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) has announced a definitive agreement to acquire Midwest Warehouse & Distribution System, enhancing its growth in supply chain solutions. The acquisition, anticipated to close in early November 2021, is expected to add approximately $135 million in annual revenue in 2022. With facilities primarily in the greater Chicago area, Midwest reinforces Ryder's multi-client warehousing capabilities, enabling better service for existing customers and the potential to attract new ones.
Ryder System reported strong third-quarter 2021 results, with GAAP EPS from continuing operations rising to $2.58, a significant increase from $0.85 in the prior year. Total revenue reached $2.5 billion, up 14%, driven by growth across all business segments. The company raised its full-year GAAP EPS forecast to $8.60-$8.70. Ryder's acquisition of Midwest Warehouse & Distribution System is expected to enhance its supply chain operations. Despite challenges from labor shortages, the outlook remains positive with anticipated ROE of 18%-19% and free cash flow of $1.0-$1.1 billion.
Ryder System, Inc. (NYSE: R) announces that Frank Lopez, its Executive Vice President and CHRO, has been awarded the 2021 Top CHRO Award by N2Growth in collaboration with Stanford Graduate School of Business. This recognition celebrates HR leaders committed to enhancing workplace environments and employee engagement. Lopez's leadership is noted for positively impacting Ryder's organizational culture and employee satisfaction, particularly during the pandemic. Ryder continues to emphasize the importance of HR initiatives in supporting its operational success and customer satisfaction.
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Ryder System, Inc. (NYSE: R) has established a multi-year partnership with Gatik to create an autonomous logistics network across the U.S. and Canada. This partnership includes an $85 million investment by RyderVentures into Gatik, marking the first venture into autonomous trucking. Ryder will provide leasing and maintenance for Gatik’s autonomous truck fleet, aiming to deliver goods efficiently to retail locations. The partnership focuses on expanding operations in the Dallas-Fort Worth area, leveraging Ryder's expertise in vehicle servicing and infrastructure.
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Ryder System, Inc. (NYSE: R) has declared a cash dividend of $0.58 per share, marking its 181st consecutive quarter of dividend payments, solidifying over 45 years of uninterrupted distributions. The dividend will be paid on December 17, 2021 to shareholders of record as of November 22, 2021. This consistent dividend payout reflects Ryder's ongoing commitment to returning value to shareholders and its strong market position in logistics and transportation services.
Ryder System, Inc. (NYSE: R) announces the grand openings of five new used vehicle sales centers in Salt Lake City, Oklahoma City, Orlando, Syracuse, and Allentown. This expansion enhances Ryder's network, which already includes 60 Used Truck Center locations nationwide with over 4,000 pre-owned vehicles available. Growth in used vehicle sales is attributed to high demand and limited market inventory. Ryder aims to improve customer experience by offering quality vehicles, flexible financing, and comprehensive maintenance support.
Ryder System, Inc. (NYSE: R) announced its third quarter 2021 earnings conference call scheduled for October 27, 2021, at 11:00 a.m. Eastern Time. Key executives, including CEO Robert Sanchez and CFO John Diez, will discuss the company's performance. The call will be webcast, and investors can access it via a toll-free number or online. Ryder operates in logistics and transportation, managing around 235,000 commercial vehicles and over 300 warehouses across the US, Canada, Mexico, and the UK.
Ryder System, Inc. (NYSE: R) and Embark Trucks, Inc. are collaborating to create a nationwide network of up to 100 transfer points for autonomous freight operations. This initiative will focus on key markets in California, Arizona, Texas, Georgia, Tennessee, and Florida, aiming for a smooth launch by 2024. Ryder will manage yard operations and maintenance at these points, enhancing the logistical framework for Embark’s autonomous trucks. The partnership reflects both companies' commitment to advancing the autonomous trucking industry.