- Third Quarter Earnings Per Share Were $0.98 -
- Comparable Earnings Per Share Up 20% on 14% Higher Revenue -
MIAMI, Oct. 26 /PRNewswire-FirstCall/ -- Ryder System, Inc. (NYSE: R), a
global leader in transportation and supply chain management solutions, today
reported earnings per diluted share (EPS) were $0.98 for the three-month
period ended September 30, 2005, compared with $0.83 in the year-earlier
period. EPS in the year-earlier period included $0.01 related primarily to
the gain on sale of the final parcel of the Company's former headquarters
complex. Excluding the previous year's gain, EPS for the third quarter were
up 20%. Net earnings for the third quarter of 2005 were $63.3 million,
compared with $54.3 million in the year-earlier period. All business segments
reported improved results, led by the Fleet Management Solutions (FMS)
business segment.
Revenue for the third quarter of 2005 was $1.49 billion, up 14% from $1.31
billion in the same period last year, with all business segments reporting
revenue growth. FMS business segment revenue was up 10%, reflecting higher
fuel costs, and continued growth in the rental product line. Commercial
rental revenue for the quarter increased 4% compared with the year-earlier
period. Supply Chain Solutions (SCS) business segment revenue grew 28%
compared with the year-earlier period. Dedicated Contract Carriage (DCC)
business segment revenue increased 10% from the year-earlier period. SCS
revenue growth was related primarily to increased management of subcontracted
transportation. In addition, SCS and DCC revenue grew due to new and expanded
business in all industry groups, and pricing increases associated with higher
fuel costs.
"We delivered strong earnings with comparable EPS that were 20% higher on
a 14% revenue increase," said Ryder Chairman and Chief Executive Officer Greg
Swienton. "Our performance this quarter reflects continuing progress toward
our profitable growth objectives. Special recognition also goes to our
employees for their focused efforts before, during and after Hurricanes
Katrina and Rita, which enabled Ryder to minimize many of the operational and
fuel-related issues that reportedly affected other businesses."
Year-to-Date Operating Results
Revenue for the nine months ended September 30, 2005 was $4.20 billion, up
11% from $3.79 billion in the same period of 2004. EPS were $2.60 for the
first nine months of 2005 compared with $2.33 for the same period of 2004.
EPS included a $0.12 income tax benefit related to a change in Ohio income tax
law in 2005 and a $0.23 gain from the sale of the Company's former corporate
headquarters facility in 2004. Excluding the income tax benefit and gain on
the headquarters sale, year-to-date 2005 EPS were up 19% to $2.48. EPS for
the first nine months also included a $0.01 benefit related to net
restructuring and other recoveries in 2005 and a $0.03 charge related to
restructuring and other recoveries in 2004.
Third Quarter Business Segment Operating Results
Ryder's primary measurement of business segment financial performance, Net
Before Tax (NBT), allocates Central Support Services to each business segment.
Fleet Management Solutions
Ryder's Fleet Management Solutions (FMS) business segment combines several
capabilities into a comprehensive package that provides one-stop outsourcing
of the acquisition, maintenance, management and disposal of vehicles. Ryder's
commercial rental service offers customers a method to expand their fleets in
order to address specific or short-term capacity needs.
In the FMS business segment, revenue in the third quarter of 2005 was
$1.01 billion, up 10% compared with $918.7 million in the year-earlier period.
Operating revenue (revenue excluding fuel) in the third quarter of 2005 was
$728.6 million, up 2% compared with $713.6 million in the year-earlier period.
Fuel revenue for the third quarter of 2005 increased 38% compared with the
same period in 2004 due primarily to higher fuel pricing as a result of market
cost increases. Full service lease revenue for the third quarter of 2005 was
$447.4 million, up 1% from the year-earlier period due to favorable foreign
exchange rates. Ryder's third quarter 2005 commercial rental revenue grew 4%
from the year-earlier period, reflecting higher pricing. Contract maintenance
and contract-related maintenance revenue increased 6% in the third quarter of
2005 compared with the same period last year due primarily to the
implementation of initiatives aimed at growing these types of services.
