Company Overview - Burcon NutraScience Corporation is a global technology leader in plant-based protein innovation, focusing on high-performance plant-based proteins for the food and beverage industry [5] - The company has a strong patent portfolio covering novel proteins derived from various plant sources, including pea, canola, soy, hemp, and sunflower [5] Recent Developments - Burcon has successfully commenced commercial production of Puratein®C, a high-purity canola protein isolate with over 90% protein content, available for immediate delivery [1][3] - The production milestone is a significant step in Burcon's strategy to scale revenue and expand its portfolio of next-generation plant proteins [1][2] Product Details - Puratein C is extracted from non-GMO, North American-grown canola seeds and features a complete amino acid profile, including all nine essential amino acids [3] - The product has a Protein Digestibility-Corrected Amino Acid Score (PDCAAS) of 1, indicating its high nutritional value [3] - Puratein C is suitable for a wide range of applications, including dairy alternatives, ready-to-drink beverages, meat analogues, sauces, and baked goods [3] Market Opportunity - The global demand for high-quality, sustainable protein is accelerating, positioning Burcon's proprietary canola protein technology as a compelling solution [2] - The successful production of three proteins at commercial scale demonstrates Burcon's technology platform and execution capability, creating multiple new revenue streams [2]

Industry Overview - The Zacks Transportation - Equipment and Leasing industry is facing a challenging macroeconomic environment characterized by persistent inflation, tariff-related tensions, and supply-chain disruptions, along with geopolitical issues [1] - The industry has underperformed compared to the Zacks S&P 500 Composite and the broader Zacks Transportation sector, gaining only 1.8% over the past three months, while the S&P 500 increased by 10.1% and the broader sector rose by 3.3% [2] Company Highlights - Companies like The Greenbrier Companies, Ryder Corporation, and Air Lease Corporation are noted for their solid investor-friendly initiatives, including consistent dividend payouts and share buybacks, indicating strong financial health [3][7] - Dividend growth stocks are typically mature companies that provide downside protection against market volatility, supported by strong fundamentals such as sustainable business models, profitability, rising cash flows, good liquidity, and strong balance sheets [4] Stock Selection Criteria - A dividend payout ratio of less than 60% is considered sustainable, indicating a healthy balance between earnings and dividends [8] - A dividend yield greater than 1% is preferred, with selected stocks showing dividend growth over the past five years and carrying a Zacks Rank of 3 (Hold) or better [9] Company Specifics Greenbrier Companies (GBX) - Headquartered in Lake Oswego, OR, Greenbrier has a market capitalization of $1.50 billion and pays a quarterly dividend of $0.32, yielding 2.72% [10] - The company's payout ratio is 18%, with a five-year dividend growth rate of 3.47% [10] - In 2022, Greenbrier paid $35.8 million in dividends and repurchased no shares; in 2023, it paid $36.1 million in dividends and repurchased $56.9 million; in 2024, dividends were $38.4 million with $1.3 million in share repurchases [12] Ryder Corporation (R) - Based in Coral Gables, FL, Ryder has a market capitalization of $7.64 billion and pays a quarterly dividend of $0.91, yielding 1.94% [13] - The payout ratio is 26%, with a five-year dividend growth rate of 9.47% [13] - Ryder returned $123 million in dividends and $557 million in share repurchases in 2022; in 2023, it paid $128 million in dividends and repurchased $337 million; in 2024, it returned $456 million to shareholders [14] Air Lease Corporation (AL) - Headquartered in Los Angeles, CA, Air Lease has a market capitalization of $6.76 billion and pays a quarterly dividend of $0.22, yielding 1.45% [15][16] - The payout ratio is 17%, with a five-year dividend growth rate of 8.34% [16]

Core Insights - The article emphasizes the importance of identifying investment opportunities where intrinsic value diverges from market price, particularly focusing on undervalued companies [1] - A specialized interest in Real Estate Investment Trusts (REITs) is highlighted, suggesting that the REIT sector offers significant potential for long-term growth [1] - The investment approach is grounded in fundamental analysis, prioritizing financial health, competitive positioning, and management quality [1] Group 1 - The author has a solid foundation in finance, developed through academic studies and hands-on research projects [1] - There is a strong emphasis on thorough research and analysis across various companies to uncover hidden investment gems [1] - The goal is to generate sustainable returns by adhering to a disciplined investment philosophy [1] Group 2 - The article indicates that the REIT sector presents abundant opportunities for investors due to its unique dynamics [1] - The focus on due diligence is crucial, as it involves evaluating key factors that influence a company's performance [1] - The author aims to identify undervalued REITs that are poised for substantial appreciation [1]

