Q1 2026 Ryder System Inc Earnings Call Transcript
Key Points
- Ryder System Inc (R) delivered solid first-quarter results that exceeded expectations, driven by better-than-expected used vehicle sales results in Fleet Management.
- The company has successfully implemented a balanced growth strategy, focusing on derisking the portfolio, enhancing returns, and strengthening the model's resiliency.
- Ryder's asset-light Supply Chain and Dedicated businesses have accelerated growth, resulting in a more resilient business mix that is less capital intensive.
- The company is leveraging AI and automation across various operations, enhancing customer experience and driving operational efficiencies.
- Ryder has increased its full-year 2026 comparable EPS forecast, reflecting stronger-than-expected first-quarter performance and a modest improvement in used vehicle market conditions.
- The decline in earnings was noted due to lower Supply Chain performance compared to a robust prior year.
- Dedicated operating revenue decreased 5% due to lower fleet count reflecting the prolonged freight downturn.
- Rental demand remained below prior year levels, and the rental fleet is expected to decrease further in 2026.
- Used vehicle inventory is slightly above the targeted range, indicating potential challenges in inventory management.
- Geopolitical and macroeconomic factors continue to influence the pace and durability of the recovery, adding uncertainty to future performance.
Good morning, and welcome to the Ryder System first-quarter 2026 earnings release conference call. (Operator Instructions) Today's call is being recorded. (Operator Instructions)
I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.
Thank you. Good morning, and welcome to Ryder's first-quarter 2026 earnings conference call. I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors.
More detailed information about these factors and a reconciliation of each non-GAAP financial measure to the nearest GAAP measure is
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