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Yahoo
4 days ago
- Automotive
- Yahoo
Ryder's used vehicle numbers show a bullish corner: tractor sales
Used vehicle prices have always played a significant role at profitability for Ryder System as well as providing guidance on where the broader market stands. The company's second quarter earnings report was no different. With Ryder (NYSE: R) taking a conservative outlook in making its outlook for the remainder of the year–its forecast is earnings per share of $12.85 – $13.30, down from an earlier projection of $12.85 – $13.60–used vehicle pricing's fortunes aren't seen as being that much different: stability with some hope for an increase. The one positive number the company provided in its earnings report was that Ryder's used tractor pricing rose 3% sequentially from the first quarter, even as Ryder's used truck prices overall fell 10% compared to the first three months of the year. The year-on-year comparison was weaker, with average sales prices of both tractors and trucks declining 17% from the corresponding quarter of 2024. In the question and answer session with analysts, Ryder CEO Robert Sanchez specifically highlighted the sequential increase in tractor pricing. He noted that the 3% sequential increase in tractor pricing includes a one-time shift to more sales through wholesale channels. If retail sales only were measured, he said, the gain was 10%. 'So we would expect that trend to continue,' Sanchez said. 'We're very encouraged by what we're seeing in the used tractor market.' Thomas Havens, the president of Fleet Management Solutions at Ryder, which does the buying and selling of vehicles at the company, said tractors with sleeper berths are 'where you're seeing the most price uplift in used vehicle sales.' He also said the company's inventory of used sleeper tractors for sale is 'relatively low.' 'And that's what's driving the pricing,' he said. 'I think it's an indication that you're getting closer to equilibrium, at least on that class.' Wholesale vs. retail In her prepared remarks to the company's conference call with analysts, Cristina Gallo-Aquino, the company's CFO, said the results of Ryder's used vehicle sales in the quarter were 'negatively impacted' by its decision to move a lot of its inventory out the door through wholesale channels, which historically brings in less revenue per vehicle than selling through retail outlets. But it was a one-time development, she added. 'We do not plan on executing this level of wholesale trades going forward,' she said. Ryder's used vehicle sales through retail outlets were about 50% of volume in the quarter, Gallo-Aquino said. A year earlier, that number was 65%, she added. That leaves the rest of the year, which Gallo-Aquino said Ryder expects to not have 'any significant change to market conditions.' The company's sales levels are expected to be in line with the first quarter for the remainder of the year. Ryder sold 5,100 used vehicles in the first quarter, rising to 6,200 in the second quarter when the wholesale sales channels were heavily utilized. Two other key metrics for Ryder's used vehicle inventory are its inventory levels and realized prices versus residual values that are baked into the company's asset valuation. Gallo-Aquino said at 9,600, the company's inventory of used vehicles 'was slightly above our targeted inventory range.' The prices it is obtaining in its sales are above residual values, she added. Ryder also is a buyer of vehicles. Sanchez said trucks at Ryder are about 60% of its rental fleet, and the company has been investing in those vehicles. He was more cautious about Ryder's planned purchase of tractors, saying the company '(expects) that we would invest in some tractors in the rental fleet probably in 2026, but we'll wait to see as the market improves before we do that and grow that tractor fleet again.' On a separate issue, Ryder president and COO John Diez reviewed several data points on the call about the company's balance sheet, including higher cash flow generation and a concurrent deleveraging that he said is 'creating incremental debt capacity.' The result of those changes, he said, would be about $3.5 billion of new debt capacity, which results in about $14 billion 'available for capital deployment.' About $9 billion of that will be for equipment replacement and dividends, which leaves about $5 billion that in part could be used for 'strategic acquisitions and investments.' That brought a question from Ravi Shanker of Morgan Stanley, who said it was 'great to see the dry powder on the balance sheet here.' Sanchez in response said the company was 'always looking for acquisition opportunities.' What it would buy He elaborated later on Ryder's acquisition strategy. 