Ryder System Earnings: Tops Analysts’ Expectations
S&P 500 (NYSE:SPY) component Ryder System Inc. (NYSE:R) reported net income above Wall Street’s expectations for the third quarter. Ryder System is a global provider of transportation and supply chain management solutions.
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Ryder System Inc. Earnings Cheat Sheet
Results: Net income for Ryder System Inc. rose to $75.1 million ($1.47 per share) vs. $56.5 million ($1.10 per share) in the same quarter a year earlier. This marks a rise of 32.9% from the year-earlier quarter.
Revenue: Remained constant at $1.57 billion.
Actual vs. Wall St. Expectations: Ryder System Inc. reported adjusted net income of $1.26 per share. By that measure, the company beat the mean estimate of 93 cents per share. Analysts were expecting revenue of $1.59 billion.
Quoting Management: Ryder Chairman and Chief Executive Officer Greg Swienton commented, “Despite the effects of a general economic slowdown and the reported negative impacts within the transportation industry, we were able to deliver better than expected results. This was driven by improving contractual revenue growth, strong used vehicle sales results, and also supported by the prompt cost and rental fleet size adjustments we began earlier this year.”
The company has now seen its net income increase for three consecutive quarters. In the second quarter, net income rose 16.7% and in the first quarter, the figure rose 36.6%.
The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of 59 cents versus a mean estimate of net income of 58 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from $1.25 a share to $1.15 over the last thirty days. For the fiscal year, the average estimate has moved down from $4.08 a share to $3.74 over the last thirty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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