Why Transportation & Logistics Company Ryder System's Shares Are Falling Today
Portfolio Pulse from Nabaparna Bhattacharya
Ryder System, Inc. (NYSE:R) reported a 4% YoY decline in Q3 FY23 revenue to $2.924 billion, missing the analyst consensus of $2.985 billion. Adjusted EPS of $3.58 beat the analyst consensus of $3.22. The company has authorized two new share repurchase programs, each allowing for the repurchase of up to 2.0 million shares of common stock. Ryder raised its FY23 adjusted EPS outlook to $12.60-$12.85. However, the company's shares are trading lower by 4.01%.
October 25, 2023 | 5:12 pm
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Ryder System's Q3 FY23 revenue missed analyst expectations, leading to a drop in its share price. Despite this, the company beat EPS estimates and announced new share repurchase programs.
Ryder System's lower-than-expected Q3 revenue has likely led to the drop in its share price. However, the company's beat on EPS estimates and the announcement of new share repurchase programs could potentially offset some of the negative impact in the short term.
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