Ryder System, Inc. reported third-quarter 2024 comparable earnings per share (EPS) from continuing operations of $3.44, a decrease from $3.58 in the prior year. GAAP diluted EPS from continuing operations was $3.25, down from $3.44 year-over-year.
Total revenue for the quarter increased 8% to $3.168 billion, with operating revenue rising 9% to $2.593 billion, driven by recent acquisitions. The Supply Chain Solutions (SCS) segment saw a 10% increase in total revenue and a 14% increase in Earnings Before Tax (EBT) to $93 million, while Dedicated Transportation Solutions (DTS) total revenue surged 41% with EBT up 31% to $36 million.
Despite weaker market conditions in rental and used vehicle sales, the company's contractual lease, dedicated, and supply chain businesses delivered double-digit earnings growth. Ryder's year-to-date free cash flow improved significantly to $218 million, up from $32 million in the prior year, primarily due to lower capital expenditures. The company maintained its full-year 2024 comparable EPS forecast at $11.90 to $12.10, with an adjusted ROE of 16% to 16.5%.
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