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.
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Ryder System, Inc. (NYSE: R) reported a mixed performance in its first-quarter 2023 results, with GAAP EPS from continuing operations at $2.95, down from $3.35 in 2022. Comparable EPS (non-GAAP) also decreased to $2.81 from $3.59. Total revenue increased by 3% to $3 billion, driven by a 10% rise in Supply Chain Solutions (SCS) revenue. Notably, an impairment charge due to a customer bankruptcy impacted SCS earnings, which fell to $17 million. Ryder raised its low-end forecast for full-year comparable EPS to $11.30 - $12.05, while maintaining a 16% - 18% return on equity (ROE) target. Despite challenges in the Fleet Management Solutions (FMS) unit, overall operating revenue grew by 6%, reflecting solid performance in Dedicated Transportation Solutions (DTS) and SCS.
Ryder System, Inc. (NYSE: R) announced its participation at the Advanced Clean Transportation (ACT) Expo in Anaheim, California, from May 1-4, 2023. The company will showcase an industry-first solution for integrating electric vehicles (EVs) into fleets, scheduled for unveiling on May 2 at 11:30 AM PT at booth #5229. Ryder will also feature expert speakers addressing EV planning, battery technology, and autonomous vehicle developments during breakout sessions. Additionally, Ryder is set to add 4,000 BrightDrop electric vans to its fleet through 2025, expanding its offerings of electric vehicles including Ford E-Transits and Volvo Class 8 electric trucks. As a Gold sponsor of ACT Expo, Ryder emphasizes its commitment to sustainable transportation solutions.
Ryder System, Inc. (NYSE: R) has announced the launch of its Freight Brokerage Carrier Loyalty Program, designed to reward carriers engaged with Ryder's brokerage division through the Trucker Tools app. This program offers tiered discounts of up to 22% on used vehicle purchases based on the level of engagement with Ryder. The app provides features like digital trip planning, shipment visibility, predictive freight matching, and automated booking solutions. Kevin Clonch, group director of transportation management, emphasized the importance of rewarding carriers' loyalty and enhancing service quality. This initiative aligns with Ryder's strategy to leverage innovative technology, reinforcing its commitment to providing excellent service and growing its freight brokerage business.