Ryder System, Inc. reported significant financial results for the third quarter and the nine months ended September 30, 2024, reflecting both revenue growth and challenges in profitability. Total revenue for Q3 2024 reached $3,168 million, an 8% increase from $2,924 million in Q3 2023. For the nine months, total revenue was $9,447 million, also an 8% increase from $8,760 million in the same period last year. The growth was primarily driven by the Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) segments, bolstered by recent acquisitions, including Cardinal Logistics.
Services revenue for Q3 2024 was $2,097 million, up from $1,799 million in Q3 2023, marking a 17% increase. For the nine months, services revenue increased to $6,248 million from $5,399 million, a 16% rise. However, earnings from continuing operations for Q3 2024 decreased to $143 million from $160 million in Q3 2023, reflecting a 10% decline. Basic earnings per share (EPS) from continuing operations were $3.32, down from $3.51 in the prior year. In contrast, for the nine months, earnings from continuing operations rose to $354 million from $282 million, a 26% increase, with EPS increasing to $8.11 from $6.11.
The Fleet Management Solutions (FMS) segment experienced a slight revenue decline, with Q3 2024 revenue at $1,470 million compared to $1,487 million in Q3 2023. This decline was attributed to weaker rental demand and lower gains on used vehicle sales, which saw average proceeds per unit decrease significantly. Conversely, SCS revenue surged to $1,317 million in Q3 2024, up from $1,194 million, while DTS revenue increased to $633 million from $448 million, reflecting strong performance in dedicated transportation services.
Ryder's total assets grew to $16,497 million as of September 30, 2024, up from $15,778 million at the end of 2023. Total liabilities also increased to $13,441 million from $12,709 million, with long-term debt rising to $6,628 million from $5,531 million. The company maintained a debt-to-equity ratio of 249% as of September 30, 2024, compared to 232% at the end of 2023.
In terms of strategic developments, Ryder completed the acquisition of Cardinal Logistics for $299 million in February 2024, enhancing its capabilities in dedicated contract carriage. The company also announced a new discretionary share repurchase program in October 2024, allowing for the repurchase of an additional 2 million shares. Despite the challenges in rental and used vehicle sales, Ryder's growth in SCS and DTS segments indicates a strategic focus on expanding its logistics and transportation services.
About RYDER SYSTEM INC
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