Group 1 - Ryder Systems' stock price has increased by over 20% since the initial coverage, outperforming the S&P 500, which returned less than 10% [1] - The analysis emphasizes a value investing approach, focusing on high-quality, mid and small-cap companies [1] - The author utilizes data analytics skills to identify promising investment opportunities from SEC filings and other data sources [1] Group 2 - The article does not contain any stock, option, or derivative positions related to the companies mentioned [2] - The opinions expressed in the article are solely those of the author and do not reflect the views of Seeking Alpha as a whole [3]

Core Viewpoint - Delivra Health Brands Inc. is expanding its Dream Water® brand by launching a new 6-Count Sleep Gummies product in the Gulf Cooperation Council (GCC) market, targeting key Middle Eastern markets through a partnership in Saudi Arabia, with availability expected by September 2025 [1][2]. Group 1: Product Launch and Market Expansion - The new 6-Count Sleep Gummies will be available in airports, major pharmacies, and e-commerce channels in the GCC region, which is identified as a high-growth market for wellness and sleep-support products [1]. - The launch represents a significant step in Delivra's global expansion strategy, enhancing brand presence and consumer convenience while increasing distribution opportunities [2]. Group 2: Company Strategy and Leadership - Gord Davey, President and CEO of Delivra Health, emphasized the strong demand for convenient, natural sleep solutions and the importance of partnering with international distributors who understand local markets [2]. - The product extension aims to provide a cost-effective entry point for both new and existing customers, reflecting the company's commitment to international growth [2]. Group 3: Stock Options Grant - On August 7, 2025, the Company’s Board of Directors approved the granting of 100,000 incentive stock options to certain directors, officers, and employees, exercisable at a price of $0.30 per common share, with a term of three years and immediate vesting [5].

Company Overview - Ryder System, Inc. is one of the world's largest providers of integrated logistics and transportation solutions, serving a diverse range of customers from small businesses to large international enterprises across various industries including automotive, electronics, transportation, grocery, lumber and wood products, food service, and home furnishing [11]. Investment Ratings - Ryder has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [12]. - The company has a Momentum Style Score of A, with shares increasing by 5% over the past four weeks [12]. Earnings Estimates - For fiscal 2025, one analyst has revised Ryder's earnings estimate upwards in the last 60 days, with the Zacks Consensus Estimate increasing by $0.03 to $13.12 per share [12]. - Ryder boasts an average earnings surprise of +2.9%, suggesting a positive trend in earnings performance [12]. Investment Considerations - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Ryder is recommended to be on investors' short lists for potential investment opportunities [13].

Core Insights - Ryder System, Inc. reported strong second-quarter 2025 results with earnings and revenues exceeding expectations and showing year-over-year improvement [1][8] - Earnings per share (EPS) reached $3.32, surpassing the Zacks Consensus Estimate of $3.11 and reflecting a 10.7% year-over-year increase [1][8] - Total revenues amounted to $3.18 billion, slightly exceeding the Zacks Consensus Estimate of $3.17 billion and showing a 0.2% year-over-year growth [2][8] Financial Performance - Operating revenue (adjusted) was $2.6 billion, up 2% year over year, driven by growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [2] - The company achieved a return on equity (ROE) of 17%, demonstrating effective execution and resilience in its business model [3][8] Segment Performance - Fleet Management Solutions reported total revenues of $1.46 billion, a 1% decline year over year, while operating revenues increased by 1% to $1.28 billion due to higher ChoiceLease revenue [4] - Supply Chain Solutions saw total revenues of $1.36 billion, a 2% increase year over year, with operating revenues rising 3% to $1.01 billion due to new business and higher customer volumes [5] - Dedicated Transportation Solutions experienced a decline, with total revenues of $606 million and operating revenues of $470 million, down 5% and 3% year over year, respectively [5] Liquidity and Outlook - Ryder ended the second quarter with cash and cash equivalents of $180 million, up from $151 million in the previous quarter, while total debt decreased slightly to $7.72 billion [6] - For the third quarter of 2025, adjusted EPS is expected to be in the range of $3.45-$3.65, with the full-year adjusted EPS guidance updated to $12.85-$13.30 [7][9] - The company raised its free cash flow outlook for 2025 to up to $1 billion, with net cash from operating activities projected at $2.8 billion [8][9]

