Ryder Systems (NYSE: R) made more money in the second quarter than in the corresponding three months from 2025, but revenue growth was slow. The company announced its earnings Thursday morning.
Earnings per share on a GAAP basis were up 11% from a year ago, rising to $3.15/share. Comparable non-GAAP earnings were $3.32, also up 11%. Ryder, in its earnings release, attributed the increase to “higher contractual earnings and share repurchases.”
But total revenue barely budged, down slightly to $1.47 billion from $1.48 billion a year earlier. Operating revenue rose 1% to $1.29 billion.
After a few quarters of low used vehicle sales, sales rebounded to 6,200. While that was down from 6,000 a year ago, sequentially it was significantly higher than the prior three quarters, when the sales were 4,700, 4,700 and 5,100, respectively.
Pricers from used vehicle sales, both tractors and trucks, were down 17% from the second quarter of 2024. Ryder does not disclose an average price.
Ryder’s forecast for full 2025 is for revenue growth of 1%. But it also sees GAAP EPS of $12.15-$12.60. After six months, GAAP EPS stood at $5.44.
The slow growth in revenue was reflected in two of the operating segments. Fleet Management Solutions, which operates Ryder’s flagship rental activities, saw its total revenue drop 1%. Supply Chain Solutions, its contract logistics arm, had an increase of 2%. Dedicated Transportation, which provides dedicated trucking and transportation services, saw its revenue drop 5%.
While Fleet Management had a 6% decline in earnings before income taxes, Supply Chain Solutions rose 16%. Dedicated’s earnings before income taxes were up 1%.
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