Revenue in the first quarter of 2020, when the pandemic was just beginning, was down only 1% from the first quarter of 2019, so the impact of the shutdowns had not hit yet. The comparisons between 20 are those of a company recently riding a strong freight market and one in 2020 which was starting to feel the pains of the pandemic and was taking writedowns on the value of its fleet. The 48-cent “beat” almost doubled the forecasts. On a generally accepted accounting principles basis, the earnings-per-share figure was closer to double the forecast, coming in at 97 cents versus a forecast of 49 cents per share.
Ryder’s first-quarter adjusted per-share earnings were $1.09, which according to SeekingAlpha was 51 cents per share better than the Wall Street consensus earnings forecast of 58 cents per share. But that second-quarter figure also included a sequential decline in revenue of about $300 million.Īlso in the second quarter, like a lot of other companies, it withdrew its guidance on earnings.Ī year later, Ryder has increased that guidance for 2021 by a significant amount, and it posted adjusted earnings that were almost double Wall Street estimates for the first quarter. The result: Ryder lost $1.41 per share in the second quarter of 2020 after a loss of more than $2 per share in the first quarter, though that red ink was mostly caused by changing valuations of its used vehicle fleet.
RYDER WRITEDOWN FULL
A year ago, Ryder (NYSE: R) was entering a scary time, with the pandemic in full force and uncertainty about what it would mean for the company’s primary business of leasing trucks to a variety of users.
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