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) will provide a company update at the Morgan Stanley Virtual Laguna Conference on September 13, 2021, at 12:00 p.m. Eastern Time. CEO Robert Sanchez and CFO John Diez will present the update during this virtual event, which is accessible via Ryder's investor relations website.
Ryder is recognized for its logistics and transportation solutions, managing nearly 235,000 commercial vehicles and over 300 warehouses across North America and the UK.
Ryder System, Inc. (NYSE: R) has been recognized for the 9th consecutive year as one of Food Logistics' Top Third-Party Logistics & Cold Storage Providers for 2021. This recognition highlights Ryder's commitment to enhancing operations and meeting customer needs, especially crucial amidst evolving consumer preferences during the pandemic. Ryder serves nine of the top 10 food and beverage companies and recently expanded its e-commerce fulfillment solutions to include food-grade facilities, ensuring rapid delivery to U.S. consumers.
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Ryder System, Inc. (NYSE: R) announced a partnership with Waymo Via to provide maintenance services for Class 8 autonomous trucks. This collaboration aims to enhance vehicle uptime and ensure reliability for scaling operations across the U.S. Initially, maintenance will be available in Texas, Arizona, California, Michigan, and Ohio, leveraging Ryder's expansive network of over 500 facilities. Both companies see opportunities beyond maintenance, aiming to innovate logistics for autonomous trucking. Waymo has extensive experience with over 20 million miles driven on public roads and an advanced simulation system.
TuSimple (Nasdaq: TSP) and Ryder (NYSE: R) have formed a groundbreaking partnership to utilize select Ryder fleet maintenance facilities as terminals in TuSimple's Autonomous Freight Network (AFN). This collaboration allows for expanded access to autonomous freight operations while leveraging Ryder's existing infrastructure, eliminating the need for new terminals. TuSimple currently operates over 50 autonomous trucks across Arizona, New Mexico, and Texas, with plans to extend services to the East Coast. The partnership positions both companies to capitalize on growing demand in the autonomous trucking sector.
Ryder System reported strong financial results for the second quarter of 2021, with total revenue reaching $2.4 billion, a 26% increase from $1.9 billion in 2020. Earnings from continuing operations were $149.6 million, or $2.78 per share, compared to a loss of $73.7 million in the prior year. Fleet Management Solutions saw significant revenue growth due to higher used vehicle sales and rental performance. The company's outlook for 2021 includes expectations for GAAP EPS of $7.40 to $7.70 and free cash flow of $650 million to $750 million, reflecting positive demand trends across all segments.
Bed Bath & Beyond (NASDAQ: BBBY) announced a partnership with Ryder System, Inc. (NYSE: R) to modernize its supply chain. This initiative aims to reduce product replenishment times at Bed Bath & Beyond and buybuy BABY stores from 35 days to under 10 days, significantly enhancing customer experience. The first of two regional distribution centers, a one-million-square-foot facility in Frackville, PA, is set to open this fall, creating 300 local jobs. The initiative is part of a broader $250 million investment in supply chain enhancements.
Ryder System, Inc. (NYSE: R) has announced the expansion of its Ryder Last Mile service with new hubs in Milwaukee and Philadelphia. The 75,000-square-foot Milwaukee hub is operational as of July 19, 2021, while the 108,000-square-foot Philadelphia hub will open in October. These facilities aim to enhance service for major brands, significantly improving delivery speed to end consumers in densely populated areas. The Ryder Last Mile network now covers 95% of the U.S. within two days, offering customizable delivery options to meet diverse customer needs.
Ryder System, Inc. (NYSE: R) has declared a quarterly cash dividend of $0.58 per share, scheduled for payment on September 17, 2021, to shareholders on record as of August 23, 2021. This marks a $0.02 increase from the previous dividend of $0.56 held since July 2019. The dividend also represents Ryder's 180th consecutive quarterly payment, showcasing over 45 years of uninterrupted dividend distribution, underlining the company's commitment to returning value to its shareholders.
Ryder System, Inc. (NYSE: R) has appointed Rob Pluta as vice president and chief technology product officer for its Fleet Management Solutions unit. Pluta will oversee the development of innovative technology products in this segment, which is Ryder's largest, managing nearly 800 service locations. His role includes advancing fleet technology initiatives like RyderGyde and electric vehicle projects. Pluta, an automotive industry veteran, succeeds Rich Mohr, who left earlier in 2021. The appointment aims to strengthen Ryder's commitment to innovation in a rapidly changing industry.