MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) reported results for the three months ended September 30 as follows:
(In millions, except EPS) | Earnings Before Taxes | Earnings | Diluted Earnings Per Share | ||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||
Continuing operations (GAAP) | $ | 188 | 213 | $ | 143 | 160 | $ | 3.25 | 3.44 | ||||||
Comparable (non-GAAP) | $ | 199 | 227 | $ | 151 | 165 | $ | 3.44 | 3.58 | ||||||
Total and operating revenue for the three months ended September 30 were as follows:
(In millions) | Total Revenue | Operating Revenue (non-GAAP) | ||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||
Total | $ | 3,168 | 2,924 | 8% | $ | 2,593 | 2,379 | 9% | ||||||
Fleet Management Solutions (FMS) | $ | 1,470 | 1,487 | (1)% | $ | 1,281 | 1,266 | 1% | ||||||
Supply Chain Solutions (SCS) | $ | 1,317 | 1,194 | 10% | $ | 996 | 909 | 10% | ||||||
Dedicated Transportation Solutions (DTS) | $ | 633 | 448 | 41% | $ | 486 | 325 | 49% | ||||||
CEO Comment
"Ryder's solid third-quarter performance reflects continued execution of our balanced growth strategy," says Ryder Chairman and CEO Robert Sanchez. "Earnings growth in our contractual lease, dedicated, and supply chain businesses remains the key driver of outperformance relative to prior cycles. ROE of 16% continues to demonstrate the increased resilience of our transformed business model and is consistent with our expectations for the latter stage of a freight-cycle downturn. Although we did not see a recovery of market conditions in used vehicle sales and rental during the quarter, we delivered comparable EPS in line with our forecast.
"We saw double-digit earnings growth in our contractual businesses. Higher ChoiceLease results from our pricing and maintenance initiatives benefited FMS. Stronger operating performance and cost-management actions benefited SCS. DTS delivered strong earnings growth, demonstrating the resiliency of our legacy business. Each of the segments also benefited from recent acquisitions.
"The earnings power of our contractual businesses is also increasing our capital deployment capacity, enabling us to invest in profitable growth and strategic initiatives while also returning capital to shareholders. Our board authorized a new discretionary two-million-share repurchase program that replaces a recently completed program. In addition, our strong balance sheet has allowed us to fund organic growth, complete strategic acquisitions, and increase our dividend.
"The long-term secular growth trends remain intact for all of our contractual businesses, although we are experiencing near-term sales headwinds that reflect the extended freight downturn and overall economic uncertainty. We remain well positioned to benefit from the expected cycle upturn and to grow with our customers as conditions improve."
Third Quarter 2024 Segment Review
Fleet Management Solutions: Earnings Reflect Weaker Market Conditions in Rental and Used Vehicle Sales, Partially Offset by Higher ChoiceLease Performance
(In millions) | 3Q24 | 3Q23 | Change | ||||||
Total Revenue | $ | 1,470 | 1,487 | (1)% | |||||
Operating Revenue (1) | $ | 1,281 | 1,266 | 1% | |||||
Earnings Before Tax (EBT) | $ | 132 | 169 | (22)% | |||||
EBT as a % of total revenue | 9.0% | 11.4% | (240) bps | ||||||
EBT as a % of operating revenue (1) | 10.3% | 13.4% | (310) bps | ||||||
(1) Non-GAAP financial measure excluding fuel services revenue. | |||||||||
- FMS total revenue decreased 1% and operating revenue increased 1%
- Total revenue reflects lower fuel services revenue passed through to customers, partially offset by higher operating revenue
- Operating revenue reflects higher ChoiceLease revenue, partially offset by lower rental demand
- FMS EBT of $132 million, down 22%
- Weaker rental demand and lower used vehicle gains due to lower volumes and pricing
- Higher ChoiceLease performance and benefits from maintenance cost-savings initiatives
- Used truck and tractor pricing declined 19% and 22%, respectively, from prior year
- Sequentially, used truck pricing was up 4%; tractor pricing was down 12%, partially due to sale of newer units in the second quarter
- Rental power-fleet utilization was 71%, compared to 75% in prior year, on a 7% smaller average power fleet
Supply Chain Solutions: Solid Earnings Reflect Better Operating Performance
(In millions) | 3Q24 | 3Q23 | Change | ||||||
Total Revenue | $ | 1,317 | 1,194 | 10% | |||||
