Ryder System, Inc. reports developments in outsourced logistics and transportation services across the United States, Canada, and Mexico. The company provides supply chain, dedicated transportation, and fleet management solutions, including managed transportation, freight brokerage, dedicated contract carriage, full-service fleet leasing and maintenance, commercial truck rental, warehousing and distribution, e-commerce fulfillment, last-mile delivery, contract manufacturing and packaging, and used vehicle sales.
Recurring Ryder news covers quarterly operating results, segment performance in Fleet Management Solutions, Supply Chain Solutions, and Dedicated Transportation Solutions, cash dividends, share repurchase authorizations, facility expansions, technology-enabled fleet services, automation, electric-vehicle solutions, industry conference updates, and customer demand across logistics, transportation, automotive, retail, and industrial markets.
Ryder System, Inc. (NYSE: R) and Terminal Industries have successfully piloted an AI-powered computer-vision technology to automate and optimize warehouse yard operations. The ongoing pilot at a Ryder e-commerce fulfillment center in California has processed over 10,000 truck detections with 99% accuracy in capturing license plates and DOT numbers since January. This technology aims to modernize the currently manual and inefficient process across the industry, potentially addressing inefficiencies that cost the industry up to $146 billion annually. Ryder and Terminal have launched a second pilot using Terminal's technology on mobile tablets to auto-capture available inventory at a Ryder truck rental and maintenance facility in Dallas-Fort Worth.
Ryder System, Inc. (NYSE: R) has announced Warren Smith from Ontario, Canada as the winner of its 2024 Ryder Top Technician ('Top Tech') Skills Competition, awarding him a $50,000 grand prize. The annual event, now in its 23rd year, showcases the skills of Ryder's top truck maintenance professionals among its 4,800 U.S. and Canada-based technicians.
The championship event took place in Pittsburgh, Pennsylvania, where ten finalists competed in rigorous hands-on skills challenges across various technical areas. Kyle Walton and Benjamin Cheaney placed second and third, respectively, with all finalists receiving a $10,000 cash prize. The competition highlights Ryder's commitment to recognizing and rewarding its skilled technician workforce, emphasizing their importance in maintaining Ryder's fleet of nearly 250,000 commercial vehicles.
Ryder System, Inc. (NYSE: R) reported solid Q2 2024 results, outperforming prior cycles despite challenging market conditions. Key highlights include:
- GAAP EPS from continuing operations: $2.83 vs $(0.39) in prior year
- Comparable EPS (non-GAAP): $3.00 vs $3.61 in prior year
- Total revenue: $3.2 billion, up 10% year-over-year
- Operating revenue (non-GAAP): $2.6 billion, up 10%
The company's contractual lease, dedicated, and supply chain businesses generated higher year-over-year earnings. Ryder maintained its full-year 2024 forecast, expecting adjusted ROE of 16% - 16.5% and comparable EPS of $11.90 - $12.40. The company also announced a 14% increase in quarterly dividend, demonstrating confidence in its transformed business model.
Farmmi, Inc. (NASDAQ: FAMI), a Chinese agriculture products supplier, has announced a significant expansion of its North American operations. The company's subsidiary, FARMMI USA INC., has signed a sublease agreement for a large distribution and storage center in the Los Angeles area, California. The facility, managed by Ryder Truck Rental inc., spans 636,000 square feet, with 315,000 square feet of warehouse space and includes a dedicated rail line for sea-rail intermodal transportation.
This move marks a major step in Farmmi's global expansion strategy and is expected to enhance the company's international cooperation capabilities. CEO Yefang Zhang emphasized that this development represents a breakthrough towards Farmmi's globalization goals and is aimed at creating greater value for shareholders.
Ryder System, Inc. (NYSE: R) has been recognized as one of America's Greatest Workplaces for 2024 by Newsweek, earning a 4.5-star score. This accolade highlights Ryder's commitment to fostering a positive, inclusive, and innovative work environment. The recognition is based on a comprehensive study conducted by Newsweek and Plant-A Insights Group, involving over 1.5 million company reviews from more than 250,000 employees across 78 industries.
The assessment evaluated 15 key areas, including corporate culture, working conditions, workforce diversity, and career development opportunities. Ryder Chairman and CEO Robert Sanchez emphasized the company's pride in this recognition, stating that investing in their workforce is important to their success. This honor adds to Ryder's recent recognitions by Newsweek as one of America's Greatest Workplaces for Diversity and for Women.
Ryder System, Inc. (NYSE: R) has announced its acquisition of Pit Stop Fleet Service, a move that will significantly expand its Torque by Ryder™ retail mobile maintenance business. The acquisition, expected to close by August 1, will add approximately $24 million in gross revenue to Ryder's business in 2025 and provide incremental growth to earnings. With this acquisition, Ryder's retail mobile maintenance services will be available in 140 markets across 20 states, with plans for further expansion.
The integration will bring Pit Stop's employees, assets, and operations under Ryder's umbrella, creating synergies and benefiting customers of both companies. Torque by Ryder™ will now have a workforce of about 200 technicians, offering comprehensive support for a wide range of commercial vehicles, including trucks, trailers, delivery vans, and emergency response vehicles.
The Board of Directors of Ryder System has declared a regular quarterly cash dividend of $0.81 per share of common stock, marking a $0.10 increase from the previous dividend. This enhanced dividend will be paid on September 20, 2024, to shareholders of record as of August 19, 2024.
Ryder, a leader in supply chain, dedicated transportation, and fleet management solutions, has maintained its dividend payments for 192 consecutive quarters, spanning over 48 years. The consistent dividend payments highlight Ryder's financial stability and commitment to returning value to its shareholders.
Ryder, a leader in supply chain, dedicated transportation, and fleet management, has recognized three truck drivers for their exemplary safety records and performance. The company's 'Driver of the Year' awards went to Darryl Tolle, Anslum Hudlin, and Richard Landry, who collectively have 122 years of driving experience and nearly 11.3 million safe miles. Tolle, with 41 years of experience, was recognized for his service in Ryder’s Supply Chain Solutions. Hudlin, with 43 years of experience, was honored for his work in Ryder’s Dedicated Transportation Solutions. Landry, a veteran driver for Ryder’s Fleet Management Solutions, is the first Canada-based winner of this award. This marks the 52nd year of Ryder's prestigious awards program, which emphasizes safety, performance, and customer service.
Ryder System, a leader in supply chain, dedicated transportation, and fleet management solutions, has announced its Q2 2024 earnings conference call for July 25, 2024, at 11:00 a.m. ET. Management, including Chairman and CEO Robert Sanchez and EVP & CFO John Diez, will discuss the company's financial results. The call will be webcast live, with a replay available on Ryder's investor website.
Participants can register via the provided link or join toll-free at 888-394-8218 (U.S.) or 323-994-2093 (international) using the audio passcode 'Ryder' and conference leader Calene Candela.
Ryder (NYSE: R), a leader in supply chain and fleet management, has been honored with Food Logistics' Top 3PL & Cold Storage Providers award for the 12th consecutive year. The award recognizes Ryder's innovative solutions in the cold food and beverage industry, including its cutting-edge technologies such as RyderShare™, a platform providing real-time visibility of goods across the supply chain. Ryder's services, enhanced by the recent acquisition of Impact Fulfillment Services (IFS), now cover co-packaging and co-manufacturing, particularly supporting consumer packaged goods (CPG). These advancements are aimed at improving supply chain resilience and efficiency for top Fortune 500 companies.