-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueComing to Terms With AI
In this issue, we examine the profound effect artificial intelligence and machine learning are having on manufacturing and business processes. We follow technology, innovation, and money as automation becomes the new key indicator of growth in our industry.
Box Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
- Articles
Article Highlights
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Ryder Reports First Quarter 2023 Results
April 27, 2023 | Business WireEstimated reading time: 2 minutes
Ryder System, Inc., a leader in supply chain, dedicated transportation, and fleet management solutions, reported results for the three months ended March 31 as follows:
First-Quarter 2023 Highlights
- GAAP EPS from continuing operations of $2.95 compared to $3.35 in prior year
- Comparable EPS (non-GAAP) from continuing operations of $2.81 down from $3.59 in prior year; strong but lower results in Fleet Management Solutions (FMS), as expected, and a Supply Chain Solutions (SCS) asset impairment partially offset by lower share count and better results in Dedicated Transportation Solutions (DTS)
- Total revenue of $3.0 billion and operating revenue (non-GAAP) of $2.3 billion, up 3% and 6%, respectively, primarily reflecting SCS revenue growth
Full-Year 2023 Forecast
- Increased low end of comparable EPS (non-GAAP) forecast to $11.30 - $12.05 from prior forecast of $11.05 - $12.05
- Adjusted ROE (ROE) forecast remains at 16% - 18%
- Operating revenue (non-GAAP) growth forecast remains at approximately 4%
- Net cash provided by operating activities from continuing operations forecast remains at $2.4 billion; free cash flow (non-GAAP) forecast remains at approximately $200 million
CEO Comment
"Consistent with our expectations, we delivered strong first-quarter results in a challenging freight environment," says Ryder Chairman and CEO Robert Sanchez. "Results benefited from outperformance in used vehicle sales and dedicated, which were offset by an SCS asset impairment charge related to a customer bankruptcy. Based on modestly higher-than-expected used vehicle sales trends, we are raising the low end of our full-year comparable EPS forecast.
"Strong results also reflect the transformative actions we’re taking to increase returns and position the business to outperform prior cycles. Pricing actions benefited all segments, while revenue growth benefited earnings in dedicated and supply chain. As anticipated, earnings decreased from prior-year record levels as market conditions in used vehicle sales and rental continued to normalize.
"Continued revenue growth in SCS and DTS reflects favorable outsourcing trends and our initiatives to drive accelerated growth in these higher-return businesses. In FMS, revenue growth in North America, driven by SelectCare and ChoiceLease, was more than offset by the revenue impact from the UK exit.
"Longer-term secular trends including escalating demand for supply chain resiliency, nearshoring activity, and e-commerce fulfillment provide significant opportunities for future growth. Our strong balance sheet and solid investment-grade credit rating provide us with ample capacity to support organic growth, pursue strategic investments and acquisitions, and return capital to shareholders.
"I'm confident we're on the right path as continued execution of our balanced growth strategy positions us well for long-term profitable growth and increased shareholder value despite softer freight conditions."
Suggested Items
American Standard Circuits to Exhibit at Focus on PCB 2024 Italy
05/09/2024 | American Standard CircuitsAmerican Standard Circuits will be exhibiting at this year’s Focus on PCB Italy 2024 to be held on May 15 and 16 at the Vicenza Expo Centre, Vicenza, Italy.
MKS’ Atotech, ESI to Participate in CPCA Show
05/09/2024 | MKS’ AtotechMKS’ Atotech, and ESI will participate in the CPCA Show 2024. The show will be held from May 13 to 15, 2024, at the National Exhibition and Convention Center (Shanghai) and will bring together domestic and international manufacturers in the electronic circuit industry.
All Flex Solutions Hires Mike Madetzke as Manager of R&D
05/08/2024 | All Flex SolutionsAll Flex Solutions is very pleased to announce that Mike Madetzke has joined their team as their new Manager of Research and Development.
Micross, Sital Announce Global Manufacturing & Distribution Partnership
05/07/2024 | Micross Components, Inc.Micross Components, Inc., a leading global provider of mission-critical microelectronic components and services for high-reliability aerospace, defense, space and industrial applications, is pleased to announce our exclusive partnership with Sital Technology (sitaltech.com), the leader in MIL-STD-1553 IP cores, specializing in integrated FPGA solutions.
Hirose Launches Solution Partner Network to Address Changing Design Challenges
05/06/2024 | HiroseHirose, a leader in the design and manufacturing of innovative connector solutions, has established a Solution Partner Network that enables OEMs to quickly explore product design, specialty IP, and component fulfillment options that best suit their needs.