Logistics Provider Ryder System Navigates Market Bumps: Beats Q2 EPS Estimates But Adjusts Annual Revenue Outlook
Portfolio Pulse from Shivani Kumaresan
Ryder System Inc (NYSE:R) reported Q2 FY24 sales growth of 10% YoY to $3.18 billion, missing the $3.24 billion consensus estimate. Adjusted EPS of $3.00 beat the $2.87 consensus. Despite strong performance in various segments, Ryder lowered its FY24 revenue growth outlook to 8% from 10% and adjusted EPS forecast to $11.90-$12.40. Shares are up 2.96% to $133.73.
July 25, 2024 | 5:42 pm
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Ryder System Inc reported Q2 FY24 sales growth of 10% YoY to $3.18 billion, missing the $3.24 billion consensus estimate. Adjusted EPS of $3.00 beat the $2.87 consensus. Despite strong performance in various segments, Ryder lowered its FY24 revenue growth outlook to 8% from 10% and adjusted EPS forecast to $11.90-$12.40. Shares are up 2.96% to $133.73.
Ryder's Q2 results show strong EPS performance, beating estimates, which is positive for the stock. However, the lowered revenue growth outlook and tightened EPS forecast may temper investor enthusiasm. The immediate market reaction is positive, with shares up 2.96%, indicating short-term optimism.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100