Ryder System (NYSE:R) Issues FY24 Earnings Guidance

Ryder System (NYSE:R) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $11.90-12.40 for the period, compared to the consensus EPS estimate of $12.04. The company issued revenue guidance of ~$12.73 billion, compared to the consensus revenue estimate of $13.17 billion. Ryder System also updated its Q3 guidance to $3.30-3.50 EPS.

Ryder System Stock Up 1.6 %

NYSE R traded up $2.12 on Thursday, reaching $132.00. The company had a trading volume of 445,112 shares, compared to its average volume of 261,171. The firm has a market capitalization of $5.79 billion, a PE ratio of 17.19 and a beta of 1.29. Ryder System has a 1 year low of $91.31 and a 1 year high of $136.41. The firm has a 50-day moving average of $123.69 and a 200-day moving average of $118.77. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.82 and a quick ratio of 0.82.

Ryder System (NYSE:R) last released its quarterly earnings results on Tuesday, April 23rd. The transportation company reported $2.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.43. The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Ryder System had a return on equity of 18.38% and a net margin of 2.95%. Ryder System’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.81 EPS. On average, equities research analysts anticipate that Ryder System will post 12.17 EPS for the current fiscal year.

Ryder System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Monday, August 19th will be issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, August 19th. This is a boost from Ryder System’s previous quarterly dividend of $0.71. Ryder System’s dividend payout ratio is currently 36.98%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on R shares. Stephens started coverage on Ryder System in a research note on Monday, July 8th. They set an equal weight rating for the company. Vertical Research upgraded Ryder System from a hold rating to a buy rating and increased their target price for the company from $125.00 to $145.00 in a research note on Friday, June 14th. Morgan Stanley started coverage on Ryder System in a research note on Monday, June 24th. They set an overweight rating and a $165.00 target price for the company. JPMorgan Chase & Co. reduced their target price on Ryder System from $126.00 to $125.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. Finally, The Goldman Sachs Group increased their target price on Ryder System from $122.00 to $135.00 and gave the company a buy rating in a research note on Wednesday, April 24th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Ryder System presently has an average rating of Moderate Buy and a consensus target price of $135.71.

Insider Buying and Selling

In related news, CEO Robert E. Sanchez sold 18,303 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $126.20, for a total transaction of $2,309,838.60. Following the transaction, the chief executive officer now directly owns 125,969 shares in the company, valued at $15,897,287.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ryder System news, CEO Robert E. Sanchez sold 18,303 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $126.20, for a total value of $2,309,838.60. Following the sale, the chief executive officer now directly owns 125,969 shares of the company’s stock, valued at $15,897,287.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Sanford J. Hodes sold 3,360 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $125.59, for a total value of $421,982.40. Following the completion of the sale, the senior vice president now directly owns 24,119 shares in the company, valued at $3,029,105.21. The disclosure for this sale can be found here. Insiders have sold 84,129 shares of company stock worth $10,598,226 over the last ninety days. 5.10% of the stock is owned by insiders.

About Ryder System

Ryder System, Inc operates as a logistics and transportation company worldwide. It operates through three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). The FMS segment offers full-service leasing and leasing with flexible maintenance options; commercial vehicle rental services; and contract or transactional maintenance services of trucks, tractors, and trailers; access to diesel fuel; and fuel planning and tax reporting, cards, and monitoring services, and centralized billing, as well as sells used vehicles through its retail sales centers and www.ryder.com/used-trucks website, as well as digital and technology support services.