Operating Revenue (1) | $ | 996 | 909 | 10% | |||||
Earnings Before Tax (EBT) | $ | 93 | 81 | 14% | |||||
EBT as a % of total revenue | 7.0% | 6.8% | 20 bps | ||||||
EBT as a % of operating revenue (1) | 9.3% | 9.0% | 30 bps | ||||||
(1) Non-GAAP financial measure excluding fuel and subcontracted transportation. | |||||||||
- SCS total revenue and operating revenue both increased 10%
- Growth primarily driven by recent acquisitions
- SCS EBT grew to $93 million, up 14%
- EBT growth primarily driven by stronger omnichannel retail performance and lower overhead spending
Dedicated Transportation Solutions: Strong Operating Performance and Acquisition Benefits
(In millions) | 3Q24 | 3Q23 | Change | ||||||
Total Revenue | $ | 633 | 448 | 41% | |||||
Operating Revenue (1) | $ | 486 | 325 | 49% | |||||
Earnings Before Tax (EBT) | $ | 36 | 28 | 31% | |||||
EBT as a % of total revenue | 5.8% | 6.2% | (40) bps | ||||||
EBT as a % of operating revenue (1) | 7.5% | 8.5% | (100) bps | ||||||
(1) Non-GAAP financial measure excluding fuel and subcontracted transportation. | |||||||||
- DTS total revenue increased 41% and operating revenue grew 49%
- Increases due to acquisition
- DTS EBT of $36 million, up 31%
- Increase due to improved operating performance and acquisition benefits
Corporate Financial Information
Tax Rate
Our effective income tax rate from continuing operations was 24.0%, as compared to 25.2% in the prior year. Our comparable effective income tax rate (a non-GAAP measure) from continuing operations was 23.9%, compared to 27.0% in the prior year, due to discrete tax benefits.
Capital Expenditures, Cash Flow, and Leverage
Year-to-date capital expenditures decreased to $2.0 billion in 2024 compared to $2.6 billion in 2023, primarily reflecting reduced investments in the ChoiceLease fleet due to lower sales activity.
Year-to-date net cash provided by operating activities from continuing operations was $1.7 billion compared to $1.8 billion in 2023, primarily reflecting higher working capital needs. Free cash flow (non-GAAP) of $218 million compared to $32 million in 2023, reflects reduced capital expenditures partially offset by lower proceeds from sales of used vehicles and property.
Debt-to-equity as of September 30, 2024 was 249%, compared to 232% at year-end 2023, and was slightly below the company's long-term target of 250% to 300%.
Outlook
"Our transformed business model has delivered solid results through this extended freight recession," says Ryder Chief Financial Officer John Diez. "Year-over-year earnings comparisons continue to improve, and we now expect earnings growth in the fourth quarter driven by our high-performing contractual portfolio. Our current forecast does not contemplate a recovery in freight conditions this year. We remain confident that ongoing execution of our balanced growth strategy will further enhance returns and that all segments, particularly FMS, are well positioned to benefit from the expected cycle upturn."
Full Year 2024 | |
Total Revenue Growth | ~7% |
Operating Revenue Growth (non-GAAP) | ~8% |
FY24 GAAP EPS | $11.10 - $11.30 |
FY24 Comparable EPS (non-GAAP) | $11.90 - $12.10 |
Adjusted ROE (1) | 16% - 16.5% |
Net Cash from Operating Activities from Continuing Operations | ~$2.4B |
Free Cash Flow (non-GAAP) | $150 - $250M |
Capital Expenditures | ~$2.9B |
Debt-to-Equity | ~250% |
Fourth Quarter 2024 | |
4Q24 GAAP EPS | $3.13 - $3.33 |
4Q24 Comparable EPS (non-GAAP) | $3.32 - $3.52 |
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(1) The non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the Appendix - Non-GAAP Financial Measures Reconciliations at the end of this release. | |
Supplemental Company Information
Business Description
Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. The company's financial performance is reported in the following three, inter-related business segments:
- Supply Chain Solutions - Ryder's SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder's leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day.
- Dedicated Transportation Solutions - Ryder's DTS business segment combines the best of Ryder's leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain.
- Fleet Management Solutions - Ryder's FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder's expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best - so they can grow.
For more information on Ryder System, Inc., visit investors.ryder.com and ryder.com.
