Market Overview

Ryder Reports First Quarter 2018 Results

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  • Q1 GAAP EPS from Continuing Operations Down $0.08 or 11% to $0.64,
    Includes $0.29 UK Goodwill Impairment Charge
  • Q1 Comparable EPS (non-GAAP) from Continuing Operations Up $0.08 or
    10% to $0.91, Reflects Lower Tax Rate from Tax Reform
  • Record Q1 Total Revenue Grows 10% to $1.9 Billion; Record Q1
    Operating Revenue (non-GAAP) Up 7% to $1.5 Billion
  • Revised Full-Year 2018 GAAP EPS Forecast Range of $4.55 to $4.80
    vs. Prior Forecast of $5.34 to $5.64, Driven by a Tax Reform-Related
    Adjustment and UK Goodwill Impairment Charge
  • Revised Full-Year 2018 Comparable EPS Forecast Range (non-GAAP) of
    $5.45 to $5.70 vs. Prior Forecast of $5.40 to $5.70

Ryder System, Inc. (NYSE:R), a leader in commercial fleet
management
, dedicated
transportation
, and supply
chain
solutions, today reported first quarter earnings and revenue.
Results for the three months ended March 31 were as follows:

(dollars in millions, except EPS)   Earnings Before Taxes   Earnings   Diluted Earnings Per Share
2018   2017   Change 2018   2017   Change 2018   2017   Change
GAAP $ 48.1   60.6   (21 )% $ 33.9   38.5   (12 )% $ 0.64   0.72   (11 )%
Non-operating pension costs 1.2 7.3 0.6 4.2 0.01 0.08
UK goodwill impairment charge 15.5 15.5 0.29
Uncertain tax position adjustment (3.3 ) (0.06 )
Other 0.3     2.2       1.7     1.7       0.03     0.03      
Comparable (non-GAAP) $ 65.1     70.2     (7 )% $ 48.4     44.4     9 % $ 0.91     0.83     10 %

In the first quarter, the Company reported record total revenue and
record operating revenue (a non-GAAP measure excluding all fuel and
subcontracted transportation). Total revenue and operating revenue grew
across all three business segments reflecting new business and higher
volumes. Total revenue also grew due to higher fuel costs passed through
to customers. Total and operating revenue for the three months ended
March 31 were as follows:

(in millions)   Total Revenue     Operating Revenue (non-GAAP)
2018   2017   % Change   2018   2017   % Change
Total $ 1,903.5   1,737.0   10% $ 1,542.9   1,445.1   7%
FMS $ 1,242.6 1,132.5 10% $ 1,038.8 962.2 8%
DTS $ 299.0 266.6 12% $ 201.4 193.4 4%
SCS $ 494.7
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