Ryder System, Inc. - R STOCK NEWS

Ryder System, Inc. (NYSE: R) reported a mixed performance in its first-quarter 2023 results, with GAAP EPS from continuing operations at $2.95, down from $3.35 in 2022. Comparable EPS (non-GAAP) also decreased to $2.81 from $3.59. Total revenue increased by 3% to $3 billion, driven by a 10% rise in Supply Chain Solutions (SCS) revenue. Notably, an impairment charge due to a customer bankruptcy impacted SCS earnings, which fell to $17 million. Ryder raised its low-end forecast for full-year comparable EPS to $11.30 - $12.05, while maintaining a 16% - 18% return on equity (ROE) target. Despite challenges in the Fleet Management Solutions (FMS) unit, overall operating revenue grew by 6%, reflecting solid performance in Dedicated Transportation Solutions (DTS) and SCS.

Ryder System, Inc. (NYSE: R) announced its participation at the Advanced Clean Transportation (ACT) Expo in Anaheim, California, from May 1-4, 2023. The company will showcase an industry-first solution for integrating electric vehicles (EVs) into fleets, scheduled for unveiling on May 2 at 11:30 AM PT at booth #5229. Ryder will also feature expert speakers addressing EV planning, battery technology, and autonomous vehicle developments during breakout sessions. Additionally, Ryder is set to add 4,000 BrightDrop electric vans to its fleet through 2025, expanding its offerings of electric vehicles including Ford E-Transits and Volvo Class 8 electric trucks. As a Gold sponsor of ACT Expo, Ryder emphasizes its commitment to sustainable transportation solutions.

Ryder System, Inc. (NYSE: R) has announced the launch of its Freight Brokerage Carrier Loyalty Program, designed to reward carriers engaged with Ryder's brokerage division through the Trucker Tools app. This program offers tiered discounts of up to 22% on used vehicle purchases based on the level of engagement with Ryder. The app provides features like digital trip planning, shipment visibility, predictive freight matching, and automated booking solutions. Kevin Clonch, group director of transportation management, emphasized the importance of rewarding carriers' loyalty and enhancing service quality. This initiative aligns with Ryder's strategy to leverage innovative technology, reinforcing its commitment to providing excellent service and growing its freight brokerage business.

Ryder System, Inc. (NYSE: R) has been awarded the prestigious Overdrive award by General Motors (NYSE: GM) during GM’s 31st annual Supplier of the Year awards, held in San Antonio, Texas on March 22, 2023. Ryder was recognized among 16 companies for outstanding achievements in areas including sustainability, innovation, relationships, and supply chain efficiency. This marks the 11th time Ryder has received such recognition since the award's inception in 2012. With a partnership dating back to 1986, Ryder supports over 40 GM sites across North America, showcasing their long-term commitment and expertise in supply chain solutions.

The Overdrive award highlights Ryder's role in enhancing GM's supply chain resilience and efficiency, especially in a challenging automotive industry environment.

Ryder System (NYSE: R) has announced plans to add 4,000 BrightDrop electric vans to its rental and lease fleet by 2025, with 200 units ordered for 2023. This initiative aims to meet increasing demand for commercial electric vehicles in logistics. The new Zevo 600 and Zevo 400 models will enhance sustainability for Ryder's customers, offering up to 250 miles on a full charge and payload capacities of 2,000 to 3,400 lbs. The rollout will begin in key locations such as California, Dallas-Fort Worth, and New York City.

Ryder System, Inc. (NYSE: R) has been recognized by Newsweek as one of the Most Trustworthy Companies in America for 2023, ranking in the Transport, Logistics & Packaging category. This accolade reflects trust ratings from a survey of about 25,000 U.S. residents, focusing on customer, investor, and employee trust. Ryder CEO Robert Sanchez noted this recognition underscores the company’s commitment to excellence and trustworthy relationships, which have driven its success for over 90 years. Ryder achieved this alongside its recognition as one of America’s Most Responsible Companies in previous years.