Core Insights - Ryder System has achieved its third consecutive quarter of double-digit earnings per share growth, indicating the effectiveness of its transformation strategy amid a prolonged freight market downturn [1][3] - The company reported comparable earnings per share of $3.32, an 11% increase year over year, with revenue reaching $2.6 billion, up 2% from the previous year [2] Financial Performance - The transformation strategy has led to asset-light supply chain and dedicated transportation services now accounting for a majority of Ryder's revenue, moving away from traditional fleet management [3] - Ryder's full-year earnings forecast has been adjusted to $12.85 to $13.30 per share, down from the previous range of $12.85 to $13.60, reflecting strong contractual earnings performance but muted recovery in used vehicle sales [7] Strategic Initiatives - The company has adopted a "balanced growth strategy" that focuses on businesses generating stable cash flows across economic cycles, with over 90% of operating revenue derived from multiyear contracts [4] - Ryder's business model is designed to de-risk operations and enhance return profiles, with a resilient contractual portfolio driving performance [5] Market Outlook - Looking ahead, Ryder anticipates benefiting from long-term trends favoring the outsourcing of transportation and logistics, as well as increased industrial manufacturing in the United States [6] - The company acknowledges near-term headwinds in contractual sales due to macroeconomic uncertainty, which has led some customers to delay decisions [8]