The FMS business segment's NBT increased to $102.6 million in the third
quarter of 2005, up 20% compared with $85.8 million in the same period of
2004. This increase related primarily to improved commercial rental results,
higher used vehicle sales gains resulting from stronger volume and pricing,
fuel, and lower overhead costs. These improvements were partially offset by
hurricane-related charges. Business segment NBT as a percentage of operating
revenue was 14.1% in the third quarter of 2005, up 210 basis points compared
with 12.0% in the same quarter a year ago.
Supply Chain Solutions
Ryder's Supply Chain Solutions (SCS) business segment enables customers to
improve shareholder value and their customers' satisfaction by enhancing
supply chain performance and reducing costs. The solutions involve management
of the logistics pipeline as a synchronized, integrated process - from raw
material supply to finished goods distribution. By improving business
processes and employing new technologies, the flow of goods and cash is made
faster and consumes less capital.
In the SCS business segment, third quarter 2005 revenue totaled $433.4
million, up 28% from $338.5 million in the comparable period in 2004. SCS
revenue grew due to increased management of subcontracted transportation, new
and expanded business in all industry groups, and pricing increases associated
with higher fuel costs. Third quarter 2005 operating revenue (revenue
excluding subcontracted transportation) was $254.3 million, up 9% compared
with $233.6 million in the year-earlier period.
The SCS business segment's NBT was $10.6 million in the third quarter
2005, up 9% from $9.8 million in the same quarter of 2004. The earnings
increase was related to new and expanded business and lower overhead spending,
partially offset by lower volumes on certain automotive accounts and lower
margins in the Company's Brazil operations. Third quarter 2005 NBT for the
business segment as a percentage of operating revenue was 4.2%, flat compared
with the same quarter of 2004.
Dedicated Contract Carriage
Ryder's Dedicated Contract Carriage (DCC) business segment provides
customers with vehicles, drivers, management and administrative support, with
the assets committed to a specific customer for a contractual term. DCC
supports customers with both basic and sophisticated logistics and
transportation needs including routing and scheduling, specialized driver
services, and logistical engineering support.
In the DCC business segment, third quarter 2005 revenue totaled $139.0
million, up 10% compared with $125.9 million in the third quarter of 2004.
Operating revenue (revenue excluding subcontracted transportation) in the
third quarter of 2005 was $134.6 million, up 10% from $122.7 million in the
year-earlier period. Revenue grew due to new and expanded business and
pricing increases associated with higher fuel costs.
The DCC business segment's NBT in the third quarter of 2005 was $9.2
million, up 22% compared with $7.5 million in the same period of 2004.
Business segment NBT was positively impacted by new and expanded business, as
well as lower safety and other operating costs. Business segment NBT as a
percentage of operating revenue was 6.8% in the third quarter of 2005, up 70
basis points from 6.1% in the year-earlier period.
Corporate Financial Information
Central Support Services
Central Support Services (CSS) are overhead costs incurred to support all
business segments and product lines. CSS costs are predominantly allocated to
the various business segments. In the third quarter of 2005, CSS costs were
$51.1 million, compared with $54.8 million in the year-earlier period. The
decrease was due primarily to lower operating costs related to the insourcing
and renegotiation of several information technology infrastructure services.
Capital Expenditures
Capital expenditures are used primarily to purchase revenue-earning
equipment (trucks, tractors and trailers) to support two product lines within
Ryder's Fleet Management Solutions business segment. The full service lease
product line utilizes capital for the purchase of new and replacement vehicles
to support the needs of customers under long-term contracts that typically run
from four-to-six years. The commercial rental product line utilizes capital
for the purchase of vehicles to replenish and expand the Company's fleet
available for shorter-term use by contractual or occasional customers.
Capital expenditures were $1.15 billion for the first nine months of 2005,
compared with $843.4 million in the same period of 2004. Net capital
expenditures (including proceeds from the sale of assets) were $893.8 million
through the third quarter of 2005, up from $580.2 million in the same period
of 2004. The increase in capital expenditures reflects planned higher
spending for replacement of full service lease vehicles.
