2024, primarily reflects the impact from recent acquisitions partially offset by lower marketing costs due to strategic investments made in the prior year. SG&A expenses as a percentage of total revenue remained at 12% for the second quarter and for the six months ended June 30, 2024. Non-Operating Pension Costs, net Three months ended June 3 ...

The reported revenue compares to the Zacks Consensus Estimate of $3.25 billion, representing a surprise of -2.09%. The company delivered an EPS surprise of +4.17%, with the consensus EPS estimate being $2.88. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Ryder (R) reported $3.18 billion in revenue for the quarter ended June 2024, representing a year-over-year ...

What's Next for Ryder? Ahead of this earnings release, the estimate revisions trend for Ryder: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the ...

[Financial Highlights and Outlook](index=1&type=section&id=Financial%20Highlights%20and%20Outlook) Ryder's financial performance and future projections [Second Quarter 2024 Highlights](index=1&type=section&id=Second%20Quarter%202024%20Highlights) Ryder's Q2 2024 results show strong revenue growth and a significant GAAP EPS turnaround, despite comparable EPS decline due to market conditions Q2 2024 Key Financial Results (in billions, except EPS) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $3.2 billion | $2.9 billion | +10% | | Operating Revenue (non-GAAP) | $2.6 billion | $2.3 billion | +10% | | GAAP EPS from continuing operations | $2.83 | $(0.39) | N/A | | Comparable EPS (non-GAAP) | $3.00 | $3.61 | -16.9% | - The decrease in comparable EPS was attributed to weaker market conditions in rental and used vehicle sales, which was partially offset by higher earnings in the company's contractual lease, supply chain, and dedicated business segments[37](index=37&type=chunk) - The significant year-over-year increase in GAAP EPS was primarily due to a non-cash charge in the prior year related to the exit from the FMS U.K. business[37](index=37&type=chunk) [Full-Year 2024 Forecast](index=1&type=section&id=Full-Year%202024%20Forecast) The company forecasts full-year 2024 comparable EPS between $11.90 and $12.40, with operating revenue growth and positive free cash flow Full-Year 2024 Financial Forecast (in millions/billions, except percentages and EPS) | Metric | Forecast | | :--- | :--- | | Comparable EPS (non-GAAP) | $11.90 - $12.40 | | GAAP EPS | $11.15 - $11.65 | | Operating Revenue Growth (non-GAAP) | ~8% | | Adjusted ROE | 16% - 16.5% | | Free Cash Flow (non-GAAP) | $150 million - $250 million | | Net Cash from Operating Activities | ~$2.4 billion | [Third Quarter 2024 Outlook](index=7&type=section&id=Third%20Quarter%202024%20Outlook) For the third quarter of 2024, Ryder projects GAAP EPS from continuing operations to be in the range of $3.12 to $3.32, and comparable EPS (non-GAAP) to be between $3.30 and $3.50 Q3 2024 EPS Forecast | Metric | Forecast Range | | :--- | :--- | | GAAP EPS from continuing operations | $3.12 - $3.32 | | Comparable EPS (non-GAAP) | $3.30 - $3.50 | [Management Commentary](index=2&type=section&id=Management%20Commentary) Executive insights on Ryder's Q2 performance, strategic resilience, and future outlook [CEO Commentary](index=2&type=section&id=CEO%20Commentary) CEO highlights solid Q2 results, resilient business model, strong balance sheet, and recent dividend increase despite freight downturn - The company's performance is seen as resilient, with an **ROE of 16%** being in line with expectations for the latter stage of a freight-cycle downturn[40](index=40&type=chunk) - Year-over-year earnings growth was driven by contractual lease, dedicated, and supply chain businesses, with FMS benefiting from ChoiceLease and maintenance cost-savings, and SCS benefiting from strong automotive performance[48](index=48&type=chunk) - A **14% increase** in the quarterly dividend was announced, signaling confidence in the earnings power of the business model[41](index=41&type=chunk) - Near-term sales headwinds are present due to the extended freight downturn and economic uncertainty, causing customer fleet reductions and delayed decision-making[60](index=60&type=chunk) [CFO Commentary](index=7&type=section&id=CFO%20Commentary) CFO discusses solid results from contractual portfolio, positioning for cycle upturn, and revised free cash flow forecast - The business is positioned to benefit