The following is a summary of the Ryder System, Inc. (R) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Ryder System reported Q3 2024 earnings with operating revenue of $2.6 billion, a 9% increase year-over-year.

• Comparable earnings per share from continuing operations were $3.44, compared to $3.58 the previous year.

• The quarterly adjusted ROE was 16%, aligning with company forecasts.

• Free cash flow for the year remained positive at $150 to $250 million, as forecasted at the beginning of 2024.

• Operating cash flow for 2024 is projected to maintain a consistent $2.4 billion.

Business Progress:

• Ryder successfully executed its business model transformation, focusing on contractual lease, dedicated, and supply chain segments.

• Strategic acquisitions, particularly of Cardinal and IFS, significantly contributed to revenue growth.

• The integration of Cardinal remains on track, promising further operational efficiencies and cost savings.

Opportunities:

• Ryder is well-positioned to capitalize on the cyclical upturn expected in 2025, with estimated benefits of $200 million in pretax earnings at the next cycle peak.

• Adoption of innovative technologies and strategic growth initiatives are set to bolster Ryder's long-term revenue and profitability.

Risks:

• Ongoing weak market conditions in used vehicle sales and rental markets, along with freight recession, continue to pose challenges.

• Economic uncertainty has led some customers to delay decisions and downsize fleets, impacting near-term growth in lease, dedicated, and supply chain segments.

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