Ryder System Inc. Earnings: Fifth Straight Quarter of Double-Digit Growth

S&P 500 (NYSE:SPY) component Ryder System Inc. (NYSE:R) reported its results for the first quarter. Ryder System is a global provider of transportation and supply chain management solutions.

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Ryder System Earnings Cheat Sheet for the First Quarter

Results: Net income for Ryder System Inc. rose to $34.3 million (67 cents per share) vs. $25.1 million (48 cents per share) in the same quarter a year earlier. This marks a rise of 36.5% from the year-earlier quarter.
Revenue: Rose 7.8% to $1.54 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Ryder System Inc. reported adjusted net income of 59 cents per share. By that measure, the company beat the mean estimate of 58 cents per share. It beat the average revenue estimate of $1.48 billion.

Quoting Management: Commenting on the Company’s first quarter 2012 performance, Ryder Chairman and CEO Greg Swienton said, “We delivered a solid quarter that was somewhat better than expected in an economy that is recovering only modestly. We are pleased that our largest product line, full service lease, showed organic fleet growth for the second consecutive quarter. Last year’s acquisition of Hill Hire in the United Kingdom also contributed significantly to our results for the quarter. Used vehicle sales performance improved due to stronger pricing.”

Key Stats:
Ryder System Inc. has now seen its net income increase for three consecutive quarters. In the fourth quarter of the last fiscal year, net income rose 29.6% and in the third quarter of the last fiscal year, the figure rose 45.5%.
Revenue has risen the past four quarters. Revenue increased 17.3% to $1.54 billion in the fourth quarter of the last fiscal year. The figure rose 19.3% in the third quarter of the last fiscal year from the year earlier and climbed 17.7% in the second quarter of the last fiscal year from the year-ago quarter.

The company beat estimates last quarter after being in line with expectations in the fourth quarter of the last fiscal year with net income of 97 cents per share.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is $1.06 per share, down from $1.09 ninety days ago. For the fiscal year, the average estimate has moved down from $4.10 a share to $4.06 over the last ninety days.

Competitors to Watch: Pacer International, Inc., J.B. Hunt Transport Services, Inc., CanaDream Corporation, Northgate plc, Resource Equipment Ltd, Hub Group, Inc., Avis Budget Group Inc., AMERCO, and Mabi Rent AB.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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