Ryder System Boosts FY24 Earnings Outlook As Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Tuesday, Ryder System, Inc. (R) raised its earnings and comparable earnings guidance for the full-year 2024, while trimming revenue growth outlook. The company also provided financial outlook for the second quarter.

For fiscal 2024, the company now projects earnings in a range of $10.95 to $11.70 per share and comparable earnings in a range of $11.75 to $12.50 per share on total revenue growth of about 10 percent and operating revenue growth of about 10 percent.

Previously, the company expected earnings in a range of $10.70 to $11.70 per share and comparable earnings in a range of $11.50 to $12.50 per share on total revenue growth of about 13 percent and operating revenue growth of about 13 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.69 per share on revenue growth of 10.80 percent to $13.05 billion for the year. Analysts' estimates usually exclude special items.

For the second quarter, the company expects earnings in a range of $2.58 to $2.78 per share and comparable earnings in a range of $2.75 to $2.95 per share. The Street is looking for earnings of $3.66 per share for the quarter.

For the first quarter, the company reported net earnings of $85 million or $1.89 per share, down from $139 million or $2.94 per share in the prior-year quarter.

Excluding items, comparable earnings from continuing operations were $2.14 per share, compared to $2.81 per share in the year-ago quarter.

Total revenue for the quarter grew to $3.10 billion from $2.95 billion in the same quarter last year.

The Street was looking for earnings of $1.71 per share on revenues of $3.06 billion for the quarter.

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