from an expected freight cycle upturn, with capacity to fund growth, pay dividends, and return capital to shareholders[68](index=68&type=chunk) - The full-year forecast range is contingent on market conditions for rental and used vehicle sales in the second half of the year[68](index=68&type=chunk) - The free cash flow forecast has been revised upward due to lower capital spending resulting from softer lease sales activity[68](index=68&type=chunk) [Segment Performance Review](index=3&type=section&id=Segment%20Performance%20Review) Detailed review of Ryder's Fleet Management, Supply Chain, and Dedicated Transportation segments' Q2 2024 performance [Fleet Management Solutions (FMS)](index=3&type=section&id=Fleet%20Management%20Solutions%20(FMS)) FMS saw slight revenue growth but a 26% EBT decline due to weaker rental demand and lower used vehicle sales gains FMS Q2 2024 Financials (in millions) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,478 | $1,459 | +1% | | Operating Revenue | $1,276 | $1,254 | +2% | | Earnings Before Tax (EBT) | $133 | $180 | -26% | - Key performance drivers included: - **Positive:** Higher ChoiceLease revenue and benefits from maintenance cost-savings - **Negative:** Weaker rental demand and lower used vehicle gains[62](index=62&type=chunk) - Used vehicle pricing declined significantly year-over-year, with truck prices down **27%** and tractor prices down **19%**[62](index=62&type=chunk) - Rental power-fleet utilization decreased to **69%** from **75%** in the prior year, on an **11% smaller** average fleet[62](index=62&type=chunk) [Supply Chain Solutions (SCS)](index=4&type=section&id=Supply%20Chain%20Solutions%20(SCS)) SCS achieved strong Q2 2024 growth with 14% revenue and 13% EBT increases, driven by acquisitions and organic growth SCS Q2 2024 Financials (in millions) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,341 | $1,179 | +14% | | Operating Revenue | $989 | $865 | +14% | | Earnings Before Tax (EBT) | $85 | $76 | +13% | - Revenue growth was driven by recent acquisitions and organic growth across all industry verticals[64](index=64&type=chunk) - EBT growth was primarily attributed to stronger performance in the automotive sector[64](index=64&type=chunk) [Dedicated Transportation Solutions (DTS)](index=5&type=section&id=Dedicated%20Transportation%20Solutions%20(DTS)) DTS experienced substantial Q2 2024 revenue growth of 44% due to the Cardinal Logistics acquisition, with EBT up 10% DTS Q2 2024 Financials (in millions) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $635 | $440 | +44% | | Operating Revenue | $485 | $327 | +48% | | Earnings Before Tax (EBT) | $37 | $33 | +10% | - The significant increase in both total and operating revenue was primarily due to the Cardinal Logistics acquisition[66](index=66&type=chunk) - The increase in EBT was a result of improved operating performance, which was partially offset by costs associated with the Cardinal Logistics acquisition integration[66](index=66&type=chunk) [Consolidated Financial Review](index=6&type=section&id=Consolidated%20Financial%20Review) Overview of Ryder's consolidated tax rate, capital expenditures, cash flow, and leverage position [Tax Rate](index=6&type=section&id=Tax%20Rate) Q2 2024 effective income tax rate was 29.1%, a significant decrease from 140.8% in the prior year due to a one-time charge Effective Tax Rate Comparison | Tax Rate Type | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Effective Tax Rate (GAAP) | 29.1% | 140.8% | | Comparable Tax Rate (non-GAAP) | 29.0% | 28.6% | - The high GAAP tax rate in the prior year was due to a one-time, non-deductible currency translation adjustment loss related to the FMS U.K. business exit[53](index=53&type=chunk) [Capital Expenditures, Cash Flow, and Leverage](index=6&type=section&id=Capital%20Expenditures,%20Cash%20Flow,%20and%20Leverage) Year-to-date capital expenditures decreased, free cash flow improved, and the debt-to-equity ratio increased but remains within target - Year-to-date capital expenditures decreased to **$1.3 billion** in 2024 from **$1.8 billion** in 2023, reflecting reduced investments in the ChoiceLease fleet[54](index=54&type=chunk) - Year-to-date free cash flow (non-GAAP) was **$71 million**, an increase from **$16 million** in 2023, due to lower capital expenditures[55](index=55&type=chunk) - The debt-to-equity ratio was **245%** as of June 30, 2024, which is below the