Ryder reports Q3 non-GAAP EPS $3.44, consensus $3.42

Reports Q3 revenue $3.2B, consensus $3.29B. “Ryder’s (R) solid Q3 performance reflects continued execution of our balanced growth strategy,” says CEO Robert Sanchez. “Earnings growth in our contractual lease, dedicated, and supply chain businesses remains the key driver of outperformance relative to prior cycles. ROE of 16% continues to demonstrate the increased resilience of our transformed business model and is consistent with our expectations for the latter stage of a freight-cycle downturn. Although we did not see a recovery of market conditions in used vehicle sales and rental during the quarter, we delivered comparable EPS in line with our forecast. We saw double-digit earnings growth in our contractual businesses…Our board authorized a new discretionary two-million-share repurchase program that replaces a recently completed program. In addition, our strong balance sheet has allowed us to fund organic growth, complete strategic acquisitions, and increase our dividend. The long-term secular growth trends remain intact for all of our contractual businesses, although we are experiencing near-term sales headwinds that reflect the extended freight downturn and overall economic uncertainty. We remain well positioned to benefit from the expected cycle upturn and to grow with our customers as conditions improve.”