Ryder System, Inc. (R - Free Report) reported second-quarter 2018 earnings per share (excluding 62 cents from non-recurring items) of $1.42 per share, surpassing the Zacks Consensus Estimate of $1.29 cents. Earnings increased 42% on a year-over-year basis.
How Was the Estimate Revision Trend?
Investors should note that the earnings estimate revisions for Ryder depicted a healthy picture prior to the earnings release. The stock had seen the Zacks Consensus Estimate for second-quarter earnings being revised upward 1.6% over the last 30 days.
The company also has an impressive earnings history having delivered positive surprises in each of the last four quarters.
Revenues Better Than Expected
Ryder recorded total revenues of $2,089.30 million, which surpassed the Zacks Consensus Estimate of $1,983.03 million. Moreover, revenues increased 17% year over year. All major segments of the company performed well in the quarter.
Key Stats to Note: The company has raised its 2018 earnings forecast as a result of impressive results in the second quarter of 2018. It now expects 2018 adjusted earnings in the band of $5.62 to $5.82, higher than the 2017 levels. Previous forecast was in the range of $5.45-$5.70 per share. The Zacks Consensus Estimate for 2018 earnings is $5.62 per share. The company expects third quarter 2018 adjusted earnings per share between $1.55 and $1.65, higher than the year ago period. The Zacks Consensus Estimate for third-quarter 2018 earnings per share is $1.67.
Zacks Rank: Currently, Ryder has a Zacks Rank #3 (Hold) but that could change following the company’s earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Price: The earnings and revenues beat pleased the investors. Consequently shares of the company were up in early trading at the time of writing.
Check back later for our full write up on this Ryder earnings report later!
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