Ryder System Inc. Files 10-Q for Q1 2024

TL;DR

<b>Ryder System Inc. filed its Q1 2024 10-Q report detailing financial performance and operational segments.</b>

AI Summary

RYDER SYSTEM INC (R) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Ryder System Inc. reported its Q1 2024 results on April 23, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key segments include Fuel Services, Lease and Rental, and Fleet Management Solutions. Financial data includes details on common stock, preferred stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. The company is incorporated in Florida and operates under the SIC code 7510 for Auto Rental & Leasing.

Why It Matters

For investors and stakeholders tracking RYDER SYSTEM INC, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Ryder System Inc. for the first quarter of 2024, enabling informed investment decisions. Understanding the performance across different segments like Fuel Services and Fleet Management Solutions is crucial for assessing the company's overall business health and future prospects.

Risk Assessment

Risk Level: low — RYDER SYSTEM INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or significant risks beyond normal business operations.

Analyst Insight

Review the detailed segment performance within the 10-Q to identify growth drivers and potential areas of concern for Ryder System Inc.

Key Numbers

• 2024-03-31 — Report Period End Date (10-Q Filing)
• 2024-01-01 — Quarter Start Date (10-Q Filing)
• 0000085961 — Central Index Key (Ryder System Inc.)
• 7510 — Standard Industrial Classification (Auto Rental & Leasing)

Key Players & Entities

• RYDER SYSTEM INC (company) — Filer
• 0000085961 (company) — Central Index Key
• 7510 (company) — Standard Industrial Classification
• FL (company) — State of Incorporation
• 3055003726 (company) — Business Phone
• 2024-04-23 (date) — Filing Date
• 2024-03-31 (date) — Period of Report
• 2024-01-01 (date) — Quarter Start Date

FAQ

Industry Context

Ryder System Inc. operates in the automotive rental and leasing services industry, providing fleet management solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze the revenue and profitability of each business segment (Fuel Services, Lease and Rental, Fleet Management Solutions).
2. Examine the balance sheet details, including equity accounts, for changes from the previous reporting period.
3. Note any specific disclosures or risk factors mentioned in the full 10-Q document.

Key Dates

• 2024-04-23: 10-Q Filing — Report for the quarter ended March 31, 2024

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, following the year-end 10-K filing.

Key Financial Figures

• $0.50 — tered Ryder System, Inc. Common Stock ($0.50 par value) R New York Stock Exchange

Filing Documents

• r-20240331.htm (10-Q) — 1778KB
• ryderex3111q2024.htm (EX-31.1) — 9KB
• ryderex3121q2024.htm (EX-31.2) — 9KB
• ryderex321q2024.htm (EX-32) — 5KB
• r-20240331_g1.jpg (GRAPHIC) — 238KB
• 0000085961-24-000078.txt (&nbsp;) — 8722KB
• r-20240331.xsd (EX-101.SCH) — 64KB
• r-20240331_cal.xml (EX-101.CAL) — 107KB
• r-20240331_def.xml (EX-101.DEF) — 189KB
• r-20240331_lab.xml (EX-101.LAB) — 628KB
• r-20240331_pre.xml (EX-101.PRE) — 413KB
• r-20240331_htm.xml (XML) — 1383KB

. FINANCIAL INFORMATION

PART I . FINANCIAL INFORMATION ITEM 1 .

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Statements of Earnings 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Shareholders' Equity 5 Notes to Condensed Consolidated Financial Statements 6 ITEM 2 . Management ' s Discussion and Analysis of Financial Condition and Results of Operations 20 ITEM 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 ITEM 4 .

Controls and Procedures

Controls and Procedures 42

. OTHER INFORMATION

PART II . OTHER INFORMATION ITEM 1 .

Legal Proceedings

Legal Proceedings 42 ITEM 1A .

Risk Factors

Risk Factors 42 ITEM 2 . Unregistered Sales of Equity Securities and Use of Proceeds 43 ITEM 5 . Other Information 43 ITEM 6 . Exhibits 44 SIGNATURE 45 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RYDER SYSTEM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) Three months ended March 31, (In millions, except per share amounts) 2024 2023 Services revenue $ 2,038 $ 1,821 Lease & related maintenance and rental revenue 936 979 Fuel services revenue 124 152 Total revenue 3,098 2,952 Cost of services 1,743 1,607 Cost of lease & related maintenance and rental 669 674 Cost of fuel services 121 149 Selling, general and administrative expenses 378 363 Non-operating pension costs, net 11 10 Used vehicle sales, net ( 20 ) ( 72 ) Interest expense 92 65 Miscellaneous income, net ( 15 ) ( 20 ) Restructuring and other items, net 5 ( 25 ) 2,984 2,751 Earnings from continuing operations before income taxes 114 201 Provision for income taxes 29 61 Earnings from continuing operations 85 140 Loss from discontinued operations, net of taxes — ( 1 ) Net earnings $ 85 $ 139 Earnings per common share — Basic Continuing operations $ 1.93 $ 3.00 Discontinued operations — ( 0.01 ) Net earnings $ 1.93 $ 2.99 Earnings per common share — Diluted Continuing operations $ 1.89 $ 2.95 Discontinued operations — ( 0.01 ) Net earnings $ 1.89 $ 2.94 See accompanying Notes to Condensed Consolidated Financial Statements. Note: EPS amounts may not be additive due to rounding. 1 Table of Contents RYDER SYSTEM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three months ended March 31, (In millions) 2024 2023 Net earnings $ 85 $ 139 Other comprehensive income (loss): Changes in cumulative translation adjustment and unrealized gains from cash flow hedges ( 5 ) 9 Amortization of pension and postretirement items 8 7 Income tax expense related to amortization of pension and postretirement items ( 2 ) ( 2 ) Amortization of pension and postretirement items, net of taxes 6 5 Other comprehensive income, net of taxes 1 14 Comprehensive income $ 8

View Full Filing

View this 10-Q filing on SEC EDGAR