Ryder System Reports Mixed Q3: Contractual Growth Meets Freight Market Challenges
Portfolio Pulse from Lekha Gupta
Ryder System Inc reported mixed Q3 results with sales growth but missed revenue estimates. Despite double-digit earnings growth in contractual businesses, the company faces challenges from the freight market downturn. Ryder lowered its FY24 revenue growth outlook and tightened EPS forecast. Shares fell 4.36%.
October 24, 2024 | 2:17 pm
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NEGATIVE IMPACT
First Trust Nasdaq Transportation ETF, which includes Ryder System, may be impacted by Ryder's mixed Q3 results and lowered FY24 outlook. Ryder's challenges in the freight market could affect the ETF's performance.
Ryder's performance is a component of FTXR, and its mixed results and lowered outlook could negatively impact the ETF's short-term performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Ryder System Inc reported mixed Q3 results with sales growth but missed revenue estimates. Despite double-digit earnings growth in contractual businesses, the company faces challenges from the freight market downturn. Ryder lowered its FY24 revenue growth outlook and tightened EPS forecast. Shares fell 4.36%.
Ryder's Q3 results showed growth in sales but missed revenue estimates, leading to a decline in share price. The freight market challenges and lowered FY24 outlook contribute to a negative short-term impact on the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
SPDR S&P Transportation ETF, which includes Ryder System, may be affected by Ryder's mixed Q3 results and lowered FY24 outlook. The freight market challenges faced by Ryder could influence the ETF's performance.
Ryder's inclusion in XTN means its mixed results and outlook could have a negative short-term impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50