PART I. FINANCIAL INFORMATION This section presents the company's financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) Ryder System, Inc. reported increased revenue and net earnings for Q2 and YTD 2025, with significant growth in operating cash flow Condensed Consolidated Statements of Earnings Highlights | Metric (In millions, except EPS) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $3,189 | $3,182 | $6,319 | $6,279 | | **Earnings from continuing operations** | $132 | $126 | $230 | $212 | | **Net Earnings** | $131 | $127 | $228 | $212 | | **Diluted EPS (Continuing operations)** | $3.15 | $2.83 | $5.42 | $4.72 | | **Diluted EPS (Net earnings)** | $3.13 | $2.84 | $5.39 | $4.73 | Condensed Consolidated Balance Sheets Highlights | Metric (In millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $2,340 | $2,463 | | **Total Assets** | $16,470 | $16,672 | | **Total Current Liabilities** | $2,869 | $3,271 | | **Total Liabilities** | $13,396 | $13,555 | | **Total Shareholders' Equity** | $3,074 | $3,117 | Condensed Consolidated Statements of Cash Flows Highlights | Metric (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,403 | $1,078 | | **Net cash used in investing activities** | $(943) | $(1,305) | | **Net cash (used in) provided by financing activities** | $(444) | $194 | | **Increase (decrease) in Cash and cash equivalents** | $26 | $(40) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details segment performance, revenue disaggregation, debt structure, and share repurchase activities - The company reports financial performance across three business segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS)[26](index=26&type=chunk) Segment Earnings Before Taxes (EBT) | Segment (In millions) | Q2 2025 EBT | Q2 2024 EBT | YTD 2025 EBT | YTD 2024 EBT | | :--- | :--- | :--- | :--- | :--- | | **Fleet Management Solutions (FMS)** | $126 | $133 | $220 | $233 | | **Supply Chain Solutions (SCS)** | $99 | $85 | $186 | $149 | | **Dedicated Transportation Solutions (DTS)** | $37 | $37 | $64 | $55 | FMS Revenue by Product Line | Product Line (In millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **ChoiceLease** | $871 | $856 | $1,738 | $1,698 | | **Commercial rental** | $239 | $244 | $458 | $475 | | **Fuel services revenue** | $179 | $202 | $366 | $406 | Share Repurchases | Program (In millions) | Q2 2025 Shares | Q2 2025 Amount | YTD 2025 Shares | YTD 2025 Amount | | :--- | :--- | :--- | :--- | :--- | | **2023 Anti-Dilutive Program** | 0.1 | $14 | 0.4 | $68 | | **October 2024 Discretionary Program** | 0.6 | $79 | 1.3 | $192 | | **Total** | **0.6** | **$94** | **1.7** | **$261** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=25&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details strong contractual portfolio performance, 11% diluted EPS growth, and a substantial increase in free cash flow - The company's contractual portfolio and strategic initiatives helped mitigate the impact of weak market conditions on used vehicle sales and commercial rental demand during the first half of 2025[82](index=82&type=chunk) Selected Financial Highlights (Q2 2025) | Metric | Q2 2025 | Change vs Q2 2024 | | :--- | :--- | :--- | | **Diluted EPS from continuing operations** | $3.15 | +11% | | **Comparable EPS (non-GAAP)** | $3.32 | +11% | | **Total revenue** | $3.2 billion | 0% | | **Operating revenue (non-GAAP)** | $2.6 billion | +2% | Free Cash Flow (non-GAAP) | Metric (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,403 | $1,078 | | **Total cash generated** | $1,664 | $1,395 | | **Purchases of property and equipment** | $(1,203) | $(1,324) | | **Free cash flow** | $461 | $71 | - The recently enacted One Big Beautiful Bill Act (OBBBA) is expected to reduce the company's U.S. federal cash tax liability by approximately **$200 million** in 2025 and defer federal tax payments for several years[145](index=145&type=chunk) [Consolidated Results of Operations](index=27&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated results show flat total revenue, improved gross margins, and a decline in used vehicle sales due to weaker market conditions Gross Margin by Revenue Type (Q2 2025 vs Q2 2024) | Revenue Type (In millions) | Q2 2025 Gross Margin | Q2 2024 Gross Margin | Change | | :--- | :--- | :--- | :--- | | **Services** | $331 | $321 | +3% | | **Lease & Related Maintenance and Rental** | $325 | $304 | +7% | | **Fuel Services** | $6 | $4 | +50% | - Used vehicle sales, net, decreased to **$2 million** in Q2 2025 from a net gain of **$19 million** in Q2 2024, reflecting weaker market conditions and higher wholesale volumes to manage aged inventory[102](index=102&type=chunk) Average Used Vehicle Pricing Change (2025 vs 2024) | Vehicle Type | Q2 Change | YTD Change | | :--- | :--- | :--- | | **Tractors** | (17)% | (16)% | | **Trucks** | (17)% | (18)% | [Operating Results by Business Segment](index=31&type=section&id=Operating%20Results%20by%20Business%20Segment) Segment performance varied in Q2 2025, with FMS EBT declining, SCS EBT growing, and DTS EBT remaining flat - **FMS:** EBT decreased **6%** in Q2 2025, driven by lower used vehicle sales results, which were partially offset by higher ChoiceLease results from pricing and maintenance cost savings initiatives[122](index=122&type=chunk) - **SCS:** EBT increased **16%** in Q2 2025, reflecting operating revenue growth and improved performance from the optimization of the omnichannel retail network[131](index=131&type=chunk) - **DTS:** EBT was flat in Q2 2025, as acquisition synergies and prior year integration costs were offset by lower operating revenue due to a reduced fleet count reflecting the freight market downturn[133](index=133&type=chunk)[134](index=134&type=chunk) Segment EBT Performance (Q2 2025 vs Q2 2024) | Segment (In millions) | Q2 2025 EBT | Q2 2024 EBT | Change | | :--- | :--- | :--- | :--- | | **Fleet Management Solutions** | $126 | $133 | (6)% | | **Supply Chain Solutions** | $99 | $85 | 16% | | **Dedicated Transportation Solutions** | $37 | $37 | 1% | [Financial Resources and Liquidity](index=36&type=section&id=Financial%20Resources%20and%20Liquidity) Liquidity strengthened in H1 2025 with increased operating cash flow, higher free cash flow, and an expanded credit facility - Net cash provided by operating activities increased to **$1.4 billion** for the first six months of 2025, up from **$1.1 billion** in the prior year, primarily due to lower income tax payments and timing of vendor payments[138](index=138&type=chunk) - In April 2025, the company amended its corporate revolving credit facility, increasing its borrowing capacity to **$1.6 billion** and extending the expiration to April 2030[63](index=63&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - The company's debt-to-equity ratio was **251%** as of June 30, 2025, consistent with **250%** at year-end 2024[153](index=153&type=chunk) - In July 2025, the board of directors declared a quarterly cash dividend of **$0.91 per share**, a **12%** increase from the prior year[154](index=154&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures have occurred since year-end 2024 - There have been no material changes to Ryder's exposures to market risks since December 31, 2024[174](index=174&type=chunk) [Controls and Procedures](index=48&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of Q2 2025, Ryder's disclosure controls and procedures were effective[177](index=177&type=chunk) - There were no changes in Ryder's internal control over financial reporting during Q2 2025 that have materially affected, or are reasonably likely to materially affect, such controls[178](index=178&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, and other relevant information [Legal Proceedings](index=48&type=section&id=ITEM%201.%20Legal%20Proceedings) The company refers to Note 14 for details on material pending legal proceedings - For details on material pending legal proceedings, the company directs readers to Note 14 of the Condensed Consolidated Financial Statements[180](index=180&type=chunk) [Risk Factors](index=48&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2024 Annual Report on Form 10-K - There have been no material changes in the risk factors from those disclosed in the Form 10-K for the year ended December 31, 2024[182](index=182&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 646,953 common shares in Q2 2025 under discretionary and anti-dilutive programs Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **April 2025** | 340,061 | $139.57 | | **May 2025** | 305,513 | $150.80 | | **June 2025** | 1,379 | $151.24 | | **Total Q2** | **646,953** | **$144.90** | [Other Information](index=49&type=section&id=ITEM%205.%20Other%20Information) Officers and directors participate in company stock plans, with transactions potentially under Rule 10b5-1 trading plans - Certain officers and directors participate in company stock plans, and their transactions may be executed under Rule 10b5-1 trading plans or other arrangements[185](index=185&type=chunk) [Exhibits](index=50&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed, including CEO/CFO certifications and XBRL data files - The exhibits filed with this report include certifications from the CEO and CFO pursuant to SEC rules, as well as XBRL data files[187](index=187&type=chunk)

