Ryder Beats Q2 Estimates, Raises Full-Year EPS Guidance on Improving Markets
R sits 75% above its 52-week low of $157.67.
Summary
Ryder posted Q2 adjusted EPS of $3.73, beating the $3.69 consensus, on revenue of $3.35B (up 5% YoY, above $3.29B estimate). The beat was driven by improving used vehicle and freight markets, with fleet management and supply chain revenue up 6% and 8% respectively. Management raised the lower end of full-year EPS guidance to $14.40–$14.80 (from $14.05–$14.80) and set Q3 guidance at $4.00–$4.20, bracketing the $4.18 consensus. This follows the 8-K filed earlier today and the May buyback announcement; the stock is near its 52-week high, and the guidance raise signals confidence in the cyclical recovery. The used vehicle market improvement is a key swing factor for Ryder's profitability, and the freight market uptick supports the core leasing business.
At the time of this announcement, R was trading at $276.37 on NYSE in the Trade & Services sector, with a market capitalization of approximately $10.7B. The 52-week trading range was $157.67 to $284.25. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.