Free Cash Flow and Leverage
Free cash flow for the first nine months of 2005 was a negative $348.4
million compared with a positive $161.8 million for the year-earlier period,
primarily due to the funding requirements associated with higher capital
spending and income tax payments, which included a $176.0 million payment
related to the previously disclosed resolution of the 1998 to 2000 federal tax
audit. Balance sheet debt as of September 30, 2005 increased by $435.1
million compared with year-end 2004. The leverage ratio for balance sheet
debt as of September 30, 2005 was 137%, compared with 118% at year-end 2004.
Total obligations to equity as of September 30, 2005 were 146%, up from 129%
at year-end 2004. The Company's long-term target range for total obligations
to equity is 250% to 300%, which largely reflects the liquidity of the
Company's vehicle portfolio and the substantial revenue component that is
supported by long-term customer contracts related to those assets.
Commenting on the Company's corporate financial performance, Ryder
Executive Vice President and Chief Financial Officer Tracy Leinbach stated,
"This performance, along with our recently announced share repurchase program,
reflects our commitment to deliver value to shareholders through sales growth,
margin improvement and a more efficient capital structure. The Company
remains well positioned to grow the business and take advantage of strategic
opportunities."
Outlook
Commenting on Ryder's outlook, Mr. Swienton said, "Ryder responded to
challenging factors in the third quarter and continued to make strong progress
toward our goal of profitable growth for all business segments. Looking
ahead, we expect new business and expansion activity to continue, and we have
significant remaining opportunities to improve our cost structure. Our fourth
quarter forecast includes some restructuring costs that are expected to
produce benefits in future periods."
He continued, "We are establishing a fourth quarter 2005 EPS forecast of
$0.89 to $0.94, resulting in a new full-year 2005 earnings forecast of $3.49
to $3.54 per share, up from our previous forecast of $3.42 to $3.52 per
share." This forecast excludes the impact of implementing a new accounting
standard, FIN 47, which is required to be adopted by all companies on December
31, 2005. FIN 47 addresses the accounting for conditional asset retirement
obligations related primarily to underground storage tanks. The cumulative
effect of adopting FIN 47 in the fourth quarter is estimated to be a charge of
$0.04 to $0.06 per share.
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain
management solutions worldwide. Ryder's product offerings range from full
service leasing, commercial rental and programmed maintenance of vehicles to
integrated services such as dedicated contract carriage and carrier
management. Additionally, Ryder offers comprehensive supply chain solutions,
consulting, lead logistics management services and e-Business solutions that
support customers' entire supply chains, from inbound raw materials and parts
through distribution and delivery of finished goods. Ryder serves customer
needs throughout North America, in Latin America, Europe and Asia.
The National Safety Council selected Ryder to receive the 2002 Green Cross
for Safety Medal -- its highest honor -- for exemplary commitment to workplace
safety and corporate citizenship. For the ninth consecutive year, Ryder was
featured in the 2005 Fortune Most Admired Companies survey of corporate
reputations. InternetWeek named Ryder as one of the top 100 U.S. companies
for effectiveness in using the Internet to achieve tangible business benefits.
For the eighth consecutive year, Ryder has been named a top five third-party
logistics provider by Inbound Logistics.
Ryder's stock is a component of the Dow Jones Transportation Average and
the Standard & Poor's 500 Index. With 2004 revenue of more than $5 billion,
Ryder ranks 381st on the Fortune 500.
For more information on Ryder System, Inc., visit http://www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and
information included in this presentation are "forward-looking statements"
under the Federal Private Securities Litigation Reform Act of 1995.
Accordingly, these forward-looking statements should be evaluated with
consideration given to the many risks and uncertainties inherent in our
business that could cause actual results and events to differ materially from
those in the forward-looking statements. Important factors that could cause
such differences include, among others, our ability to obtain adequate profit
margins for our services, our inability to maintain current pricing levels due
to customer acceptance or competition, customer retention levels, unexpected
volume declines, loss of key customers in the Supply Chain Solutions (SCS)
business segment, unexpected reserves or write-offs due to the deterioration
of the credit worthiness or bankruptcy of certain customers in our SCS
business segment, the possibility that changes in customers' business
environments will limit their ability to commit to long-term vehicle leases,
changes in market conditions affecting the commercial rental market or the
sale of used vehicles, increased competition from vehicle manufacturers and
large service providers, higher borrowing costs and possible decreases in
available funding sources caused by adverse changes in debt ratings, changes
in accounting assumptions, adequacy of accounting accruals, changes in general
economic conditions, unexpected reserves or losses due to the effects of
Hurricanes Katrina and Rita on our operations and the economy, increases in
fuel prices, availability of qualified drivers, our ability to manage our cost
structure and changes in government regulations, including regulations
regarding vehicle emissions. The risks included here are not exhaustive. New
risks emerge from time to time and it is not possible for management to
predict all such risk factors or to assess the impact of such risks on our
business. Accordingly, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events, or otherwise.