'I want to buy companies that are well run,' he said. 'We're not looking for turnaround situations, and we want to buy companies that are certainly within our core businesses. So we're in the market always.' Ryder's two most recent acquisitions, both mentioned by Sanchez on the call, were of Cardinal Logistics, which led to a major growth in the company's Dedicated division, and IFS, which slotted into its contract logistics Supply Chain Services segment. Coming back to Shanker's description of the balance sheet, Sanchez said of acquisitions: 'We've got plenty of dry powder now to do it, and we're going to continue to look until we find the right ones.' More articles by John Kingston Yet another broker liability case, this time in the Fifth Circuit, adds to the growing mix Supply chain software provider Manhattan Associates soars after strong revenue growth Five takeaways from the State of Freight for July: What earnings and the indices are saying about the market The post Ryder's used vehicle numbers show a bullish corner: tractor sales appeared first on FreightWaves. Sign in to access your portfolio
Business Wire
6 days ago
- Automotive
- Business Wire
Ryder Reports Second Quarter 2025 Results
MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) reported results for the three months ended June 30 as follows: Total and operating revenue for the three months ended June 30 were as follows: Expand CEO Comment "The Ryder team delivered our third consecutive quarter of double-digit growth in earnings per share," says Ryder Chairman and CEO Robert Sanchez. "Earnings in the second quarter were above our expectations driven by better supply chain performance, partially offset by additional used vehicle wholesale volumes. We remain on track to achieve expected benefits in 2025 from our lease pricing and multi-year maintenance cost-saving initiatives, acquisition synergies, and optimization of our omnichannel retail network. Our ability to generate ROE of 17% in the current environment continues to demonstrate consistent execution and the resilience of our transformed business model. "SCS delivered another quarter of record earnings, marking nine consecutive quarters of earnings growth. Execution of strategic initiatives and new business were the key drivers of strong SCS performance. DTS earnings were up slightly as acquisition benefits and solid operating performance were offset by lower fleet count, reflecting the prolonged freight market downturn. In FMS, contractual earnings growth, driven by our initiatives, partially offset weaker market conditions in used vehicle sales. "Our strong capital deployment capacity continues to increase, enabling us to invest in profitable growth and strategic initiatives while also returning capital to shareholders. We recently announced a 12% annualized increase to our quarterly dividend, reflecting higher profitability and improved returns over the cycle. We also continued to execute on our share repurchase programs and have reduced our share count by 21% since 2021. "Long-term secular growth trends remain intact for all of our businesses. Ryder is well positioned to benefit from the eventual freight cycle upturn in our transactional rental and used vehicle sales offerings, as well as in our contractual businesses as we continue to support customers navigating a dynamic market. We are confident that the structurally higher earnings profile of our transformed business model will continue to outperform prior cycles." Second Quarter 2025 Segment Review FMS total revenue decreased 1% and operating revenue increased 1% Total revenue reflects lower fuel costs passed through to customers and fewer gallons sold Operating revenue reflects higher ChoiceLease revenue FMS EBT of $126 million, decreased 6% Higher ChoiceLease performance driven by pricing and maintenance cost-saving initiatives Lower used vehicle sales results reflect weaker market conditions and higher wholesale volumes to manage aged inventory levels