Ryder Authorizes New Discretionary Program to Repurchase Shares

Rhea-AI Summary

Ryder System, Inc. (NYSE: R) has authorized a new discretionary share repurchase program, allowing management to buy back up to 2.0 million shares of common stock from February 10, 2023, through February 10, 2025. This initiative aims to enhance capital structure flexibility while supporting balance sheet leverage, acquisition opportunities, and shareholder returns. As of January 31, 2023, Ryder had 46.3 million shares outstanding. The repurchases will be executed using working capital and could include various methods like open-market transactions, depending on market conditions and legal requirements.

Positive

• Authorization of a share repurchase program for up to 2.0 million shares, potentially increasing shareholder value.
• Focus on balance sheet leverage and acquisition opportunities, indicating management's confidence in future growth.

Negative

• None.

MIAMI--(BUSINESS WIRE)-- Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, announces its Board of Directors has authorized a new discretionary share repurchase program.

Under the new program, Ryder management is authorized to repurchase up to 2.0 million shares of common stock, at its discretion, from February 10, 2023 through February 10, 2025 (two years). This program is designed to provide management with capital structure flexibility while concurrently managing objectives related to target balance sheet leverage, acquisition opportunities, and shareholder returns.

Share repurchases under the program can be made from time to time using the company’s working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements, and other factors. As of January 31, 2023, the company had 46.3 million shares of common stock outstanding.

About Ryder System, Inc.

Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including full service leasing, rental, and maintenance, used vehicle sales, professional drivers, transportation services, freight brokerage, warehousing and distribution, e-commerce fulfillment, and last mile delivery services, to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 239,000 commercial vehicles and operates more than 330 warehouses, encompassing more than 80 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmental stewardship, corporate social responsibility, world-class safety programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to the discretionary share repurchase program, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

ryder-financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005072/en/

Media:

Amy Federman

(305) 500-4989

Investor Relations:

Calene Candela

(305) 500-4053

Source: Ryder System, Inc.

FAQ

What is Ryder's share repurchase program details for 2023?

Ryder has authorized a share repurchase program for up to 2.0 million shares from February 10, 2023, to February 10, 2025.

How many shares of Ryder are currently outstanding?

As of January 31, 2023, Ryder has 46.3 million shares of common stock outstanding.

What is the purpose of Ryder's share repurchase program?

The program aims to provide capital structure flexibility, manage balance sheet leverage, and enhance shareholder returns.

What methods will Ryder use for share repurchases?

Ryder may use working capital for repurchases through open-market transactions and trading plans.