Ryder System (NYSE:R) Issues FY24 Earnings Guidance

Ryder System (NYSE:R) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $11.90-12.40 for the period, compared to the consensus 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 Price Performance

Shares of NYSE:R traded up $0.17 during midday trading on Friday, reaching $132.17. 301,552 shares of the company’s stock were exchanged, compared to its average volume of 261,454. The firm has a market capitalization of $5.79 billion, a PE ratio of 17.31 and a beta of 1.29. The company’s 50 day simple moving average is $123.69 and its two-hundred day simple moving average is $118.77. Ryder System has a 12 month low of $91.31 and a 12 month high of $136.41. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.82 and a current ratio of 0.82.

Ryder System (NYSE:R) last posted its earnings results on Thursday, July 25th. The transportation company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.88 by $0.12. Ryder System had a return on equity of 18.38% and a net margin of 2.95%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the company earned $3.61 EPS. Ryder System’s revenue was up 10.3% on a year-over-year basis. Equities research analysts expect that Ryder System will post 12.17 earnings per share for the current fiscal year.

Ryder System Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Vertical Research raised Ryder System from a hold rating to a buy rating and boosted their target price for the stock from $125.00 to $145.00 in a report on Friday, June 14th. Morgan Stanley began coverage on Ryder System in a research note on Monday, June 24th. They issued an overweight rating and a $165.00 price objective on the stock. JPMorgan Chase & Co. lowered 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. Robert W. Baird upped their price target on shares of Ryder System from $140.00 to $155.00 and gave the stock an outperform rating in a research report on Friday. Finally, Stephens began coverage on shares of Ryder System in a research report on Monday, July 8th. They issued an equal weight rating for the company. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ryder System has a consensus rating of Moderate Buy and a consensus price target of $137.86.

Insider Transactions at Ryder System

In other news, CMO Karen M. Jones sold 6,776 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $120.44, for a total transaction of $816,101.44. Following the completion of the transaction, the chief marketing officer now directly owns 5,666 shares in the company, valued at approximately $682,413.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Ryder System news, CFO John J. Diez sold 13,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $126.69, for a total value of $1,646,970.00. Following the completion of the transaction, the chief financial officer now directly owns 135,471 shares of the company’s stock, valued at $17,162,820.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Karen M. Jones sold 6,776 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $120.44, for a total value of $816,101.44. Following the sale, the chief marketing officer now directly owns 5,666 shares in the company, valued at approximately $682,413.04. The disclosure for this sale can be found here. Insiders have sold 84,129 shares of company stock worth $10,598,226 in the last three months. Insiders own 5.10% of the company’s stock.

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.