Note: Regarding Forward-Looking Statements
Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including: our forecast; our outlook; our expectations regarding market trends and economic environment, such as rental demand, economic growth, the freight environment, used vehicle sales and rental demand, and performance in our omnichannel retail vertical; our expectations regarding the freight cycle, including timing and the impact of the freight cycle on our businesses; our expectations regarding total and operating revenue, earnings per share, comparable earnings per share, adjusted ROE, earnings before income tax, net cash from operating activities from continuing operations, debt-to-equity, capital expenditures, operating cash flow and free cash flow, and the causes of change; our ability to execute our balanced growth strategy; the impact of inflationary pressures; our expectations regarding commercial rental demand and utilization and used vehicle sales volume and pricing; our expectations regarding long-term profitable growth and secular growth trends; our expectations with respect to our actions to increase returns and create long-term value; our expectations regarding used vehicle inventory and fleet size; our ability to outperform prior cycles; our ability to support organic growth, including growing our contractual lease, dedicated, and supply chain businesses at targeted returns; our expectations regarding strategic investments and acquisitions; performance of our contractual portfolio; and our expectations regarding our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; driver shortages; customer requirements and preferences; and changes in underlying assumption factors.
All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes in general economic and financial conditions in the U.S. and worldwide; the ongoing supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in commercial rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing, and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes, and severe weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; our ability to effectively and efficiently integrate acquisitions into our business; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance, and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and 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.
Note: Regarding Non-GAAP Financial Measures
This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations of the most comparable GAAP measure to the non-GAAP financial measure and the reasons why management believes the measure is important to investors. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q, and Form 8-K filed with the SEC as of the date of this release, which are available at investors.ryder.com.
CONFERENCE CALL AND WEBCAST INFORMATION
Ryder's earnings conference call and webcast is scheduled for October 24, 2024 at 11:00 a.m. ET. To join, click here.
LIVE AUDIO VIA PHONE
Toll Free Number: | 888-394-8218 |
USA Toll Number: | 323-994-2093 |
Audio Passcode: | Ryder |
Conference Leader: | Calene Candela |
WEBCAST REPLAY
An audio replay including the slide presentation will be available within four hours following the call. Click here then select Financials/Quarterly Results and the date.
ryder-financial
| RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Services revenue | $ | 2,097 | 1,799 | $ | 6,248 | 5,399 | ||||||||
Lease & related maintenance and rental revenues | 960 | 986 | 2,844 | 2,941 | ||||||||||
Fuel services revenue | 111 | 139 | 355 | 420 | ||||||||||
Total revenues | 3,168 | 2,924 | 9,447 | 8,760 | ||||||||||
Cost of services | 1,774 | 1,524 | 5,311 | 4,638 | ||||||||||
Cost of lease & related maintenance and rental | 646 | 666 | 1,960 | 2,001 | ||||||||||
Cost of fuel services | 108 | 137 | 344 | 412 | ||||||||||
Selling, general and administrative expenses | 368 | 347 | 1,113 | 1,053 | ||||||||||