Used tractor and truck pricing both declined 17% from prior year; tractor pricing increased 3% while truck pricing declined 10% sequentially from first quarter of 2025 Rental power-fleet utilization was 70%, up from 69% in the prior year, on a 7% smaller average active power fleet Supply Chain Solutions: Double-Digit Earnings Growth Reflects Continued Strong Operating Performance SCS total revenue and operating revenue increased 2% and 3%, respectively Total revenue primarily reflects increased operating revenue Increase in operating revenue driven by new business as well as higher customer volumes and pricing SCS EBT of $99 million, up 16% EBT growth primarily reflects operating revenue growth and improved performance from optimization of omnichannel retail network Dedicated Transportation Solutions: Earnings Include Acquisition Synergies Offset by Lower Fleet Count Reflecting Freight Market Conditions DTS total revenue and operating revenue decreased 5% and 3%, respectively Primarily due to lower fleet count reflecting prolonged freight market downturn DTS EBT of $37 million, up 1% Due to acquisition synergies and prior year integration costs, partially offset by lower operating revenue Corporate Financial Information Tax Rate Our effective income tax rate from continuing operations was 28.3%, as compared to 29.1% in the prior year, and our comparable effective income tax rate (a non-GAAP measure) from continuing operations was 28.0%, as compared to 29.0%. The decrease in the tax rates was primarily due to a reduction in U.S. tax on foreign earnings. Capital Expenditures, Cash Flow, and Leverage Second quarter capital expenditures decreased to $1.2 billion in 2025 compared to $1.3 billion in 2024, primarily reflecting reduced investments in ChoiceLease. Second quarter net cash provided by operating activities from continuing operations was $1.4 billion compared to $1.1 billion in 2024, primarily reflecting lower income tax payments and timing of vendor payments. Free cash flow (non-GAAP) of $461 million compared to $71 million in 2024, primarily reflects higher cash provided by operating activities and reduced capital expenditures. Debt-to-equity as of June 30, 2025 was 251% compared to 250% at year-end 2024 and is at the bottom end of the company's long-term target of 250% to 300%. Outlook "We continue to expect earnings growth in 2025 reflecting ongoing execution on our initiatives and the strength of our contractual businesses," says Ryder Chief Financial Officer Cristina Gallo-Aquino. "Our 2025 free cash flow forecast has been increased by approximately $500 million to reflect lower capital spending and the permanent reinstatement of tax bonus depreciation. The top end of our revised earnings forecast range primarily reflects a more muted second-half recovery for used vehicle sales and contractual sales headwinds from ongoing macroeconomic uncertainty." Supplemental Company Information Business Description Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400 ® index. The company's financial performance is reported in the following three, inter-related business segments: Supply Chain Solutions – Ryder's SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder's leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day. Dedicated Transportation Solutions – Ryder's DTS business segment combines the best of Ryder's leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain. Fleet Management Solutions – Ryder's FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder's expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best – so they can grow. For more information on Ryder System, Inc., visit and Note: Regarding Forward-Looking Statements Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn and cycle timing and recovery on our businesses; total and operating revenue, EPS, comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, debt-to-equity, capital expenditures, and the causes of change; our ability to continue executing on our transformed business model; our ability to outperform prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; our ability to profitably grow business; our ability to support organic growth; growth and continued strong earnings performance in our contractual businesses; strategic investments and acquisitions, including acquisition synergies; the omnichannel retail network; our capital