company's long-term target range of **250% to 300%**[56](index=56&type=chunk)[12](index=12&type=chunk) [Financial Statements and Key Metrics](index=11&type=section&id=Financial%20Statements%20and%20Key%20Metrics) Presentation of Ryder's consolidated statements of earnings, balance sheets, and key operational performance indicators [Consolidated Statements of Earnings](index=11&type=section&id=Consolidated%20Statements%20of%20Earnings) First half 2024 total revenues increased to $6.28 billion, with net earnings significantly improving to $212 million Six Months Ended June 30 - Financial Summary (in millions, except EPS) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $6,279 | $5,836 | +8% | | Earnings from continuing ops before tax | $292 | $245 | +19% | | Net Earnings | $212 | $121 | +75% | | Diluted EPS (Net) | $4.73 | $2.57 | +83% | [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to $16.41 billion, with total debt rising to $7.54 billion Balance Sheet Summary (in millions) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | $16,408 | $15,778 | | Total Debt | $7,536 | $7,114 | | Shareholders' Equity | $3,081 | $3,069 | [Key Performance Indicators](index=15&type=section&id=Key%20Performance%20Indicators) Q2 2024 saw ChoiceLease fleet growth, commercial rental fleet decrease, lower rental utilization, and continued decline in used vehicle pricing Q2 2024 vs Q2 2023 Key Metrics | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | ChoiceLease Average Fleet Count | 146,000 | 137,800 | +6% | | Commercial Rental Average Fleet Count | 35,500 | 40,200 | -12% | | Rental Utilization - Power Units | 69% | 75% | -600 bps | | UVS Pricing Change - Tractors | -19% | -41% | N/A | | UVS Pricing Change - Trucks | -27% | -34% | N/A | [Appendix: Non-GAAP Financial Measures](index=16&type=section&id=Appendix:%20Non-GAAP%20Financial%20Measures) Explanation and reconciliation of Ryder's non-GAAP financial measures used for performance evaluation [Definitions of Non-GAAP Measures](index=17&type=section&id=Definitions%20of%20Non-GAAP%20Measures) Provides definitions for key non-GAAP measures like Operating Revenue, Comparable Earnings, and Free Cash Flow - **Operating Revenue:** Defined as total revenue excluding fuel and subcontracted transportation, as these are typically pass-through costs with minimal impact on profitability[25](index=25&type=chunk) - **Comparable Earnings (EBT, Earnings, EPS):** Excludes non-operating pension costs and other significant items not representative of business operations to improve year-over-year comparability[30](index=30&type=chunk) - **Free Cash Flow:** Calculated as net cash from operating activities plus proceeds from sales of equipment, less purchases of property and revenue earning equipment. It indicates cash available for debt service and shareholder returns[21](index=21&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=20&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Presents detailed numerical reconciliations of non-GAAP financial measures to their GAAP equivalents for historical and forecast periods Q2 2024 Comparable Earnings Reconciliation (in millions) | Description | Amount | | :--- | :--- | | Earnings from continuing operations (GAAP) | $126 | | Non-operating pension costs, net | $7 | | Acquisition costs | $1 | | **Comparable earnings from continuing operations (non-GAAP)** | **$134** | YTD 2024 Free Cash Flow Reconciliation (in millions) | Description | Amount | | :--- | :--- | | Net cash provided by operating activities | $1,078 | | Proceeds from sales (primarily revenue earning equipment) | $317 | | Purchases of property and revenue earning equipment | $(1,324) | | **Free cash flow (non-GAAP)** | **$71** | Q2 2024 Comparable EBITDA Reconciliation (in millions) | Description | Amount | | :--- | :--- | | Net earnings (loss) | $127 | | Adjustments (Discontinued ops, Taxes, Interest, etc.) | $158 | | Comparable EBT | $188 | | Interest, Depreciation, Amortization, etc. | $516 | | **Comparable EBITDA (non-GAAP)** | **$704** |

Ryder has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 16.71%. Let's see how things have shaped up for Ryder this earnings season. The Zacks Consensus Estimate for Ryder's second-quarter 2024 revenues is pegged at $3.25 billion, indicating 12.69% growth year over year. The top line is likely to have been aided by revenue growth in all business segments. The Zacks Consensus Estima ...