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Ryder System Q3 earnings: First look

Used vehicles sales falling; net income down but ahead of forecasts

John Kingston
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A first look at Ryder's third quarter earnings. (Photo: Jim Allen/FreightWaves)

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.

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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.