deployment capacity; our actions to increase returns and create long-term value; and our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors. All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and 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. Note: Regarding Non-GAAP Financial Measures This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this release, which are available at Ryder's earnings conference call and webcast is scheduled for July 24, 2025 at 11:00 a.m. ET. To join, click here. WEBCAST REPLAY An audio replay including the slide presentation will be available within four hours following the call. Click here, then select Financials/Quarterly Results and the date. RYDER SYSTEM, INC. AND SUBSIDIARIES Three months ended June 30, Six months ended June 30, (In millions, except per share amounts) 2025 2024 2025 2024 Services revenue $ 2,123 2,114 $ 4,202 4,151 Lease & related maintenance and rental revenue 966 948 1,911 1,884 Fuel services revenue 100 120 206 244 Total revenue 3,189 3,182 6,319 6,279 Cost of services 1,792 1,793 3,564 3,536 Cost of lease & related maintenance and rental 641 644 1,290 1,313 Cost of fuel services 94 116 198 237 Selling, general and administrative expenses 378 368 744 746 Non-operating pension costs, net 9 10 18 21 Used vehicle sales, net 2 (19 ) (7 ) (39 ) Interest expense 102 96 202 188 Miscellaneous income, net (13 ) (4 ) (8 ) (19 ) Restructuring and other items, net — — — 4 3,005 3,004 6,001 5,987 Earnings from continuing operations before income taxes 184 178 318 292 Provision for income taxes 52 52 88 80 Earnings from continuing operations 132 126 230 212 (Loss) earnings from discontinued operations, net of tax (1 ) 1 (2 ) — Net earnings $ 131 127 $ 228 212 Earnings per common share — Diluted Continuing operations $ 3.15 2.83 $ 5.42 4.72 Discontinued operations (0.02 ) 0.01 (0.03 ) 0.01 Net earnings $ 3.13 2.84 $ 5.39 4.73 Weighted average common shares outstanding — Diluted 41.8 44.6 42.4 44.8 Diluted EPS from continuing operations $ 3.15 2.83 $ 5.42 4.72 Non-operating pension costs, net 0.18 0.17 0.35 0.33 Acquisition costs — 0.01 — 0.11 Other, net (0.01 ) (0.01 ) — (0.03 ) Comparable EPS from continuing operations (1) $ 3.32 3.00 $ 5.77 5.13 ———————————— (1) Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table. Note: Amounts may not be additive due to rounding. Expand SELECTED KEY RATIOS AND METRICS June 30, 2025 December 31, 2024 Debt to equity 251% 250% Expand Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 2025 2024 Comparable EBITDA (1) $ 729 704 $ 1,400 1,340 Effective interest rate 5.3 % 5.2 % 5.2 % 5.1 % Expand Six months ended June 30, (In millions) 2025 2024 Net cash provided by operating activities from continuing operations $ 1,403 1,078 Free cash flow (1) 461 71 Capital expenditures paid 1,203 1,324 Gross capital expenditures 1,192 1,301 Expand Twelve months ended June 30, 2025 2024 Adjusted ROE (2) 17% 16% ———————————— (1) Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix - Non-GAAP Financial Measures section at the end of this release. (2) The non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the Appendix - Non-GAAP Financial Measures section at the end of this release. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Total Revenue: Fleet Management Solutions: ChoiceLease $ 871 856 2% $ 1,738 1,698 2% Commercial rental 239 244 (2)% 458 475 (4)% SelectCare and other 178 176 2% 352 354 —% Fuel services revenue 179 202 (12)% 366 406 (10)% Fleet Management Solutions 1,467 1,478 (1)% 2,914 2,933 (1)% Supply Chain Solutions 1,366 1,341 2% 2,697 2,643 2% Dedicated Transportation Solutions 606 635 (5)% 1,208 1,198 1% Eliminations (250 ) (272 ) (8)% (500 ) (495 ) 1% Total revenue $ 3,189 3,182 —% $ 6,319 6,279 1% Operating Revenue: (1) Fleet Management Solutions $ 1,288 1,276 1% $ 2,548 2,527 1% Supply Chain Solutions 1,019 989 3% 2,019 1,961 3% Dedicated Transportation Solutions 470 485 (3)% 930 911 2% Eliminations (167 ) (189 ) (12)% (330 ) (343 ) (4)% Operating revenue $ 2,610 2,561 2% $ 5,167 5,056 2% Business Segment Earnings: Earnings from continuing operations before income taxes: Fleet Management Solutions $ 126 133 (6)% $ 220 233 (6)% Supply Chain Solutions 99 85 16% 186 149 24% Dedicated Transportation Solutions 37 37 1% 64 55 17% Eliminations (36 ) (34 ) 3% (68 ) (63 ) 6% 226 221 2% 402 374 7% Unallocated Central Support Services (21 ) (22 ) (1)% (42 ) (35 ) (18)% Intangible amortization expense (12 ) (11 ) 11% (25 ) (22 ) 16% Non-operating pension costs, net (9 ) (10 ) (10)% (18 ) (21 ) (11)% Other items impacting comparability, net — — NM 1 (4 ) NM Earnings from continuing operations before income taxes 184 178 3% 318 292 9% Provision for income taxes 52 52 —% 88 80 9% Earnings from continuing operations $ 132 126 4% $ 230 212 9% ———————————— (1) Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix - Non-GAAP Financial Measures section at the end of this release. Note: Amounts may not be additive due to rounding. NM - Denotes Not Meaningful. