Ryder(US:R)2022-03-22 18:51Business Overview - Ryder has a total revenue of $9.7 billion[16] - Ryder manages 259,800 vehicles[16] and 75 million square feet of warehouse space[16] - Ryder has approximately 42,800 employees[16] and ~800 maintenance locations[17] - Ryder's revenue is diversified across industries, with Food and Beverage and Transportation and Logistics each accounting for 21%[19], Fleet Management Solutions (FMS) contributing 14%[19], Supply Chain Solutions (SCS) accounting for 28%[19], and Dedicated Transportation Solutions (DTS) contributing 58%[19] Financial Performance and Targets - Ryder's 2021 Return on Equity (ROE) was 21%[36], and the forecast for 2022 is 20-22%[36] - Ryder's 2021 free cash flow was $1.1 billion[36], with a forecasted free cash flow of $200 - $300 million for 2022[36] - Ryder targets a high teens ROE over the cycle[40, 44] and a leverage ratio (Debt-to-Equity) of 250% - 300%[40] Strategic Initiatives - Ryder aims to achieve incremental savings of $40 million in FY21 from maintenance cost savings initiatives and expects to exceed the initial $100 million target[42] - Ryder intends to exit the lower return FMS business in the UK[42] - Ryder offers e-fulfillment network provides distribution capability to 100% of U S consumers within 2 days[32]