Non-operating pension costs, net | 10 | 10 | 31 | 30 | ||||||||||
Used vehicle sales, net | (15 | ) | (47 | ) | (54 | ) | (174 | ) | ||||||
Interest expense | 98 | 75 | 286 | 212 | ||||||||||
Miscellaneous income, net | (10 | ) | (5 | ) | (29 | ) | (36 | ) | ||||||
Currency translation adjustment loss | - | - | - | 188 | ||||||||||
Restructuring and other items, net | 1 | 4 | 5 | (22 | ) | |||||||||
2,980 | 2,711 | 8,967 | 8,302 | |||||||||||
Earnings from continuing operations before income taxes | 188 | 213 | 480 | 458 | ||||||||||
Provision for income taxes | 45 | 53 | 126 | 176 | ||||||||||
Earnings from continuing operations | 143 | 160 | 354 | 282 | ||||||||||
Earnings from discontinued operations, net of tax | (1 | ) | 1 | - | - | |||||||||
Net earnings | $ | 142 | 161 | $ | 354 | 282 | ||||||||
Earnings (loss) per common share - Diluted | ||||||||||||||
Continuing operations | $ | 3.25 | 3.44 | $ | 7.96 | 6.01 | ||||||||
Discontinued operations | (0.01 | ) | 0.03 | - | 0.01 | |||||||||
Net earnings (loss) | $ | 3.24 | 3.47 | $ | 7.95 | 6.02 | ||||||||
Weighted average common shares outstanding - Diluted | 43.9 | 46.3 | 44.5 | 46.9 | ||||||||||
Diluted EPS from continuing operations | $ | 3.25 | 3.44 | $ | 7.96 | 6.01 | ||||||||
Non-operating pension costs, net | 0.17 | 0.17 | 0.50 | 0.51 | ||||||||||
Acquisition costs | 0.01 | - | 0.12 | - | ||||||||||
FMS U.K. exit | - | (0.03 | ) | - | (0.41 | ) | ||||||||
Currency translation adjustment loss | - | - | - | 3.91 | ||||||||||
Other, net | 0.01 | - | (0.02 | ) | (0.02 | ) | ||||||||
Comparable EPS from continuing operations (1) | $ | 3.44 | 3.58 | $ | 8.56 | 10.00 | ||||||||
------------ | ||||||||||||||
(1) Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table. | ||||||||||||||
Note: Amounts may not be additive due to rounding. | ||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED | |||||
(In millions) | September 30,
| December 31,
| |||
Assets: | |||||
Cash and cash equivalents | $ | 162 | 204 | ||
Other current assets | 2,219 | 2,061 | |||
Revenue earning equipment, net | 9,091 | 8,892 | |||
Operating property and equipment, net | 1,197 | 1,217 | |||
Other assets | 3,828 | 3,404 | |||
$ | 16,497 | 15,778 | |||
Liabilities and shareholders' equity: | |||||
Current liabilities | $ | 2,236 | 2,066 | ||
Total debt (including current portion) | 7,603 | 7,114 | |||
Other non-current liabilities (including deferred income taxes) | 3,602 | 3,529 | |||
Shareholders' equity | 3,056 | 3,069 | |||
$ | 16,497 | 15,778 | |||
SELECTED KEY RATIOS AND METRICS | ||||||||||||||
September 30,
| December 31,
| |||||||||||||
Debt to equity | 249% | 232% | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Comparable EBITDA (1) | $ | 716 | 680 | $ | 2,056 | 1,982 | ||||||||
Effective interest rate | 5.3 | % | 4.6 | % | 5.2 | % | 4.4 | % | ||||||
Nine months ended September 30, | ||||||||||||||
(In millions) | 2024 | 2023 | ||||||||||||
Net cash provided by operating activities from continuing operations | $ | 1,707 | 1,842 | |||||||||||
Free cash flow (1) | 218 | 32 | ||||||||||||
Capital expenditures paid | 1,922 | 2,457 | ||||||||||||
Gross capital expenditures | 1,986 | 2,582 | ||||||||||||
Twelve months ended September 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
Adjusted ROE (2) | 16% | 21% | ||||||||||||
------------ | ||||||||||||||
(1) Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix - Non-GAAP Financial Measures section at the end of this release. | ||||||||||||||
(2) The non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the Appendix - Non-GAAP Financial Measures section at the end of this release. | ||||||||||||||
Note: Amounts may not be additive due to rounding. | ||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||||||||||||||||
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||
Total Revenue: | ||||||||||||||||||
Fleet Management Solutions: | ||||||||||||||||||