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Fleet Management Solutions FMS total revenue $ 1,467 1,478 (1)% $ 2,914 2,933 (1)% Fuel services revenue (179 ) (202 ) (12)% (366 ) (406 ) (10)% FMS operating revenue (1) $ 1,288 1,276 1% $ 2,548 2,527 1% Segment earnings before income taxes $ 126 133 (6)% $ 220 233 (6)% FMS earnings before income taxes as % of FMS total revenue 8.6% 9.0% 7.5% 8.0% FMS earnings before income taxes as % of FMS operating revenue (1) 9.7% 10.4% 8.6% 9.2% Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Supply Chain Solutions SCS total revenue $ 1,366 1,341 2% $ 2,697 2,643 2% Subcontracted transportation and fuel (347 ) (352 ) (1)% (678 ) (682 ) (1)% SCS operating revenue (1) $ 1,019 989 3% $ 2,019 1,961 3% Segment earnings before income taxes $ 99 85 16% $ 186 149 24% SCS earnings before income taxes as % of SCS total revenue 7.2% 6.4% 6.9% 5.7% SCS earnings before income taxes as % of SCS operating revenue (1) 9.7% 8.6% 9.2% 7.6% Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Dedicated Transportation Solutions DTS total revenue $ 606 635 (5)% $ 1,208 1,198 1% Subcontracted transportation and fuel (136 ) (150 ) (9)% (278 ) (287 ) (3)% DTS operating revenue (1) $ 470 485 (3)% $ 930 911 2% Segment earnings before income taxes $ 37 37 1% $ 64 55 17% DTS earnings before income taxes as % of DTS total revenue 6.2% 5.8% 5.3% 4.6% DTS earnings before income taxes as % of DTS operating revenue (1) 7.9% 7.6% 6.9% 6.0% ———————————— (1) Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS Our fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred): ChoiceLease Average fleet count 143,200 146,000 144,000 144,600 (2)% —% End of period fleet count 142,600 145,000 142,600 145,000 (2)% (2)% Average active fleet count (1) 134,500 137,600 134,800 136,000 (2)% (1)% End of period active fleet count (1) 134,100 136,800 134,100 136,800 (2)% (2)% Commercial rental Average fleet count 34,300 35,500 34,600 35,600 (3)% (3)% End of period fleet count 34,000 35,400 34,000 35,400 (4)% (4)% Rental utilization - power units (2) 70 % 69 % 68 % 68 % 100bps —bps Rental rate change - % (3) 4 % — % 3 % — % Customer vehicles under SelectCare contracts Average fleet count 43,000 50,400 42,800 50,800 (15)% (16)% End of period fleet count 43,400 48,500 43,400 48,500 (11)% (11)% Customer vehicles under SCS contracts End of period fleet count (4) 13,000 13,500 13,000 13,500 (4)% (4)% End of period power vehicles (4) 3,800 4,100 3,800 4,100 (7)% (7)% Customer vehicles under DTS contracts End of period fleet count (4) 18,400 19,900 18,400 19,900 (8)% (8)% End of period power vehicles (4) 7,200 7,600 7,200 7,600 (5)% (5)% Used vehicle sales (UVS) End of period fleet count 9,600 9,500 9,600 9,500 1% 1% Used vehicles sold 6,200 6,000 11,300 12,600 3% (10)% UVS pricing change (5) Tractors (17 )% (19 )% (16 )% (27 )% Trucks (17 )% (27 )% (18 )% (28 )% ———————————— (1) Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units. (2) Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers). (3) Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency. (4) These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental and SelectCare. (5) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES This press release and accompanying tables include 'non-GAAP financial measures' as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. Specifically, the following non-GAAP financial measures are included in this press release: Non-GAAP Financial Measure Comparable GAAP Measure Operating Revenue Measures: Operating Revenue Total Revenue Appendix - Non-GAAP Financial Measure Reconciliations FMS Operating Revenue FMS Total Revenue Business Segment Information - Unaudited SCS Operating Revenue SCS Total Revenue DTS Operating