S&P 500 (NYSE:SPY) component Ryder System, Inc. (NYSE:R) reported net income above Wall Street’s expectations for the first quarter. Ryder System, Inc. is a global provider of transportation and supply chain management solutions. Its business is divided into three segments of specialization: Fleet Management Solutions, Supply Chain Solutions and Dedicated Contract Carriage. .
Ryder System Earnings Cheat Sheet for the First Quarter
Results: Net income for Ryder System, Inc. rose to $25.1 million (48 cents/share) vs. $12.4 million (23 cents/share) in the same quarter a year earlier. A more than twofold rise from the year earlier quarter.
Revenue: Rose 16.8% to $1.43 billion YoY.
Actual vs. Wall St. Expectations: R beat the mean analyst estimate of 44 cents/share. Estimates ranged from 40 cents per share to 47 cents per share.
Quoting Management: “Ryder performed significantly better than expected in the first quarter, with continuing strong organic results in our used vehicle sales and commercial truck rental product lines, and from acquisitions which contributed earlier and stronger than anticipated,” said Ryder Chairman and CEO Greg Swienton. “Our full service lease fleet expanded for the first time in eight quarters, with the positive impact of recent acquisitions. We also saw a number of key indicators that reflected stronger activity with our lease customers including increases in miles driven per unit and a significant reduction in early terminations of customer lease agreements.”
Key Stats: The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose more than fourfold and in the third quarter of the last fiscal year, the figure rose 62%.
Competitors to Watch: Pacer International, Inc. (NASDAQ:PACR), J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), CanaDream Corporation (CDN), Resource Equipment Ltd (RQL), Northgate plc (NYSE:NTG), Hub Group, Inc. (NASDAQ:HUBG), Avis Budget Group Inc. (NYSE:CAR), AMERCO (NASDAQ:UHAL), and Mabi Rent AB (MABI).
Today’s Performance: Shares of R are trading at $52.66 as of April 26, 2011 at 3:36 AM ET, up 4.3% from the previous closing price of $50.46.