Financial Data and Key Metrics Changes - The company reported operating revenue of $2.6 billion in the second quarter, up 2% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [14] - Comparable earnings per share from continuing operations were $3.32, an 11% increase from $3 in the prior year, reflecting higher contractual earnings and share repurchases [14] - Return on equity (ROE) was 17%, up from the prior year, primarily due to higher contractual earnings [15] - Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures [15] Business Line Data and Key Metrics Changes - **Fleet Management Solutions (FMS)**: Operating revenue increased by 1%, driven by ChoiceLease revenue, which was up 2%. However, pretax earnings in fleet management were $126 million, down year-over-year due to weaker freight market conditions [16] - **Supply Chain Solutions (SCS)**: Operating revenue increased by 3%, driven by new business and higher customer volumes and pricing. Earnings increased by 16% from the prior year, reflecting operating revenue growth and improved performance from initiatives [21] - **Dedicated Transportation Solutions (DTS)**: Operating revenue decreased by 3% due to lower fleet count, but EBT increased by 1% year-over-year, reflecting acquisition synergies [22] Market Data and Key Metrics Changes - The company expects its transformed business model to continue outperforming prior cycles, with 60% of 2025 revenue expected to come from asset-light businesses compared to 44% in 2018 [12] - Used vehicle sales results were negatively impacted by increased wholesale volumes to manage aged inventory, with used tractor and truck pricing both declining 17% year-over-year [18] Company Strategy and Development Direction - The company is focused on executing its balanced growth strategy, which includes organic growth, strategic acquisitions, and innovative technology [12] - The company announced a 12% annualized increase to its quarterly dividend, reflecting higher profitability and improved returns over the cycle [10] - The company aims to leverage the momentum of its transformed business model to support profitable growth and return capital to shareholders [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current freight downturn and highlighted strong sales and pipeline activity in SCS [30] - The company revised its full-year 2025 comparable EPS forecast to a range of $12.85 to $13.30, reflecting higher contractual earnings and benefits from strategic initiatives [30] - Management noted that while sales pipelines remain strong, prolonged freight downturn and economic uncertainty continue to cause some customers to delay decisions [30] Other Important Information - The company expects to generate approximately $3.5 billion of incremental debt capacity over the next three years, resulting in $14 billion available for capital deployment [28] - The company has repurchased approximately 21% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [10] Q&A Session Summary Question: Confidence in deploying dry powder on the balance sheet - Management feels confident about deploying capital for share repurchase programs and acquisitions, indicating a balanced approach to capital allocation [41][42] Question: Used vehicle pricing expectations - Management expects tractor pricing to continue to increase, with a steady upward trend anticipated, especially in the fourth quarter [44][45] Question: Losses on sales in Q2 and expectations for Q3 - Losses were driven by incremental wholesaling activity of aged inventory, with expectations for a return to gains in Q3 as wholesaling activity decreases [48][49] Question: OEM delays and CapEx changes - Management anticipates that OEM delays will reverse in 2026, with increased capital spending expected as the freight market stabilizes [66][67] Question: Maintenance growth outlook - Management is focusing on mobile maintenance initiatives and sees potential for growth in retail maintenance services, despite traditional maintenance offerings being stagnant [100][103]