NYSE$R
Ryder System Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Ryder's Q3 2021 earnings reflected record results driven by favorable demand and pricing in used vehicle sales and rental, as well as higher lease returns from pricing initiatives.
Ryder System, Inc. reported a strong third quarter in 2021, with GAAP EPS of $2.58 compared to $0.85 in the prior year and a comparable EPS (non-GAAP) of $2.55 versus $1.21 in the prior year. Total revenue reached $2.5 billion and operating revenue (non-GAAP) was $2.0 billion, representing increases of 14% and 11% respectively, driven by growth across all business segments. The company has increased its full-year EPS forecast and expects to achieve an adjusted ROE of 18% - 19%.
- GAAP EPS from continuing operations was $2.58, compared to $0.85 in the prior year.
- Comparable EPS (non-GAAP) from continuing operations was $2.55, compared to $1.21 in the prior year.
- Total revenue reached $2.5 billion, and operating revenue (non-GAAP) was $2.0 billion, up 14% and 11%, respectively.
- The company increased GAAP EPS forecast to $8.60 - $8.70 from $7.40 - $7.70.
Headline financials
Revenue & EPS history
Ryder · Revenue · Quarterly
$2.46B
Revenue by segment
Ryder · $2.62B total across 6 segments · Q3 2021
- Supply Chain Solutions$802M+17.1%30.6%
- ChoiceLease$800M+1.4%30.5%
- Dedicated Transportation$380M+26.9%14.5%
- Commercial Rental$301M+36.6%11.5%
- Fuel Services$189M+31.2%7.2%
- SelectCare & Other$147M+1.6%5.6%
Forward guidance
Ryder provided full year 2021 and fourth quarter 2021 forecasts. FY21 GAAP EPS is projected to be $8.60 - $8.70, and comparable EPS (non-GAAP) is expected to be $8.40 - $8.50. The company anticipates an ROE of 18% - 19% and free cash flow of $1.0B - $1.1B. For the fourth quarter, GAAP EPS is forecasted at $2.27 - $2.37, and comparable EPS (non-GAAP) is forecasted at $2.36 - $2.46.
Tailwinds
- Increased GAAP EPS forecast to $8.60 - $8.70 from $7.40 - $7.70
- Increased comparable EPS (non-GAAP) forecast to $8.40 - $8.50 from $7.20 - $7.50
- Expect to achieve adjusted ROE of 18% - 19%
- Maintained cash flow from operating activities forecast of $2.2 billion
- Increased free cash flow (non-GAAP) forecast to $1.0 billion - $1.1 billion
Headwinds
- Labor shortages are affecting current results in DTS and SCS.
- Supply chain disruptions are impacting SCS automotive customers.
- Unallocated Central Support Services (CSS) costs increased to $17 million from $8 million in the prior year, primarily due to higher compensation-related expenses.
- Effective income tax rate from continuing operations was 24.3% as compared to 17.7% in the prior year.
- Year-to-date operating cash flow remained at $1.7 billion, reflecting higher earnings, offset by higher working capital needs.
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 Q3 2021
-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% | — | — |
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