ChoiceLease | $ | 857 | 799 | 7% | $ | 2,556 | 2,356 | 8% | ||||||||||
Commercial rental | 251 | 293 | (15)% | 726 | 898 | (19)% | ||||||||||||
SelectCare and other | 173 | 174 | -% | 526 | 528 | -% | ||||||||||||
Fuel services revenue | 189 | 221 | (15)% | 595 | 667 | (11)% | ||||||||||||
Fleet Management Solutions | 1,470 | 1,487 | (1)% | 4,403 | 4,449 | (1)% | ||||||||||||
Supply Chain Solutions | 1,317 | 1,194 | 10% | 3,960 | 3,574 | 11% | ||||||||||||
Dedicated Transportation Solutions | 633 | 448 | 41% | 1,831 | 1,342 | 36% | ||||||||||||
Eliminations | (252 | ) | (205 | ) | 23% | (747 | ) | (605 | ) | 23% | ||||||||
Total revenue | $ | 3,168 | 2,924 | 8% | $ | 9,447 | 8,760 | 8% | ||||||||||
Operating Revenue: (1) | ||||||||||||||||||
Fleet Management Solutions | $ | 1,281 | 1,266 | 1% | $ | 3,808 | 3,782 | 1% | ||||||||||
Supply Chain Solutions | 996 | 909 | 10% | 2,958 | 2,653 | 11% | ||||||||||||
Dedicated Transportation Solutions | 486 | 325 | 49% | 1,397 | 974 | 43% | ||||||||||||
Eliminations | (170 | ) | (121 | ) | 40% | (514 | ) | (358 | ) | 44% | ||||||||
Operating revenue | $ | 2,593 | 2,379 | 9% | $ | 7,649 | 7,051 | 8% | ||||||||||
Business Segment Earnings: | ||||||||||||||||||
Earnings from continuing operations before income taxes: | ||||||||||||||||||
Fleet Management Solutions | $ | 132 | 169 | (22)% | $ | 365 | 531 | (31)% | ||||||||||
Supply Chain Solutions | 93 | 81 | 14% | 242 | 174 | 39% | ||||||||||||
Dedicated Transportation Solutions | 36 | 28 | 31% | 91 | 90 | 1% | ||||||||||||
Eliminations | (34 | ) | (23 | ) | 46% | (97 | ) | (73 | ) | 34% | ||||||||
227 | 255 | (11)% | 601 | 722 | (17)% | |||||||||||||
Unallocated Central Support Services | (17 | ) | (20 | ) | (13)% | (52 | ) | (54 | ) | (2)% | ||||||||
Intangible amortization expense | (11 | ) | (8 | ) | 33% | (33 | ) | (25 | ) | 28% | ||||||||
Non-operating pension costs, net | (10 | ) | (10 | ) | 1% | (31 | ) | (30 | ) | 1% | ||||||||
Other items impacting comparability, net | (1 | ) | (4 | ) | NM | (5 | ) | (155 | ) | NM | ||||||||
Earnings from continuing operations before income taxes | 188 | 213 | (12)% | 480 | 458 | 5% | ||||||||||||
Provision for income taxes | 45 | 53 | (15)% | 126 | 176 | (28)% | ||||||||||||
Earnings from continuing operations | $ | 143 | 160 | (10)% | $ | 354 | 282 | 26% | ||||||||||
------------ | ||||||||||||||||||
(1) Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix - Non-GAAP Financial Measures section at the end of this release. | ||||||||||||||||||
Note: Amounts may not be additive due to rounding. | ||||||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||||||||||||||||
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(In millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||
Fleet Management Solutions | ||||||||||||||||||
FMS total revenue | $ | 1,470 | 1,487 | (1)% | $ | 4,403 | 4,449 | (1)% | ||||||||||
Fuel services revenue (1) | (189 | ) | (221 | ) | (15)% | (595 | ) | (667 | ) | (11)% | ||||||||
FMS operating revenue (2) | $ | 1,281 | 1,266 | 1% | $ | 3,808 | 3,782 | 1% | ||||||||||
Segment earnings before income taxes | $ | 132 | 169 | (22)% | $ | 365 | 531 | (31)% | ||||||||||
FMS earnings before income taxes as % of FMS total revenue | 9.0% | 11.4% | 8.3% | 11.9% | ||||||||||||||
FMS earnings before income taxes as % of FMS operating revenue (2) | 10.3% | 13.4% | 9.6% | 14.0% | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||
Supply Chain Solutions | ||||||||||||||||||
SCS total revenue | $ | 1,317 | 1,194 | 10% | $ | 3,960 | 3,574 | 11% | ||||||||||
Subcontracted transportation and fuel | (321 | ) | (285 | ) | 13% | (1,002 | ) | (921 | ) | 9% | ||||||||
SCS operating revenue (2) | $ | 996 | 909 | 10% | $ | 2,958 | 2,653 | 11% | ||||||||||
Segment earnings before income taxes | $ | 93 | 81 | 14% | $ | 242 | 174 | 39% | ||||||||||
SCS earnings before income taxes as % of SCS total revenue | 7.0% | 6.8% | 6.1% | 4.9% | ||||||||||||||
SCS earnings before income taxes as % of SCS operating revenue (2) | 9.3% | 9.0% | 8.2% | 6.6% | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||
Dedicated Transportation Solutions | ||||||||||||||||||
DTS total revenue | $ | 633 | 448 | 41% | $ | 1,831 | 1,342 | 36% | ||||||||||
Subcontracted transportation and fuel | (147 | ) | (123 | ) | 20% | (434 | ) | (368 | ) | 18% | ||||||||
DTS operating revenue (2) | $ | 486 | 325 | 49% | $ | 1,397 | 974 | 43% | ||||||||||
Segment earnings before income taxes | $ | 36 | 28 | 31% | $ | 91 | 90 | 1% | ||||||||||
DTS earnings before income taxes as % of DTS total revenue | 5.8% | 6.2% | 5.0% | 6.7% | ||||||||||||||
DTS earnings before income taxes as % of DTS operating revenue (2) | 7.5% | 8.5% | 6.5% | 9.3% | ||||||||||||||
------------ | ||||||||||||||||||
(1) Includes intercompany fuel sales from FMS to SCS and DTS. | ||||||||||||||||||
(2) Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table. | ||||||||||||||||||
Note: Amounts may not be additive due to rounding. | ||||||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||||||||||||||
BUSINESS SEGMENT INFORMATION - UNAUDITED | ||||||||||||||||
KEY PERFORMANCE INDICATORS | ||||||||||||||||
Our North America fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | 2024/2023 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | Three Months | Nine Months | |||||||||||
ChoiceLease | ||||||||||||||||
Average fleet count | 145,300 | 139,200 | 144,800 | 137,400 | 4% | 5% | ||||||||||
End of period fleet count | 145,800 | 139,300 | 145,800 | 139,300 | 5% | 5% | ||||||||||
Average active fleet count (1) | 136,200 | 130,500 | 136,100 | 129,600 | 4% | 5% | ||||||||||
End of period active fleet count (1) | 135,300 | 130,500 | 135,300 | 130,500 | 4% | 4% | ||||||||||
Commercial rental | ||||||||||||||||
Average fleet count | 35,000 | 38,700 | 35,400 | 40,000 | (10)% | (12)% | ||||||||||
End of period fleet count | 34,700 | 37,900 | 34,700 | 37,900 | (8)% | (8)% | ||||||||||
Rental utilization - power units (2) | 71 | % | 75 | % | 69 | % | 75 | % | (400)bps | (600)bps | ||||||
Rental rate change - % (3) | (1 | )% | 1 | % | (1 | )% | 2 | % | ||||||||
Customer vehicles under SelectCare contracts | ||||||||||||||||
Average fleet count | 49,000 | 52,100 | 50,200 | 52,900 | (6)% | (5)% | ||||||||||
End of period fleet count | 47,900 | 52,300 | 47,900 | 52,300 | (8)% | (8)% | ||||||||||
Customer vehicles under SCS contracts | ||||||||||||||||
End of period fleet count (4) | 12,600 | 14,100 | 12,600 | 14,100 | (11)% | (11)% | ||||||||||
End of period power vehicles (4) | 3,800 | 4,200 | 3,800 | 4,200 | (10)% | (10)% | ||||||||||
Customer vehicles under DTS contracts | ||||||||||||||||
End of period fleet count (4) | 19,200 | 11,100 | 19,200 | 11,100 | 73% | 73% | ||||||||||
End of period power vehicles (4) | 7,400 | 5,200 | 7,400 | 5,200 | 42% | 42% | ||||||||||
Used vehicle sales (UVS) | ||||||||||||||||
End of period fleet count | 9,100 | 7,800 | 9,100 | 7,800 | 17% | 17% | ||||||||||
Used vehicles sold | 4,700 | 6,500 | 17,200 | 17,000 | (28)% | 1% | ||||||||||
UVS pricing change (5) | ||||||||||||||||
Tractors | (22 | )% | (31 | )% | (25 | )% | (35 | )% | ||||||||
Trucks | (19 | )% | (30 | )% | (25 | )% | (27 | )% | ||||||||
------------ | ||||||||||||||||
(1) Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units. | ||||||||||||||||
(2) Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers). | ||||||||||||||||
(3) Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency. | ||||||||||||||||
(4) These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental and SelectCare. | ||||||||||||||||
(5) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency. | ||||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
This press release and accompanying tables include "non-GAAP financial measures" as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.
