Ryder's (R) Incurs Q4 Loss, Stock Down On Soft EPS Forecast
Zacks Investment Research | Feb 13, 2020 09:57PM ET
Ryder System (NYSE:R) reported fourth-quarter 2019 loss (excluding $1.01 from non-recurring items) of 1 cent per share against the Zacks Consensus Estimate of earnings 3 cents. Moreover, the bottom line declined more than 100% year over year primarily due to softening of rental demand. Total revenues amounted to $2,276.5 million, which beat the Zacks Consensus Estimate of $2,264.4 million. Also, the top line inched up 0.8% year over year.
More than weak revenues and year-over-year earnings decline, the company’s bearish bottom-line projections for the first quarter and 2020 disappointed investors. Consequently, the stock fell 10.3% to $45.01 per share on Feb 13.
For first-quarter 2020, the company anticipates adjusted earnings per share in the range of 65-80 cents. The Zacks Consensus Estimate for first-quarter earnings is currently pegged at 7 cents.
For 2020, Ryder, carrying a Zacks Rank #3 (Hold), anticipates adjusted earnings per share between $1.10 and $1.50. The Zacks Consensus Estimate for 2020 earnings is pegged at $2.55. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company expects below-par conditions in rental to persist in 2020 due to the lackluster freight environment, particularly for heavy duty tractors.
Ryder System, Inc. Price, Consensus and EPS Surprise
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