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Ryder System’s (R - Free Report) fourth-quarter 2021 earnings (excluding 17 cents from non-recurring items) of $3.52 per share surpassed the Zacks Consensus Estimate of $2.49. The bottom line increased significantly year over year on the back of higher revenues.
Total revenues of $2,600 million also outperformed the Zacks Consensus Estimate of $2,462.4 million. The top line increased 17.5% year over year on strong segmental performances.
Segmental Results
Fleet Management Solutions: Total revenues of $1,499 million were up 12% year over year. Operating revenues (excluding fuel and lease liability insurance revenues) summed $1,300 million, up 9% year over year. Segmental revenues benefited from higher rental revenues on the back of strong demand and favorable pricing. Revenues increased on higher fuel pricing as well. Within the segment, commercial rental revenues increased 35% year over year while fuel services revenues jumped 42%. ChoiceLease revenues inched up 1% while SelectCare and other revenues climbed 11%.
Dedicated Transportation Solutions: Total revenues amounted to $402 million, up 33% from the year-ago quarter’s figure. Operating revenues (excluding fuel and subcontracted transportation) climbed 26% to $291 million. The revenue uptick was driven by new business, favorable pricing and higher volumes.
Supply-Chain Solutions: Total revenues in the segment were $870 million, up 22% year over year. Operating revenues (excluding fuel and subcontracted transportation) rose 21% year over year to $614 million on the back of revenue growth in all industry verticals.
Ryder System, Inc. Price, Consensus and EPS Surprise
Ryder, currently carrying a Zacks Rank #2 (Buy), exited the fourth quarter with cash and cash equivalents of $234 million compared with $151.3 million at the end of 2020. The company’s total debt (including the current portion) fell to $6,579.7 million at the end of the fourth quarter from $6,610.2 million at the end of 2020.
During 2021, gross capital expenditures increased to $2 billion from $1.1 billion in the year-ago period due to higher investments in rental fleet. Free cash flow in 2021 was $1.1 billion, down from $1.6 billion in 2020.
Owing to a bullish 2022 outlook, Ryder plans to enter into a $300-million accelerated share-repurchase program.
2022 Outlook
Ryder expects total revenues as well as operating revenues to increase by approximately 10% in 2022. Adjusted earnings per share for the full year are estimated to be $11-$12. The Zacks Consensus Estimate for the same is pegged at $9.15. The company expects free cash flow of $200-$300 million in 2022. Capital expenditures are forecast to be between $2.7-$2.8 billion.
For the first quarter of 2022, adjusted earnings are forecast to be between $2.20-$2.35 per share. The mid-point of the guided range — $2.27 — is higher than the Zacks Consensus estimate of $2.25.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
Werner Enterprises (WERN - Free Report) , carrying a Zacks Rank #3 (Hold), reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.13 per share, which surpassed the Zacks Consensus Estimate of 96 cents. The bottom line rose 27% on a year-over-year basis.
Werner’s total revenues of $765.2 million also outperformed the Zacks Consensus Estimate of $725.1 million. The top line increased 23.4% on a year-over-year basis, primarily on higher revenues in the Truckload Transportation Services and Logistics segments.
GATX Corporation (GATX - Free Report) , sporting a Zacks Rank #1 (Strong Buy), reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year. You can see the complete list of today’s Zacks #1 Rank stocks here.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly on a 5.2% rise in lease revenues, which came in at $288.4 million and contributed 89.8% to the top line.
C.H. Robinson Worldwide (CHRW - Free Report) , carrying a Zacks Rank #3, reported fourth-quarter 2021 earnings of $1.74 per share, which fell short of the Zacks Consensus Estimate of $1.85. However, the bottom line surged 61.1% year over year.
C.H. Robinson’s total revenues of $6,501.8 million outperformed the Zacks Consensus Estimate of $6,190.8 million. The top line jumped 42.9% year over year owing to higher pricing and volumes across most of the company’s service lines.
