Ryder(US:R)2023-02-16 15:14Financial Performance Highlights - Ryder's fourth-quarter 2022 operating revenue reached $24 billion, a 14% increase compared to $21 billion in the fourth quarter of 2021[6] - Comparable earnings per share (EPS) for the fourth quarter of 2022 increased by 11% to $389, up from $352 in the fourth quarter of 2021[6] - Ryder's full-year 2022 return on equity (ROE) was 293%, significantly higher than the 209% ROE in 2021, reflecting favorable market conditions in Fleet Management Solutions (FMS) and the benefits of company initiatives[6] - Free cash flow for the full year 2022 was $09 billion, compared to $11 billion in 2021, with increased capital expenditures partially offset by higher used vehicle sales proceeds[6] Segment Results - Supply Chain Solutions (SCS) fourth-quarter operating revenue increased to $883 million, a 44% increase compared to $614 million in the fourth quarter of 2021[171] - Dedicated Transportation Solutions (DTS) fourth-quarter operating revenue increased by 10% to $320 million, up from $291 million in the fourth quarter of 2021[25, 177] - Fleet Management Solutions (FMS) fourth-quarter operating revenue increased by 2% to $1321 billion, up from $13 billion in the fourth quarter of 2021[7, 147] Capital Expenditure and Cash Flow - Capital expenditures forecast for FY23 reflect higher lease replacement and growth, with lease projected at $24 billion, rental at $04 billion, and operating property & equipment at $02 billion[29] - The company forecasts approximately $200 million in free cash flow for 2023, which is significantly lower than the $9 billion generated in 2022, primarily due to increased fleet replacement capital expenditure[65, 32] Used Vehicle Sales - Used vehicle inventory remains below the long-term target range of 7,000 to 9,000 units[16] - Sequential decline in used vehicle pricing better than anticipated[14]