Some key data from the third quarter earnings at Ryder System (NYSE: R):
Used vehicle sales prices continued to fall. They are down year-on-year both for the recently concluded quarter and for the nine months through September.
The volume of sales is falling also, and the size of the used vehicle fleet count at the end of the quarter is up almost 17% from a year ago.
Even though various measures of earnings per share were all down from the third quarter of 2023, the non-GAAP EPS of $3.44 beat consensus forecasts by 2 cts, according to SeekingAlpha. However, early pre-market trading was down about 1%.
Revenue at the Ryder’s Dedicated Services and Supply Chain Solutions segments posted double digit increases compared to a year ago. The two segments both have made significant acquisitions in the last year. Dedicated has grown through the acquisition of Cardinal Logistics; Supply Chain Solutions is bigger because of Ryder’s purchase last year of Impact Fulfillment Services.
The company’s earnings call with analysts is 11 a.m. Thursday.
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