Revenue DTS Total Revenue Operating Revenue Growth Total Revenue Growth Appendix - Non-GAAP Financial Measure Reconciliations FMS EBT as a % of FMS Operating Revenue FMS EBT as a % of FMS Total Revenue Business Segment Information - Unaudited SCS EBT as a % of SCS Operating Revenue SCS EBT as a % of SCS Total Revenue DTS EBT as a % of DTS Operating Revenue DTS EBT as a % of DTS Total Revenue Comparable Earnings Measures: Comparable Earnings Before Income Tax and Comparable Tax Rate Earnings Before Income Tax and Effective Tax Rate from Continuing Operations Appendix - Non-GAAP Financial Measure Reconciliations Comparable EPS EPS from Continuing Operations Condensed Consolidated Statements of Earnings - Unaudited Appendix - Non-GAAP Financial Measure Reconciliations Adjusted Return on Equity (ROE) Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. Appendix - Non-GAAP Financial Measure Reconciliations Comparable Earnings Before Interest, Taxes, Depreciation and Amortization Net Earnings Appendix - Non-GAAP Financial Measure Reconciliations Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities from Continuing Operations Appendix - Non-GAAP Financial Measure Reconciliations Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table. Operating Revenue Measures: Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs. Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS. Comparable Earnings Measures: Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period. Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations. Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods as described immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP. Cash Flow Measures: Total Cash Generated Free Cash Flow We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities. Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited. Expand TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION Six months ended June 30, (In millions) 2025 2024 Net cash provided by operating activities from continuing operations $ 1,403 1,078 Proceeds from sales (primarily revenue earning equipment) (2) 260 317 Other (2) 1 — Total cash generated (1) 1,664 1,395 Purchases of property and revenue earning equipment (2) (1,203 ) (1,324 ) Free cash flow (1) $ 461 71 Expand COMPARABLE EARNINGS RECONCILIATION Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 2025 2024 Earnings from continuing operations $ 132 126 $ 230 212 Non-operating pension costs, net 8 7 15 15 Acquisition costs — 1 — 5 Other, net (1 ) — — (2 ) Comparable earnings from continuing operations (1) (3) $ 139 134 $ 245 230 Tax rate on continuing operations 28.3 % 29.1 % 27.7 % 27.7 % Tax adjustments and income tax effects of non-GAAP adjustments (1) (3) (0.3 )% (0.1 )% (0.7 )% (0.3 )% Comparable tax rate on continuing operations (1) (3) 28.0 % 29.0 % 27.0 % 27.4 % ———————————— (1) Non-GAAP financial measure. (2) Included in cash flows from investing activities. (3) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES ADJUSTED RETURN ON EQUITY RECONCILIATION Twelve months ended June 30, (Dollars in millions) 2025 2024 Net earnings $ 506 495 Other items impacting comparability, net 8 10 Tax impact (1) — (6 ) Adjusted net earnings $ 514 499 Average shareholders' equity $ 3,068 3,082 Average adjustments to shareholders' equity (2) 4 (7 ) Adjusted average shareholders' equity $ 3,072 3,075 Adjusted return on equity (3) 17 % 16 % ———————————— (2) Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods. (3) Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders' equity. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 2025 2024 Net earnings $ 131 127 $ 228 212 Loss (earnings) from discontinued operations, net of tax 1 (1 ) 2 — Provision for income taxes 52 52 88 80 EBT 184 178 318 292 Non-operating pension costs, net 9 10 18 21 Acquisition costs — 1 — 6 Other, net — (1 ) (1 ) (2 ) Comparable EBT (1) 193 188 335 317 Interest expense 102 96 202 188 Depreciation 420 428 845 852 Used vehicle sales, net 2 (19 ) (7 ) (39 ) Intangible amortization 12 11 25 22 Comparable EBITDA $ 729 704 $ 1,400 1,340 ———————————— (1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is set forth in this table. