Why Logistics Provider Ryder System's Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
Ryder System Inc (NYSE:R) shares surged after reporting Q1 FY24 sales of $3.098 billion, surpassing estimates of $3.062 billion. EPS was $2.14, beating the $1.71 consensus. Despite a decrease in Fleet management solutions revenue, Supply Chain and Dedicated Transportation Solutions saw significant growth. The company raised its FY24 adjusted EPS outlook but cut its total revenue growth forecast. Shares rose 10% to $119.91.
April 23, 2024 | 2:42 pm
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Ryder System Inc reported higher than expected Q1 FY24 sales and EPS, leading to a 10% increase in stock price to $119.91. The company also adjusted its FY24 EPS outlook upwards.
The positive earnings report and upward revision of the FY24 EPS outlook indicate strong performance and optimistic future expectations, which typically lead to an increase in stock price. The significant jump in stock price reflects the market's positive reaction to these announcements.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100