Note Regarding Non-GAAP Financial Measures: This news release and the
attached financial schedules include certain non-GAAP financial measures as
defined under SEC rules. We have denoted each non-GAAP financial measure in
the attached financial schedules and have provided a reconciliation of each
such measure to the most comparable GAAP measure. Additional information
regarding non-GAAP financial measures can be found in our investor
presentation for the quarter and in our reports filed with the SEC, which are
available in the investors area of our website at http://www.ryder.com.
Conference Call and Webcast Information:
Ryder's earnings webcast is scheduled for Wednesday, October 26, 2005,
from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and
Chief Executive Officer Greg Swienton and Executive Vice President and Chief
Financial Officer Tracy Leinbach.
-- To join the conference call live: Begin 10 minutes prior to the
conference by dialing the audio phone number 1-888-398-5319 (outside
U.S. dial 1-773-681-5795) using the Passcode: RYDER and Conference
Leader: Bob Brunn. Then, access the presentation via the Net
Conference website at http://www.mymeetings.com/nc/join/ using the
Conference Number: RG2789498 and Passcode: RYDER.
-- To access audio replays of the conference and view a presentation of
Ryder's earnings results: Dial 1-888-567-0396 (outside U.S. dial
1-402-998-1770) and use the Passcode: 1025, then view the presentation
by visiting the Investors area of Ryder's website at
http://www.ryder.com.
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended September 30, 2005 and 2004
(In millions, except per share amounts)
Three Months Nine Months
2005 2004 2005 2004
Revenue $1,490.6 1,305.9 $4,196.1 3,787.1
Operating expense 657.2 589.9 1,902.6 1,690.1
Salaries and employee-related costs 314.6 300.3 928.6 917.5
Subcontracted transportation 183.5 108.0 425.1 300.5
Depreciation expense 188.1 178.1 556.3 528.8
Gains on vehicle sales, net (12.3) (8.4) (38.1) (25.8)
Equipment rental 25.2 27.5 77.3 80.1
Interest expense 31.3 24.8 89.1 75.4
Miscellaneous income, net (2.1) (0.4) (7.4) (4.3)
Restructuring and other recoveries,
net (0.4) (1.3) (0.6) (20.5)
1,385.1 1,218.5 3,932.9 3,541.8
Earnings before income taxes 105.5 87.4 263.2 245.3
Provision for income taxes 42.2 33.1 95.1 92.3
Net earnings $63.3 54.3 $168.1 153.0
Earnings per common share - Diluted:
Net earnings $0.98 0.83 $2.60 2.33
Weighted-average shares outstanding
- Diluted 64.5 65.5 64.8 65.7
Memo: EPS Impact of restructuring
and other recoveries, net $- 0.01 $0.01 0.20
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in millions)
(unaudited)
September 30, December 31,
2005 2004
Assets:
Cash and cash equivalents $140.5 101.0
Other current assets 1,201.6 1,126.7
Revenue earning equipment, net 3,633.3 3,331.7
Operating property and equipment, net 485.5 479.6
Other assets 583.1 598.9
$6,044.0 5,637.9
Liabilities and shareholders' equity:
Current liabilities (including
current portion of long-term debt) $1,278.3 1,454.8
Long-term debt 1,888.6 1,393.7
Other non-current liabilities
(including deferred income taxes) 1,260.2 1,279.2
Shareholders' equity 1,616.9 1,510.2
$6,044.0 5,637.9
SELECTED KEY RATIOS
September 30, December 31,
2005 2004
Debt to equity 137% 118%
Total obligations to equity (a) * 146% 129%
Twelve months ended September 30,
2005 2004
Return on average shareholders' equity 15.1% 14.1%
Return on average assets 4.0% 3.6%
Average asset turnover 96.6% 92.9%
Return on capital * 7.8% 7.5%
(a) Total obligations represent debt plus off-balance sheet equipment
obligations.
