Supply chain solutions provider Ryder System Inc. (R), Tuesday reported an increase in first-quarter profit, on a modest increase in revenues led by lease and rental revenues, with services also chipping in.
Nonetheless, revenues fell short of Wall Street expectations, sending Ryder shares down by 5 percent in afternoon trade on the New York Stock Exchange.
"We delivered increased revenue and earnings in an uneven economic environment during the first quarter. Looking ahead, we expect many of the same trends that drove this quarter's performance to continue into the second quarter," the company said.
Miami, Florida-based Ryder reported first-quarter net income of $40 million or $0.77 per share, compared to $34 million or $0.67 per share last year.
Excluding items, comparable earnings from continuing operations for the quarter improved to $0.81 per share from $0.69 per share a year ago.
On average, 13 analysts polled by Thomson Reuters estimated earnings of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the first quarter rose a modest 2 percent to $1.56 billion from $1.54 billion a year ago. Twelve analysts had a consensus revenue estimate of $1.57 billion for the quarter.
Fleet Management Solutions revenue increased 3 percent from last year, on strength in full service lease. Supply Management Solutions edged up 1 percent, on improved freight volumes and new business in the automotive sector and dedicated services, partly offset by lower volumes in the high-tech sector.
For the second quarter, Ryder expects earnings of $1.20 to $1.24 per share. Analysts currently expect earnings of $1.22 per share for the quarter.
For fiscal year 2013, the company continues to expect earnings of $4.70 to $4.85 per share, while analysts currently expect $4.81 per share.
Ryder stock is trading at $54.24, down 5.29%, on a volume of 1.4 million shares.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.