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Twelve months ended December 31, (In millions) 2025 2024 Change Total revenue $ 12,700 12,636 1 % Subcontracted transportation and fuel (2,300 ) (2,370 ) (3 )% Operating revenue (1) $ 10,400 10,266 1 % Expand COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION (In millions, except per share amounts) Third Quarter 2025 Full Year 2025 EPS from continuing operations $3.30 - $3.50 $12.15 - $12.60 Non-operating pension costs 0.15 0.70 Comparable EPS from continuing operations forecast (1) $3.45 - $3.65 $12.85 - $13.30 Expand TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION (In millions) 2025 Forecast Net cash provided by operating activities from continuing operations $ 2,800 Proceeds from sales (primarily revenue earning equipment) (2) 500 Total cash generated (1) 3,300 Purchases of property and revenue earning equipment (2) (2,300 ) Free cash flow (1) $ 1,000 ———————————— (1) Non-GAAP financial measure. (2) Included in cash flows from investing activities. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES ADJUSTED RETURN ON EQUITY FORECAST RECONCILIATION (In millions) 2025 Forecast Net earnings $ 520 Tax impact (1) — Adjusted net earnings for ROE (numerator) (2) [A] $ 520 Average shareholders' equity [B] $ 3,110 Adjusted return on equity (2) [A]/[B] 17 % ———————————— (1) Represents income taxes on other items impacting comparability. (2) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity set forth in this table. Note: Amounts may not be additive due to rounding. Expand ryder-financial
Yahoo
22-07-2025
- Sport
- Yahoo
Chelsea Legend Urges Club to Add Competition in Key Role Despite Club World Cup Win
Chelsea Legend Urges Club to Add Competition in Key Role Despite Club World Cup Win originally appeared on Athlon Sports. Chelsea's 3-0 win over PSG in the Club World Cup Final impressed many football fans around the world. The current UEFA Conference League winners have defeated the current UEFA Champions League winners at the MetLife Stadium. Advertisement While almost every Chelsea fan celebrates with full joy about their players' latest triumph, a Chelsea legend still hopes the club adds competition for a certain position on the team. Mikel John Obi spoke after Chelsea's Club World Cup win and has questions about a certain player. The former Chelsea midfielder was happy to see a player perform well against PSG, but still believes the club could improve in bringing in a new player this summer. Mikel John Obi referred to Robert Sanchez, who was one of Chelsea's best players against PSG in the Club World Cup Final. The Chelsea legend urges the club to bring a new goalkeeper in this summer's transfer window. Advertisement Mikel John Obi on Robert Sanchez There have been questions over Robert Sanchez being the first-choice goalkeeper at Chelsea by many fans, but he proved many wrong in the final against PSG. The Spanish keeper was fundamental in causing PSG problems with excellent passes to Chelsea attackers. He was also great at making important saves to keep Chelsea in the game. Sanchez kept a clean sheet and made six saves against PSG. Despite this, Mikel John Obi believes it is best if he gets competition ahead of next season. Mikel John Obi: "I still believe we do need a top, top goalkeeper. Robert Sanchez had a brilliant game today but going into the new season with the Champions League and the Premier League I think you still need another top goalkeeper that is going to come in and compete with him." Sanchez's performances earned him the Golden Glove award for the 2025 FIFA Club World Cup. Sanchez kept three clean sheets and conceded five goals throughout six out of seven Chelsea games in the tournament this summer. Advertisement Robert Sanchez made 40 appearances in the 2024-25 season for Chelsea. He played 32 Premier League games, where he kept 10 clean sheets and conceded 34 goals. What's Next for Chelsea? Chelsea's 2024-25 season has finally come to an end after winning the 2025 FIFA Club World Cup. Chelsea will have three weeks of full rest before they begin their pre-season. Chelsea has two scheduled friendly matches at the beginning of August at Stamford Bridge. Chelsea takes on Bayer Leverkusen on August 8 and AC Milan on August 10. Chelsea's 2025-26 season begins on August 17. Advertisement Their first Premier League game will be against Crystal Palace at Stamford Bridge. Chelsea will be playing in the UEFA Champions League next season under Enzo Maresca. This story was originally reported by Athlon Sports on Jul 13, 2025, where it first appeared.