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Ryder (R) Q4 Earnings & Revenues Beat, Q1 '22 EPS View Upbeat
Ryder System’s (R - Free Report) fourth-quarter 2021 earnings (excluding 17 cents from non-recurring items) of $3.52 per share surpassed the Zacks Consensus Estimate of $2.49. The bottom line increased significantly year over year on the back of higher revenues.
Total revenues of $2,600 million also outperformed the Zacks Consensus Estimate of $2,462.4 million. The top line increased 17.5% year over year on strong segmental performances.
Segmental Results
Fleet Management Solutions: Total revenues of $1,499 million were up 12% year over year. Operating revenues (excluding fuel and lease liability insurance revenues) summed $1,300 million, up 9% year over year. Segmental revenues benefited from higher rental revenues on the back of strong demand and favorable pricing. Revenues increased on higher fuel pricing as well. Within the segment, commercial rental revenues increased 35% year over year while fuel services revenues jumped 42%. ChoiceLease revenues inched up 1% while SelectCare and other revenues climbed 11%.
Dedicated Transportation Solutions: Total revenues amounted to $402 million, up 33% from the year-ago quarter’s figure. Operating revenues (excluding fuel and subcontracted transportation) climbed 26% to $291 million. The revenue uptick was driven by new business, favorable pricing and higher volumes.
Supply-Chain Solutions: Total revenues in the segment were $870 million, up 22% year over year. Operating revenues (excluding fuel and subcontracted transportation) rose 21% year over year to $614 million on the back of revenue growth in all industry verticals.
Ryder System, Inc. Price, Consensus and EPS Surprise
Ryder System, Inc. price-consensus-eps-surprise-chart | Ryder System, Inc. Quote
Other Details
Ryder, currently carrying a Zacks Rank #2 (Buy), exited the fourth quarter with cash and cash equivalents of $234 million compared with $151.3 million at the end of 2020. The company’s total debt (including the current portion) fell to $6,579.7 million at the end of the fourth quarter from $6,610.2 million at the end of 2020.
During 2021, gross capital expenditures increased to $2 billion from $1.1 billion in the year-ago period due to higher investments in rental fleet. Free cash flow in 2021 was $1.1 billion, down from $1.6 billion in 2020.
Owing to a bullish 2022 outlook, Ryder plans to enter into a $300-million accelerated share-repurchase program.
2022 Outlook
Ryder expects total revenues as well as operating revenues to increase by approximately 10% in 2022. Adjusted earnings per share for the full year are estimated to be $11-$12. The Zacks Consensus Estimate for the same is pegged at $9.15. The company expects free cash flow of $200-$300 million in 2022. Capital expenditures are forecast to be between $2.7-$2.8 billion.
For the first quarter of 2022, adjusted earnings are forecast to be between $2.20-$2.35 per share. The mid-point of the guided range — $2.27 — is higher than the Zacks Consensus estimate of $2.25.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
Werner Enterprises (WERN - Free Report) , carrying a Zacks Rank #3 (Hold), reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.13 per share, which surpassed the Zacks Consensus Estimate of 96 cents. The bottom line rose 27% on a year-over-year basis.
Werner’s total revenues of $765.2 million also outperformed the Zacks Consensus Estimate of $725.1 million. The top line increased 23.4% on a year-over-year basis, primarily on higher revenues in the Truckload Transportation Services and Logistics segments.
GATX Corporation (GATX - Free Report) , sporting a Zacks Rank #1 (Strong Buy), reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year. You can see the complete list of today’s Zacks #1 Rank stocks here.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly on a 5.2% rise in lease revenues, which came in at $288.4 million and contributed 89.8% to the top line.
C.H. Robinson Worldwide (CHRW - Free Report) , carrying a Zacks Rank #3, reported fourth-quarter 2021 earnings of $1.74 per share, which fell short of the Zacks Consensus Estimate of $1.85. However, the bottom line surged 61.1% year over year.
C.H. Robinson’s total revenues of $6,501.8 million outperformed the Zacks Consensus Estimate of $6,190.8 million. The top line jumped 42.9% year over year owing to higher pricing and volumes across most of the company’s service lines.