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- Ryder System Inc R reported first-quarter FY23 sales growth of 3% year-on-year to $2.95 billion, missing the consensus of $2.99 billion.
- Revenue from Fleet management solutions decreased 2% to $1.5 billion, Supply Chain Solutions rose 10%, and Dedicated Transportation Solutions climbed 7%.
- Earnings from continuing operations before taxes for the quarter were $201 million versus $252 million last year.
- Adjusted EPS of $2.81 missed the analyst consensus of $2.96.
- Ryder System held $253 million in cash and equivalents as of March 31, 2023. Net cash provided by operating activities for the quarter totaled $478 million.
- "We continue to expect strong but reduced earnings in 2023 as weak freight conditions throughout the year impact used vehicle sales and rental," says Ryder Chief Financial Officer John Diez.
- Outlook: Ryder raised the low end of adjusted EPS forecast to $11.30 - $12.05 from the prior forecast of $11.05 - $12.05 versus the consensus of $11.84.
- Adjusted ROE (ROE) forecast remains at 16% - 18%. The company's operating revenue growth forecast remains at approximately 4%.
- For Q2, the company expects adjusted EPS of $2.80 - $3.05 against the consensus of $3.02.
- Price Action: R shares are trading lower by 5% at $79.00 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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