Some key data from the third quarter earnings at Ryder System (NYSE: R):
- Used vehicle sales prices continued to fall. They are down year-on-year both for the recently concluded quarter and for the nine months through September.
- The volume of sales is falling also, and the size of the used vehicle fleet count at the end of the quarter is up almost 17% from a year ago.
- Even though various measures of earnings per share were all down from the third quarter of 2023, the non-GAAP EPS of $3.44 beat consensus forecasts by 2 cts, according to SeekingAlpha. However, early pre-market trading was down about 1%.
- Revenue at the Ryder’s Dedicated Services and Supply Chain Solutions segments posted double digit increases compared to a year ago. The two segments both have made significant acquisitions in the last year. Dedicated has grown through the acquisition of Cardinal Logistics; Supply Chain Solutions is bigger because of Ryder’s purchase last year of Impact Fulfillment Services.
- The company’s earnings call with analysts is 11 a.m. Thursday.
