Ryder 3Q Earnings Beat Estimates

Piper Jaffray has published a research report on Ryder System, Inc.

following 3Q earnings that were reported above Piper and Consensus estimates. In the report, Piper Jaffray writes "R 3Q10 continuing EPS of $0.72 (41.7% y-o-y growth) was above our $0.67 estimate and Consensus of $0.66. GAAP EPS was $0.76 including a $0.04 tax benefit. Upside to our estimate resulted primarily from Fleet Management Solutions (

) due to continued better than expected early cycle Commercial Rental (

) operations (+$0.09) offset somewhat by higher Central Support Service costs. Our sense is continued strong CR outperformance and core Lease still finding a bottom (albeit potentially stabilized) equates to the beginning of more meaningful EPS upside, likely still a few quarters away." Piper Jaffray maintains its Neutral rating and has raised the price target from $43 to $47. Ryder System closed yesterday at $44.66.