* Non-GAAP financial measure; see reconciliation to closest GAAP financial
measure included within this release.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended September 30, 2005 and 2004
(Dollars in millions)
Three Months
2005 2004 B(W)
Revenue:
Fleet Management Solutions:
Full service lease $447.4 $444.0 0.8%
Contract maintenance 34.0 34.5 (1.5%)
Contract-related maintenance 48.3 43.1 12.2%
Commercial rental 183.4 176.7 3.8%
Other 15.5 15.3 0.9%
Fuel 282.2 205.1 37.6%
Total Fleet Management Solutions 1,010.8 918.7 10.0%
Supply Chain Solutions 433.4 338.5 28.0%
Dedicated Contract Carriage 139.0 125.9 10.4%
Eliminations (92.6) (77.2) (20.0%)
Total revenue $1,490.6 1,305.9 14.1%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions $102.6 85.8 19.6%
Supply Chain Solutions 10.6 9.8 8.7%
Dedicated Contract Carriage 9.2 7.5 22.4%
Eliminations (8.2) (8.0) (3.8%)
114.2 95.1 20.1%
Unallocated Central Support Services (9.1) (9.0) (1.6%)
Earnings before restructuring and other
recoveries, net and income taxes 105.1 86.1 22.0%
Restructuring and other recoveries, net 0.4 1.3 (65.7%)
Earnings before income taxes 105.5 87.4 20.7%
Provision for income taxes 42.2 33.1 (27.3%)
Net earnings $63.3 54.3 16.7%
Note: Certain prior period amounts have been reclassified to conform to
current year presentation.
Amounts may not recalculate due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended September 30, 2005 and 2004
(Dollars in millions)
Nine Months
2005 2004 B(W)
Revenue:
Fleet Management Solutions:
Full service lease $1,334.6 $1,319.1 1.2%
Contract maintenance 101.9 102.6 (0.7%)
Contract-related maintenance 146.2 131.5 11.2%
Commercial rental 511.0 475.0 7.6%
Other 47.6 53.1 (10.3%)
Fuel 763.7 571.0 33.8%
Total Fleet Management Solutions 2,905.0 2,652.3 9.5%
Supply Chain Solutions 1,155.1 986.6 17.1%
Dedicated Contract Carriage 400.8 377.7 6.1%
Eliminations (264.8) (229.5) (15.4%)
Total revenue $4,196.1 3,787.1 10.8%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions $262.4 223.2 17.6%
Supply Chain Solutions 25.4 25.7 (0.9%)
Dedicated Contract Carriage 24.8 22.6 9.5%
Eliminations (23.3) (23.4) 0.5%
289.3 248.1 16.6%
Unallocated Central Support Services (26.7) (23.3) (14.7%)
Earnings before restructuring and other
recoveries, net and income taxes 262.6 224.8 16.8%
Restructuring and other recoveries, net 0.6 20.5 (96.9%)
Earnings before income taxes 263.2 245.3 7.3%
Provision for income taxes 95.1 92.3 (3.0%)
Net earnings $168.1 153.0 9.9%
Note: Certain prior period amounts have been reclassified to conform to
current year presentation.
