Latest news with #CristinaGallo-Aquino
Yahoo
23-04-2025
- Automotive
- Yahoo
Ryder's mildly positive earnings report gets strong support on Wall Street
Investors greeted Ryder's earnings report with a significant move upward in its price, though few numbers released by the company were particularly bullish. At approximately 10 a.m. Wednesday, Ryder stock (NYSE: R) was up just under 6% to $146.20. At that time, the S&P 500 for the day was up about 3%. Ryder's stock price before Wednesday's increase was down more than 16% in the past three months. However, it is positive for the year, up about 13%. The improvements at Ryder year on year were modest. But they came over a 12-month period in trucking and logistics generally described as one of the most challenging on record. The bottom line at Ryder is that non-GAAP earnings rose to $106 million from $96 million a year ago. That resulted in an increase in earnings per share to $2.46 for the quarter from $2.14 a year ago. The surge in the stock price also comes after the earnings report saw Ryder cut its outlook for 2025, just three months after it released its first projections for the year. The company's outlook 'assumes a more muted economic environment primarily impacting demand for our transactional rental business,' Ryder CFO Cristina Gallo-Aquino said in the earnings release. But the company expects to generate more free cash flow because it will slow capital spending, she added. Total revenue and operating revenue growth is now seen rising approximately 1%. The company expects non-GAAP earnings per share of $12.85-$13.60. The comparable figures released in February were revenue growth of about 2% and non-GAAP EPS of $13-$14 per share. The second-quarter estimate is now $3-$3.25. That actually is higher than the earlier estimate of $2.30 to $2.55. Ryder executives were to hold an earnings call with analysts at 11 a.m. EDT. In other highlights from the quarterly report: Used vehicle sales: One of the more significant indicators of market strength in the Ryder report is its data on used vehicle sales. The drops in average sales price of used vehicles, which is part of the Fleet Management Solutions (FMS) results, were 16% for tractors and 17% for trucks compared to a year ago. But there also was a price decline sequentially from the fourth quarter of 8% for trucks and 7% for tractors. Used vehicles in inventory rose sequentially, as did the number of vehicles sold. Ryder had 9,500 vehicles in inventory at the end of the quarter, up from 9,000 in the fourth quarter and 8,900 a year ago. Sales climbed sequentially from the fourth quarter to 5,100 from 4,700 but were 6,500 a year ago. Revenue and earnings: Revenue at Ryder was up just 1% overall. The core Ryder business, FMS, posted a 1% decline in revenue. Its logistics management arm, Supply Chain Solutions (SCS), had a 2% increase in revenue. The Dedicated Transportation Solutions (DTS) segment, bigger than a year ago because of the acquisition of Cardinal Logistics, had a 7% increase in revenue. Earnings before taxes at FMS were down 6% from a year earlier, to $94 million from $100 million. The drop in total revenue reflected lower fuel costs passed on to customers, but operating revenue was up 1%. Ryder said in its prepared statement that the outcome in operating performance was a mixture of positive developments – better outcomes in its ChoiceLease plan, 'driven by pricing and maintenance cost initiatives' – and negative, such as 'weaker rental demand and lower used vehicle gains.' A year ago, FMS revenue as a percent of total revenue was just under 50%. This quarter, it was just over 50%. Operating revenue at SCS was $1 billion, up 3% from a year ago. Earnings before taxes were up a strong 35%, to $86 million. But the jump wasn't all due to higher revenue; earnings before taxes as a percent of operating revenue (which excludes fuel and purchased transportation) rose to 8.7% from 6.6%. Margins were better also at DTS. Earnings before taxes as a percent of operating revenue rose to 5.9% from 4.2%. But the growth wasn't all because of Cardinal; Ryder said that 'results continue to benefit from strong performance of legacy business.' More articles by John Kingston A market on the precipice: 5 takeaways from the April State of Freight Another federal circuit weighs broker liability, boosting odds of Supreme Court review Freight fraud everywhere, but Truckstop CEO asks: Is anybody going to jail? The post Ryder's mildly positive earnings report gets strong support on Wall Street appeared first on FreightWaves. Sign in to access your portfolio
Business Wire
23-04-2025
- Business
- Business Wire
Ryder Completes $1.6 Billion Corporate Revolving Credit Facility
MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) announces that it has established a new, upsized $1.6 billion five-year corporate revolving credit facility, which includes 11 global institutions and will expire on April 22, 2030. This replaces Ryder's current corporate credit facility and provides $200 million of additional credit capacity. 'Execution of this new, upsized credit facility further solidifies Ryder's strong liquidity position for the next five years,' says Ryder Chief Financial Officer Cristina Gallo-Aquino. The credit facility will be used for working capital and other general corporate purposes of Ryder and its subsidiaries. 'We are very pleased with the confidence and long-term financial support shown by our global banking partners,' says Ryder Senior Vice President of Finance and Treasurer Dan Susik. BofA Securities, Inc. and MUFG Bank, Ltd. acted as joint bookrunners and joint lead arrangers. BNP Paribas Securities Corp., Mizuho Bank, Ltd., PNC Capital Markets LLC, RBC Capital Markets, Truist Securities, Inc., U.S. Bank National Association, and Wells Fargo Securities, LLC acted as joint lead arrangers. Regions Bank and Comerica Bank also participated as lenders in the transaction. About Ryder System, Inc. Ryder System, Inc. (NYSE: R) is a fully integrated port-to-door logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, contract packaging and manufacturing, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, cross-border solutions, full-service fleet leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world's most-recognized brands. Ryder provides services to businesses across more than 20 industries throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 250,000 commercial vehicles, services fleets at approximately 760 maintenance locations, and operates nearly 300 warehouses encompassing more than 100 million square feet. Ryder is regularly recognized for its industry-leading practices; technology-driven innovations; environmental management; safety, health and security programs; and recruitment and hiring initiatives. Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are 'forward-looking statements' within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. ryder-financial
