Ryder has reported its financial results for the three months ended March 31, 2022, with a reported a revenue of $2.9bn, a growth of 28% year-on-year (y-o-y) from Q1 2021. Comparable EBITDA for the company was $647.4m, growing 14% y-o-y compared to Q1 of the previous year.
In the Fleet Management Solutions (FMS) segment, total revenue was $1.53bn, a 15% growth y-o-y from Q1 2021. Ryder stated that this was primarily due to higher rental revenue driven by strong demand and higher pricing, with renewals expected to continue at higher rates.
In the Supply Chain Solutions (SCS) segment, total revenue was $1.08bn, growing 54% y-o-y from Q1 2021. Ryder stated that SCS total revenue increased due to acquisitions and strong revenue growth in all industry verticals from new business and increased volumes.
In the Dedicated Transportation Solutions (DTS) segment, total revenue was reported at $425m, growing 54% y-o-y from Q1 2021. Ryder states that DTS higher earnings were driven by revenue growth and improved operating performance partially offset by higher labour costs.
Commenting on the company’s results and outlook, Ryder Chairman and CEO Robert Sanchez says, “Record first-quarter results were significantly better than prior-year driven by improved performance in FMS and DTS. Results exceeded our forecast primarily due to used vehicle sales and rental. We generated record ROE of 25% reflecting truck capacity constraints in the market, which benefited FMS, and from continued benefits from our ongoing initiatives to increase returns.”
Source: Ryder