Specifically, the following non-GAAP financial measures are included in this press release:
Non-GAAP Financial Measure | Comparable GAAP Measure | Reconciliation in Section Entitled | |
Operating Revenue Measures: | |||
Operating Revenue | Total Revenue | Appendix - Non-GAAP Financial Measure Reconciliations | |
FMS Operating Revenue | FMS Total Revenue | Business Segment Information - Unaudited | |
SCS Operating Revenue | SCS Total Revenue | ||
DTS Operating Revenue | DTS Total Revenue | ||
Operating Revenue Growth | Total Revenue Growth | Appendix - Non-GAAP Financial Measure Reconciliations | |
FMS EBT as a % of FMS Operating Revenue | FMS EBT as a % of FMS Total Revenue | Business Segment Information - Unaudited | |
SCS EBT as a % of SCS Operating Revenue | SCS EBT as a % of SCS Total Revenue | ||
DTS EBT as a % of DTS Operating Revenue | DTS EBT as a % of DTS Total Revenue | ||
Comparable Earnings Measures: | |||
Comparable Earnings Before Income Tax and Comparable Tax Rate | Earnings Before Income Tax and Effective Tax Rate from Continuing Operations | Appendix - Non-GAAP Financial Measure Reconciliations | |
Comparable Earnings | Earnings from Continuing Operations | Appendix - Non-GAAP Financial Measure Reconciliations | |
Comparable EPS | EPS from Continuing Operations | Condensed Consolidated Statements of Earnings - Unaudited Appendix - Non-GAAP Financial Measure Reconciliations | |
Adjusted Return on Equity (ROE) | Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. | Appendix - Non-GAAP Financial Measure Reconciliations | |
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization | Net Earnings | Appendix - Non-GAAP Financial Measure Reconciliations | |
Cash Flow Measures: | |||
Total Cash Generated and Free Cash Flow | Cash Provided by Operating Activities from Continuing Operations | Appendix - Non-GAAP Financial Measure Reconciliations | |
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table.
Operating Revenue Measures: | |
Operating Revenue FMS Operating Revenue SCS Operating Revenue DTS Operating Revenue Operating Revenue Growth FMS EBT as a % of FMS Operating Revenue SCS EBT as a % of SCS Operating Revenue DTS EBT as a % of DTS Operating Revenue | Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs. Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these services are also typically a pass-through to our customers and, therefore, fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS. |
Comparable Earnings Measures: | |
Comparable Earnings before Income Taxes (EBT) Comparable Earnings Comparable Earnings per Diluted Common Share (EPS) Comparable Tax Rate Adjusted Return on Equity (ROE) | Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period. Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations. |
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods as described immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP. |
Cash Flow Measures: | |
Total Cash Generated Free Cash Flow | We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities. Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited. |
RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||||||||||||
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED | ||||||||||||||
OPERATING REVENUE RECONCILIATION | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Total revenue | $ | 3,168 | 2,924 | $ | 9,447 | 8,760 | ||||||||
Subcontracted transportation and fuel | (575 | ) | (545 | ) | (1,798 | ) | (1,709 | ) | ||||||
Operating revenue (1) | $ | 2,593 | 2,379 | $ | 7,649 | 7,051 | ||||||||
TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION | |||||||
Nine months ended September 30, | |||||||
(In millions) | 2024 | 2023 | |||||
Net cash provided by operating activities from continuing operations | $ | 1,707 | 1,842 | ||||
Proceeds from sales (primarily revenue earning equipment) (2) | 433 | 647 | |||||
Total cash generated (1) | 2,140 | 2,489 | |||||
Purchases of property and revenue earning equipment (2) | (1,922 | ) | (2,457 | ) | |||
Free cash flow (1) | $ | 218 | 32 | ||||
------------ | |||||||
(1) Non-GAAP financial measure. | |||||||
(2) Included in cash flows from investing activities | |||||||
Note: Amounts may not be additive due to rounding. | |||||||
COMPARABLE EARNINGS RECONCILIATION | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Earnings from continuing operations | $ | 143 | 160 | $ | 354 | 282 | ||||||||
Non-operating pension costs, net | 7 | 8 | 22 | 24 | ||||||||||
Acquisition costs | 1 | - | 5 | - | ||||||||||
FMS U.K. exit | - | (3 | ) | - | (20 | ) | ||||||||
Currency translation adjustment loss | - | - | - | 183 | ||||||||||
Other, net | - | - | (1 | ) | (1 | ) | ||||||||
Comparable earnings from continuing operations (1) (2) | $ | 151 | 165 | $ | 381 | 468 | ||||||||
Tax rate on continuing operations | 24.0 | % | 25.2 | % | 26.2 | % | 38.5 | % | ||||||