Toronto Sun
21-07-2025
- Sport
- Toronto Sun
New York and New Jersey expect $3.3-billion boost from hosting World Cup
The region will hold eight matches at Metlife Stadium, including the final on July 19, 2026, expecting to bring in over 1.2 million fans Published Jul 21, 2025 • 2 minute read Robert Sanchez #1 of Chelsea FC makes save from Joao Neves #87 of Paris Saint-Germain during the FIFA Club World Cup 2025 Final match between Chelsea FC and Paris Saint-Germain at MetLife Stadium on July 13, 2025 in East Rutherford, New Jersey. (Photo by) New York and New Jersey officials are projecting a $3.3 billion economic boost to the region from hosting the FIFA World Cup in 2026. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The region will hold eight matches at Metlife Stadium in New Jersey, including the final on July 19, 2026, expecting to bring in over 1.2 million fans and tourists, according to an economic impact summary released Monday by the NYNJ Host Committee, the local body responsible for organizing the games. The tournament will generate $1.3 billion in projected total labor income for the regional economy, and $1.7 billion in projected spending within the regional economy by match and non-match attendees, according to the committee's estimates. Next year's games are expected to be the most highly attended in FIFA's history, with roughly six million fans from around the world projected to attend the tournament's 104 matches in the US, Canada and Mexico. Boston, Dallas, Kansas City, Philadelphia and Los Angeles are among the other 11 host US cities. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'It's a legacy-defining opportunity to create lasting economic and social impact for New York and New Jersey,' said Alex Lasry, chief executive officer of the NYNJ Host Committee in a statement. 'From record tourism and global visibility to local investment and job creation, this tournament will help shape the future of our region.' President Donald Trump — who refers to FIFA President Gianni Infantino as a friend — has high expectations for next year's turnout even as he continues to roll out tariffs on a swath of countries, including nations that are expected to compete in the World Cup next year. 'Tensions are a good thing,' Trump said during a FIFA task force meeting at the White House earlier this year when asked about how his policies could impact the games. 'It'll make it more exciting.' This advertisement has not loaded yet, but your article continues below. More than 26,000 jobs will be generated across both states to support the games, according to the summary. The event will also bring in roughly $432 million in state and local tax revenues. The study was carried out in partnership with Tourism Economics, which is owned by Oxford Economics. The Club World Cup 2025 — a 63-match competition between top club soccer teams from around the world — concluded with a final hosted by the New Jersey-New York region on July 13. The tournament sold close to 1.5 million tickets, according to a statement from FIFA. The games served as a small preview of what's to come in 2026. 'In less than one year from today, more than one billion people around the world will be watching,' said Chair of the NYNJ Host Committee Tammy Murphy in a statement. 'The countdown is on for this once-in-a-generation opportunity to showcase our region on the world stage.' Toronto & GTA Uncategorized Football Canada Editorial Cartoons
BBC News
17-07-2025
- Sport
- BBC News
Were Chelsea right to cash in on Petrovic?
Last season, Chelsea sent Djordje Petrovic on loan to Strasbourg, where he was voted the club's player of the rather than welcoming the goalkeeper back into the squad as competition for Robert Sanchez and Filip Jorgensen, the Blues have instead sold the Serb to Bournemouth for £25m, banking an £11m profit on what they paid for him in of the reasons Chelsea loaned Petrovic to their partner club was to help him improve his ability on the ball, BBC Sport football news reporter Nizaar Kinsella reported in up for news alerts on your Premier League club Though Petrovic's passing stats did not notably improve during his year in France, his distribution over the past 12 months was still more accurate than Sanchez, who posted lower figures for pass accuracy and long pass accuracy. Cup keeper Jorgensen, meanwhile, finished with a better record than Petrovic stood out with Strasbourg was in his shot-stopping. He prevented almost 10 goals more than an average goalkeeper would save, based on the expected goals on target model. That total was the sixth highest in the top five European leagues last however, excelled as Chelsea lifted the Club World Cup, where he won the Golden Glove given to the tournament's best Spaniard made several key saves in the final against Paris St-Germain, also impressing with some pin-point passes to set up attacks. Despite occasional shaky moments in 2025-26, he seems likely to remain number one for the new season.
