For the second quarter, Ryder System (R) saw a rise in net income, beating Wall Street expectations.
Earnings and Revenue
The company managed to beat EPS estimates, though the company's revenues failed to top expectations. The company reported adjusted net income of $1 a share versus the 93 cents a share estimate and revenues of $1.56 billion versus the $1.59 billion estimate. The company's reported EPS came in above the high estimate of 13 analysts of a profit of 95 cents.
The company's net income for the quarter rose 16.7% to $46.7 million. Revenue climbed 3.3% from $1.51 billion in the same period last year.
Company Fundamental Trends
Last quarter marked the third in a row of rising net income. The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations
The company has managed to top estimates the last two quarters. In the first quarter, it beat expectations with net income of 59 cents versus a mean estimate of net income of 58 cents per share.
Ryder Chairman and CEO Greg Swienton said, "In the second quarter, Ryder continued to deliver solid year-over-year increases including 9% higher earnings and 6% growth in revenue, despite an uneven and challenging demand environment. Second quarter results were somewhat better than expected in our most recent forecast, reflecting stronger used vehicle pricing, lower maintenance costs, as well as lower discretionary spending. In addition, we are pleased that our contractual full service lease and supply chain offerings continued to perform well and in line with expectations. We have taken actions and made a number of timely adjustments that not only contributed to our results in the second quarter, but will better position our business going forward."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.