Tax adjustments and income tax effects of non-GAAP adjustments (2) | (0.1 | )% | 1.8 | % | (0.1 | )% | (11.3 | )% | ||||||
Comparable tax rate on continuing operations (2) | 23.9 | % | 27.0 | % | 26.1 | % | 27.2 | % | ||||||
------------ | ||||||||||||||
(1) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. | ||||||||||||||
(2) Non-GAAP financial measure. | ||||||||||||||
Note: Amounts may not be additive due to rounding. | ||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | |||||||
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED | |||||||
ADJUSTED RETURN ON EQUITY RECONCILIATION | |||||||
Twelve months ended September 30, | |||||||
(Dollars in millions) | 2024 | 2023 | |||||
Net earnings | $ | 477 | 488 | ||||
Other items impacting comparability | 7 | 128 | |||||
Tax impact (1) | - | 25 | |||||
Adjusted net earnings | $ | 484 | 641 | ||||
Average shareholders' equity | $ | 3,074 | 3,029 | ||||
Average adjustments to shareholders' equity (2) | (3 | ) | (21 | ) | |||
Adjusted average shareholders' equity | $ | 3,071 | 3,008 | ||||
Adjusted return on equity (3) | 16% | 21% | |||||
------------ | |||||||
(1) Represents income taxes on other items impacting comparability. | |||||||
(2) Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods. | |||||||
(3) Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders' equity. | |||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||||||||||||
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED | ||||||||||||||
COMPARABLE EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Net earnings | $ | 142 | 161 | $ | 354 | 282 | ||||||||
Loss (earnings) from discontinued operations, net of tax | 1 | (1 | ) | - | - | |||||||||
Provision for income taxes | 45 | 53 | 126 | 176 | ||||||||||
EBT | 188 | 213 | 480 | 458 | ||||||||||
Non-operating pension costs, net | 10 | 10 | 31 | 30 | ||||||||||
Acquisition costs | 1 | - | 6 | - | ||||||||||
FMS U.K. exit, primarily net commercial claim proceeds | - | 4 | - | (32 | ) | |||||||||
Currency translation adjustment loss | - | - | - | 188 | ||||||||||
Other, net | - | - | (1 | ) | (1 | ) | ||||||||
Comparable EBT (1) | 199 | 227 | 516 | 643 | ||||||||||
Interest expense | 98 | 75 | 286 | 212 | ||||||||||
Depreciation | 423 | 417 | 1,275 | 1,274 | ||||||||||
Used vehicle sales, net | (15 | ) | (47 | ) | (54 | ) | (172 | ) | ||||||
Amortization | 11 | 8 | 33 | 25 | ||||||||||
Comparable EBITDA | $ | 716 | 680 | $ | 2,056 | 1,982 | ||||||||
------------ | ||||||||||||||
(1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is set forth in this table. | ||||||||||||||
Note: Amounts may not be additive due to rounding. | ||||||||||||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | |||||||||
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED | |||||||||
OPERATING REVENUE GROWTH FORECAST RECONCILIATION | |||||||||
(In millions) | Twelve months ended December 31, | ||||||||
2024 | 2023 | Change | |||||||
Total revenue | $ | 12,600 | 11,783 | 7% | |||||
Subcontracted transportation and fuel | (2,380 | ) | (2,286 | ) | 4% | ||||
Operating revenue (1) | $ | 10,220 | 9,497 | 8% | |||||
COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION | ||||
(In millions, except per share amounts) | Fourth Quarter 2024 | Full Year 2024 | ||
EPS from continuing operations | $3.13 - $3.33 | $11.10 - $11.30 | ||
Non-operating pension costs | 0.19 | 0.74 | ||
Restructuring and other, net | - | 0.05 | ||
Comparable EPS from continuing operations forecast (1) | $3.32 - $3.52 | $11.90 - $12.10 |
TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION | ||||
(In millions) | 2024 Forecast | |||
Net cash provided by operating activities from continuing operations | $ | 2,400 | ||
Proceeds from sales (primarily revenue earning equipment) (2) | 600 | |||
Total cash generated (1) | 3,000 | |||
Purchases of property and revenue earning equipment (2) (3) | (2,800 |
) | ||
Free cash flow (1) | $ | 200 | ||
------------ | ||||
(1) Non-GAAP financial measure. | ||||
(2) Included in cash flows from investing activities. | ||||
(3) Amount updated to correct typographical error. | ||||
RYDER SYSTEM, INC. AND SUBSIDIARIES | ||||
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED | ||||
ADJUSTED RETURN ON EQUITY FORECAST RECONCILIATION | ||||
(In millions) | 2024 Forecast | |||
Net earnings | $ | 495 | ||
Other items impacting comparability | 5 | |||
Adjusted net earnings for ROE (numerator) (1) [A] | $ | 500 | ||
Average shareholders' equity [B] | $ | 3,075 | ||
Adjusted return on equity (1) [A]/[B] | 16 | % | ||
------------ | ||||
(1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity set forth in this table. | ||||
Note: Amounts may not be additive due to rounding. | ||||
Contacts
Media:
Amy Federman
afederman@ryder.com
Investor Relations:
Calene Candela
ccandela@ryder.com