Amounts may not recalculate due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended September 30, 2005 and 2004
(Dollars in millions)
Three Months Nine Months
2005 2004 B(W) 2005 2004 B(W)
Fleet Management
Solutions
Total revenue $1,010.8 918.7 10.0% $2,905.0 2,652.3 9.5%
Fuel revenue (282.2) (205.1) 37.6% (763.7) (571.0) 33.8%
Operating revenue * $728.6 713.6 2.1% $2,141.3 2,081.3 2.9%
Segment net before
tax earnings $102.6 85.8 19.6% $262.4 223.2 17.6%
Earnings before
income taxes as % of
total revenue 10.1% 9.3% 9.0% 8.4%
Earnings before
income taxes as % of
operating revenue * 14.1% 12.0% 12.3% 10.7%
Supply Chain
Solutions
Total revenue $433.4 338.5 28.0% $1,155.1 986.6 17.1%
Subcontracted
transportation (179.1) (104.9) 70.7% (413.5) (293.8) 40.7%
Operating revenue * $254.3 233.6 8.9% $741.6 692.8 7.0%
Segment net before
tax earnings $10.6 9.8 8.7% $25.4 25.7 (0.9%)
Earnings before
income taxes as % of
total revenue 2.4% 2.9% 2.2% 2.6%
Earnings before
income taxes as % of
operating revenue * 4.2% 4.2% 3.4% 3.7%
Memo: Fuel costs $23.8 15.9 (49.7%) $66.5 46.5 (43.0%)
Dedicated Contract
Carriage
Total revenue $139.0 125.9 10.4% $400.8 377.7 6.1%
Subcontracted
transportation (4.4) (3.2) 39.8% (11.6) (6.7) 74.1%
Operating revenue * $134.6 122.7 9.7% $389.2 371.0 4.9%
Segment net before
tax earnings $9.2 7.5 22.4% $24.8 22.6 9.5%
Earnings before
income taxes as % of
total revenue 6.6% 6.0% 6.2% 6.0%
Earnings before
income taxes as % of
operating revenue * 6.8% 6.1% 6.4% 6.1%
Memo: Fuel costs $24.9 18.2 (36.8%) $67.7 52.3 (29.4%)
* Non-GAAP financial measure
Note: Certain prior period amounts have been reclassified to conform to
current year presentation.
Amounts may not recalculate due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Periods ended September 30, 2005 and 2004
(In millions, except per share amounts)
FREE CASH FLOW RECONCILIATION Nine Months
2005 2004
Net cash provided by operating
activities $469.1 656.5
Net cash used in investing
activities (817.5) (494.7)
Free cash flow * $(348.4) 161.8
DEBT TO EQUITY RECONCILIATION September 30, % to December 31, % to
2005 Equity 2004 Equity
On-balance sheet debt $2,218.3 137% $1,783.2 118%
PV of minimum lease payments
and guaranteed residual
values under operating
leases for vehicles (a) 145.4 161.1
Total obligations * $2,363.7 146% $1,944.3 129%
EPS RECONCILIATION Three Months Nine Months
2005 2004 2005 2004
Earnings per share $0.98 0.83 $2.60 2.33
Less: Tax change - - 0.12 -
Gain on sale of headquarters,
after tax - 0.01 - 0.23
Earnings per share excluding
tax change and headquarters
complex sale* $0.98 $0.82 $2.48 $2.09
RETURN ON CAPITAL RECONCILIATION
Twelve months ended September 30,
2005 2004
Net earnings - as reported [1] $230.8 192.4
Restructuring charges (recoveries), net 2.2 (17.0)
Income taxes 118.3 114.7
Earnings before net restructuring
charges (recoveries) and income taxes 351.3 290.1
Interest expense 113.8 101.1
Implied interest expense from
off-balance sheet debt 7.0 9.2
Adjusted earnings before income taxes 472.1 400.4
Adjusted income taxes (182.7) (149.2)
Adjusted net earnings* [2] $289.4 $251.2
Average total debt $2,035.3 1,822.6
Average shareholders' equity 1,530.6 1,365.3
Total capital - as reported [3] 3,565.9 3,187.9
Average off-balance sheet debt 160.4 149.3
Adjusted total capital * [4] $3,726.3 $3,337.2
Return on capital - as reported [1]/[3] 6.5% 6.0%
Return on capital * [2]/[4] 7.8% 7.5%
(a) Discounted at the incremental borrowing rate at lease inception.
*Non-GAAP financial measure
Note: Earnings per share amounts are calculated independently for
each component and may not be additive due to rounding.
SOURCE Ryder System, Inc.
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CONTACT:
Media, David Bruce, +1-305-500-4999, or
Investor Relations, Bob Brunn, +1-305-500-4053
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