Ryder Cuts Full Year 2024 Total Revenue Growth Outlook From ~13% To ~10%; Revises Adj EPS Outlook From $11.50-$12.50 To $11.75-$12.50, Est $11.70
Portfolio Pulse from Benzinga Newsdesk
Ryder has adjusted its full-year 2024 revenue growth forecast from approximately 13% to about 10% and revised its adjusted EPS outlook from $11.50-$12.50 to $11.75-$12.50, with an estimate of $11.70. The CFO, John Diez, mentioned that this adjustment reflects the quarter's outperformance and a more modest rental upturn than expected. Additionally, Ryder is increasing its free cash flow forecast and reducing its rental capital spending forecast by $100 million.
April 23, 2024 | 11:01 am
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Ryder System, Inc. has lowered its 2024 revenue growth forecast from ~13% to ~10% and adjusted its EPS outlook to $11.75-$12.50 from $11.50-$12.50. The company also plans to increase its free cash flow forecast and reduce rental capital spending by $100 million.
The adjustment in Ryder's revenue growth and EPS outlook reflects a nuanced financial forecast, indicating a mix of positive (increased free cash flow forecast, reduced capital spending) and negative (lowered revenue growth) factors. The impact on the stock price is likely neutral in the short term as the positive adjustments may offset concerns about the reduced revenue growth outlook.
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