-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Ryder Reports First Quarter 2023 Results
April 27, 2023 | Business WireEstimated reading time: 2 minutes
Ryder System, Inc., a leader in supply chain, dedicated transportation, and fleet management solutions, reported results for the three months ended March 31 as follows:
First-Quarter 2023 Highlights
- GAAP EPS from continuing operations of $2.95 compared to $3.35 in prior year
- Comparable EPS (non-GAAP) from continuing operations of $2.81 down from $3.59 in prior year; strong but lower results in Fleet Management Solutions (FMS), as expected, and a Supply Chain Solutions (SCS) asset impairment partially offset by lower share count and better results in Dedicated Transportation Solutions (DTS)
- Total revenue of $3.0 billion and operating revenue (non-GAAP) of $2.3 billion, up 3% and 6%, respectively, primarily reflecting SCS revenue growth
Full-Year 2023 Forecast
- Increased low end of comparable EPS (non-GAAP) forecast to $11.30 - $12.05 from prior forecast of $11.05 - $12.05
- Adjusted ROE (ROE) forecast remains at 16% - 18%
- Operating revenue (non-GAAP) growth forecast remains at approximately 4%
- Net cash provided by operating activities from continuing operations forecast remains at $2.4 billion; free cash flow (non-GAAP) forecast remains at approximately $200 million
CEO Comment
"Consistent with our expectations, we delivered strong first-quarter results in a challenging freight environment," says Ryder Chairman and CEO Robert Sanchez. "Results benefited from outperformance in used vehicle sales and dedicated, which were offset by an SCS asset impairment charge related to a customer bankruptcy. Based on modestly higher-than-expected used vehicle sales trends, we are raising the low end of our full-year comparable EPS forecast.
"Strong results also reflect the transformative actions we’re taking to increase returns and position the business to outperform prior cycles. Pricing actions benefited all segments, while revenue growth benefited earnings in dedicated and supply chain. As anticipated, earnings decreased from prior-year record levels as market conditions in used vehicle sales and rental continued to normalize.
"Continued revenue growth in SCS and DTS reflects favorable outsourcing trends and our initiatives to drive accelerated growth in these higher-return businesses. In FMS, revenue growth in North America, driven by SelectCare and ChoiceLease, was more than offset by the revenue impact from the UK exit.
"Longer-term secular trends including escalating demand for supply chain resiliency, nearshoring activity, and e-commerce fulfillment provide significant opportunities for future growth. Our strong balance sheet and solid investment-grade credit rating provide us with ample capacity to support organic growth, pursue strategic investments and acquisitions, and return capital to shareholders.
"I'm confident we're on the right path as continued execution of our balanced growth strategy positions us well for long-term profitable growth and increased shareholder value despite softer freight conditions."
Suggested Items
Micron’s Full Suite of Automotive-Grade Solutions Qualified for Qualcomm Automotive Platforms to Power AI in Vehicles
04/17/2024 | MicronMicron Technology, Inc. announced that it has qualified a full suite of its automotive-grade memory and storage solutions for Qualcomm Technologies Inc.’s Snapdragon® Digital Chassis™, a comprehensive set of cloud-connected platforms designed to power data-rich, intelligent automotive services.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Real Time with... IPC APEX EXPO 2024: Innovations in Thermal, Warpage, and Strain Metrology
04/17/2024 | Real Time with...IPC APEX EXPOEditor Nolan Johnson talks with Neil Hubble, president of Akrometrix, about the company's leadership in thermal, warpage, and strain metrology. Neil details how Akrometrix is committed to addressing customer challenges through technological evolution, innovative solutions, and a focus on data processing. A tabletop unit for thermal warpage testing is showcased at IPC APEX EXPO this year.
Ark Electronics Expands Global Manufacturing Factory Network in North America and Europe
04/17/2024 | PRNewswireElectronic Manufacturing Company Ark Electronics recently announced the expansion of its Global Factory Network with the addition of Electronics Manufacturing Service (EMS) capabilities in Mexico and Europe.
Australian Flow Batteries and The SCHMID Group Announce Groundbreaking Memorandum of Understanding
04/17/2024 | SCHMID GroupAustralian Flow Batteries Pty Ltd (AFB), a leader in innovative energy solutions and economical, safe, and reliable power storage, and SCHMID Energy Systems GmbH a company of the German SCHMID Group, a global technology leader with a rich history in delivering innovative solutions across multiple industries including Electronics, Renewables, and Energy Storage sectors, are thrilled to announce the signing of a Memorandum of Understanding (MoU)