Ryder System Issues Q4 Outlook; Raises FY22 Earnings View Above Market - Update

(RTTNews) - Logistics and transportation company Ryder System, Inc. (R), while announcing higher third-quarter results on Wednesday, issued earnings outlook for the fourth quarter, and lifted fiscal 2022 forecast.

For the fourth quarter, the company expects earnings in the range of $3.53 to $3.73 per share, and comparable earnings in the range of $3.18 to $3.38.

On average, nine analysts polled by Thomson Reuters expected earnings of $3.2 per share for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2022, the company expects earnings in the range of $16.40 to $16.60 per share, and comparable earnings in the range of $15.65 to $15.85. Analysts estimated earnings of $14.88 for the year.

Total revenue growth is expected to be around 23%, and operating revenue growth at around 18%.

Ryder Chairman and CEO Robert Sanchez said, "Looking ahead, we've increased our 2022 ROE and comparable EPS forecasts to reflect improved rental and used vehicle sales performance and we remain confident in our outlook for continued strong core earnings. We have increased our most recent free cash flow forecast for full year 2022 to $800 - $900 million due to higher proceeds from used vehicle sales."