Ryder sees FY24 non-GAAP EPS $11.50-$12.50, consensus $11.91

Sees FY24 revenue up ~13%; and CapEx ~$3.3B. “We expect our transformed business model to continue to deliver strong returns,” says Ryder CFO John Diez. “In 2024, we expect to generate ROE in the mid-teens, in line with our target during trough used vehicle sales and rental market conditions. Historically the first quarter has been our lowest earnings quarter, and in 2024 we expect that it will also represent the most challenging year over year comparison because of where we are in the cycle. For 2024, our contractual lease, dedicated, and supply chain businesses are expected to deliver earnings growth while all our businesses remain well positioned to benefit from the cycle upturn.”