Ryder System Guides FY23 Adj. EPS Above Estimates; Authorizes 2 Mln Share Buyback - Update
(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, Ryder System, Inc. (R) initiated its earnings, comparable earnings and revenue growth guidance for the full-year 2023. The company also provided financial outlook for the first quarter.
For fiscal 2022, the company now projects earnings in a range of $6.44 to $7.44 per share and comparable earnings in a range of $11.05 to $12.05 per share on total revenue growth of about 2 percent and operating revenue growth of about 4 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.91 per share on revenue relatively flat at $11.93 billion for the year. Analysts' estimates usually exclude special items.
For the first quarter, the company expects earnings in a range of $2.50 to $2.75 per share and comparable earnings in a range of $2.75 to $3.00 per share. The Street is looking for earnings of $2.91 per share for the quarter.
Additionally, the company's Board of Directors has authorized a new discretionary share repurchase program of up to 2 million shares of common stock at the discretion of Ryder management from February 10, 2023 through February 10, 2025 (two years).
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