Ryder raises Q2 and full-year guidance to reflect boost from price hikes, strong rental and used vehicle sales

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Logistics and transportation company Ryder System Inc. shares R, +1.12% rose 1.1% premarket Friday, after the company raised its second-quarter and full-year per-share earnings guidance in a statement released ahead of an analyst day. The Miami-based company said it now expects second-quarter EPS to range from $4.37 to $4.62, up from prior guidance of $3.97 to $4.22. It expects comparable EPS to range from $3.90 to $4.15, up from prior guidance of $3.50 to $3.75. The FactSet consensus is for second-quarter EPS of $3.71. The company now expects full-year EPS to range from $13.23 to 14.23, versus prior guidance of $12.83 to $13.83. It expects full-year comparable EPS of $13.40 to $14.40, up from prior guidance of $13.00 to $14.00. The FactSet consensus is for full-year EPS of $13.86. “Our increased outlook reflects earlier-than-expected realization of benefits from pricing initiatives in all business segments and strong rental and used vehicle sales performance in the second quarter, CEO Robert Sanchez said in a statement. Shares have fallen 2.4% in the year to date, while the S&P 500 SPX, +1.84% has fallen 12%.

This article was originally published by Marketwatch.com. Read the original article here.

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