Ryder Q1 Revenue Up, EPS Down
Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, reported first quarter earnings and revenue. Results for the three months ended March 31 were as follows:
| (dollars in millions, except EPS) | Earnings Before Taxes | Earnings | Diluted Earnings Per Share | |||||||||||||||||||||||||||
| 2018 | 2017 | Change | 2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||||||
| GAAP | $ | 48.1 | 60.6 | (21 | )% | $ | 33.9 | 38.5 | (12 | )% | $ | 0.64 | 0.72 | (11 | )% | |||||||||||||||
| Non-operating pension costs | 1.2 | 7.3 | 0.6 | 4.2 | 0.01 | 0.08 | ||||||||||||||||||||||||
| UK goodwill impairment charge | 15.5 | — | 15.5 | — | 0.29 | — | ||||||||||||||||||||||||
| Uncertain tax position adjustment | — | — | (3.3 | ) | — | (0.06 | ) | — | ||||||||||||||||||||||
| Other | 0.3 | 2.2 | 1.7 | 1.7 | 0.03 | 0.03 | ||||||||||||||||||||||||
| Comparable (non-GAAP) | $ | 65.1 | 70.2 | (7 | )% | $ | 48.4 | 44.4 | 9 | % | $ | 0.91 | 0.83 | 10 | % | |||||||||||||||
In the first quarter, the Company reported record total revenue and record operating revenue (a non-GAAP measure excluding all fuel and subcontracted transportation). Total revenue and operating revenue grew across all three business segments reflecting new business and higher volumes. Total revenue also grew due to higher fuel costs passed through to customers. Total and operating revenue for the three months ended March 31 were as follows:
| (in millions) | Total Revenue | Operating Revenue (non-GAAP) | |||||||||||||||||
| 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||
| Total | $ | 1,903.5 | 1,737.0 | 10% | $ | 1,542.9 | 1,445.1 | 7% | |||||||||||
| FMS | $ | 1,242.6 | 1,132.5 | 10% | $ | 1,038.8 | 962.2 | 8% | |||||||||||
| DTS | $ | 299.0 | 266.6 | 12% | $ | 201.4 | 193.4 | 4% | |||||||||||
| SCS | $ | 494.7 | 451.6 | 10% | $ | 382.8 | 361.8 | 6% | |||||||||||
Commenting on the Company’s first quarter results, Ryder Chairman and CEO Robert Sanchez said, “Our results were at the high-end of our expectations in the first quarter, driven by stronger than expected results in our rental, supply chain, and dedicated businesses. Rental demand continued at a very robust level, with first quarter utilization at the highest level in a decade. These improvements were partially offset by lower than expected results in used vehicle sales.
Category: General Update, News
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