Ryder System Inc. Q3 Profit Beats Estimates

(RTTNews) - Ryder System Inc. (R) reported earnings for third quarter that beat the Street estimates.

The company's bottom line came in at $138 million, or $3.32 per share. This compares with $142 million, or $3.24 per share, last year.

Excluding items, Ryder System Inc. reported adjusted earnings of $149 million or $3.57 per share for the period.

Analysts on average had expected the company to earn $3.54 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 0.1% to $3.171 billion from $3.168 billion last year.

Ryder System Inc. earnings at a glance (GAAP) :

-Earnings: $138 Mln. vs. $142 Mln. last year. -EPS: $3.32 vs. $3.24 last year. -Revenue: $3.171 Bln vs. $3.168 Bln last year.

Commenting on the third-quarter performance, Robert Sanchez, CEO of Ryder, said: "Earnings were in line with our expectations as operating performance from our resilient contractual businesses and benefits from our strategic initiatives more than offset the impact from freight market conditions.”

Looking ahead, for the fourth quarter, the company expects adjusted profit of $3.50 to $3.70 per share, in line with analysts’ forecast $3.68 per share. The fourth-quarter net income is anticipated to be in the range of $3.30 to $3.50 per share.

For the full year, Ryder now anticipates adjusted earnings of $12.85 to $13.05 per share, in line with Street view of $12.98 per share.

The company expects annual net income of $12.10 to $12.30 per share.

For the full year, Ryder projects total revenue growth of 1% and operating revenue growth of 1%.