NYSE$R
Ryder System Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Ryder's Q2 2022 results reflected record performance driven by earnings growth in all three business segments, with better-than-expected results in rental and SCS.
Ryder System, Inc. reported record performance in the second quarter of 2022, driven by strong earnings growth in all three business segments. The company's earnings were higher than its most recent forecast due to better-than-expected results in rental and Supply Chain Solutions (SCS). Ryder generated a record ROE of 28%, reflecting ongoing truck capacity constraints in the market and benefits from initiatives to increase returns and drive higher core earnings.
- GAAP EPS from continuing operations was $4.72, compared to $2.78 in the prior year, driven primarily by significantly higher results in Fleet Management Solutions.
- Comparable EPS (non-GAAP) from continuing operations was $4.43, compared to $2.40 in the prior year.
- Total revenue reached $3.0 billion, and operating revenue (non-GAAP) was $2.3 billion, up 27% and 20%, respectively, reflecting organic revenue growth in all business segments and Supply Chain Solutions acquisitions.
- The company increased its GAAP EPS forecast to $14.45 - $14.95 from $13.23 - $14.23 and its comparable EPS (non-GAAP) forecast to $14.30 - $14.80 from $13.40 - $14.40 for the full year 2022.
Headline financials
Revenue & EPS history
Ryder · Revenue · Quarterly
$3.03B
Revenue by segment
Ryder · $3.07B total across 6 segments · Q1 2023
- Supply Chain Solutions$1.2B+10.3%39.1%
- ChoiceLease$776M—25.3%
- Dedicated Transportation$454M+6.8%14.8%
- Commercial Rental$304M—9.9%
- SelectCare & Other$182M—5.9%
- Fuel Services$152M—5.0%
Forward guidance
Ryder increased its full-year 2022 financial outlook, expecting revenue growth of approximately 22% and operating revenue growth of around 16%. The company projects FY22 GAAP EPS to be between $14.45 and $14.95, and comparable EPS (non-GAAP) to be between $14.30 and $14.80. They also anticipate net cash from operating activities to be around $2.3 billion and free cash flow between $750 million and $850 million.
Tailwinds
- FY22 GAAP EPS forecast increased to $14.45 - $14.95
- FY22 Comparable EPS (non-GAAP) forecast increased to $14.30 - $14.80
- Net Cash from Operating Activities from Continuing Operations forecasted at ~$2.3B
- Free Cash Flow (non-GAAP) forecasted at $750M - 850M
- Strong balance sheet enables targeted acquisitions and investments
Headwinds
- OEM delivery delays expected to defer approximately $200 million of planned lease capital to 2023
- Expects used vehicle sales and rental market environment will moderate in the second half of the year
- Unallocated Central Support Services costs increased primarily reflecting increased professional fees and incentive-based compensation costs.
- Effective income tax rate from continuing operations increased due to incremental U.S. tax on higher foreign earnings related to the exit of our UK FMS business.
- Free cash flow decreased primarily due to an increase in capital expenditures, partially offset by higher proceeds from the sale of revenue-earning equipment, including the sale of UK vehicles related to our exit plan.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
-0.5%
Avg return
Earnings day
-1.6%
Avg return
5 days after
+0.5%
Avg return
30 days after
52%
36 / 69 earnings
Positive
+15.3%
Q1 2020
Best reaction
-20.1%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.7% | +8.8% | +7.1% | |
| Q4 2025 | +2.4% | +0.7% | -11.4% | |
| Q3 2025 | -12.2% | -7.6% | -8.0% | |
| Q2 2025 | -0.8% | -1.2% | +2.1% | |
| Q1 2025 | -1.9% | +0.1% | +8.2% | |
| Q4 2024 | +3.0% | +5.2% | -11.1% | |
| Q3 2024 | -3.6% | +0.1% | +14.2% | |
| Q2 2024 | +1.8% | +7.3% | +9.5% | |
| Q1 2024 | +12.1% | +11.9% | +10.5% | |
| Q4 2023 | -7.6% | -9.5% | -5.2% | |
| Q3 2023 | -4.9% | -3.0% | +9.8% | |
| Q2 2023 | +8.4% | +11.3% | +5.6% | |
| Q1 2023 | -6.4% | -3.8% | -4.1% | |
| Q4 2022 | +1.9% | +1.8% | -14.2% | |
| Q3 2022 | +9.9% | +7.9% | +28.7% | |
| Q2 2022 | +4.4% | +4.3% | +8.4% | |
| Q1 2022 | +4.4% | +4.5% | +17.9% | |
| Q4 2021 | +2.7% | +2.8% | +10.1% | |
| Q3 2021 | -4.8% | -5.0% | -6.2% | |
| Q2 2021 | +4.5% | +2.5% | +9.9% | |
| Q1 2021 | +6.7% | +4.5% | +6.5% | |
| Q4 2020 | -6.2% | -7.5% | +11.9% | |
| Q3 2020 | +1.4% | -1.2% | +21.0% | |
| Q2 2020 | -10.8% | -14.4% | -1.3% | |
| Q1 2020 | +15.3% | +6.8% | +11.6% | |
| Q4 2019 | -20.1% | -23.4% | -38.5% | |
| Q3 2019 | -12.1% | -8.9% | -3.3% | |
| Q2 2019 | -10.2% | -15.9% | -19.3% | |
| Q1 2019 | -7.5% | -2.8% | -20.2% | |
| Q4 2018 | +6.5% | +5.8% | +0.7% | |
| Q3 2018 | -10.3% | -9.3% | -12.1% | |
| Q2 2018 | +7.3% | +5.0% | +6.3% | |
| Q1 2018 | -9.1% | -9.3% | -6.9% | |
| Q4 2017 | -11.4% | -11.8% | -11.3% | |
| Q3 2017 | -1.7% | +1.6% | -6.5% | |
| Q2 2017 | -0.5% | -1.1% | +1.0% | |
| Q1 2017 | -14.1% | -14.3% | -15.7% | |
| Q4 2016 | -4.9% | -4.5% | -1.3% | |
| Q3 2016 | +5.6% | +5.2% | +22.9% | |
| Q2 2016 | -5.9% | -6.6% | -8.0% | |
| Q1 2016 | +9.5% | — | — | |
| Q4 2015 | -5.0% | — | — | |
| Q3 2015 | -2.3% | — | — | |
| Q2 2015 | -5.8% | — | — | |
| Q1 2015 | +2.9% | — | — | |
| Q4 2014 | +5.3% | — | — | |
| Q3 2014 | -3.2% | — | — | |
| Q2 2014 | +1.3% | — | — | |
| Q1 2014 | +2.1% | — | — | |
| Q4 2013 | +0.1% | — | — | |
| Q3 2013 | +3.7% | — | — | |
| Q2 2013 | -2.2% | — | — | |
| Q1 2013 | -0.6% | — | — | |
| Q4 2012 | +6.7% | — | — | |
| Q3 2012 | +2.7% | — | — | |
| Q2 2012 | +8.2% | — | — | |
| Q1 2012 | +1.2% | — | — | |
| Q4 2008 | +0.4% | — | — | |
| Q4 2011 | +0.4% | — | — | |
| Q3 2011 | +9.5% | — | — | |
| Q4 2010 | -0.9% | — | — | |
| Q2 2011 | -0.9% | — | — | |
| Q1 2010 | +6.2% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q3 2009 | -2.7% | — | — | |
| Q3 2010 | -2.7% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q2 2009 | +0.6% | — | — | |
| Q2 2010 | +0.6% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro