Ryder System, Inc. reported a total revenue of $12.6 billion for the fiscal year ending December 31, 2024, marking a 7% increase from $11.8 billion in 2023. The company's earnings from continuing operations rose to $489 million, or $11.06 per diluted share, compared to $406 million, or $8.73 per diluted share, in the previous year. However, comparable earnings per share decreased to $12.00 from $12.95, reflecting stronger performance in the contractual lease, supply chain, and dedicated businesses, but weaker market conditions in rental and used vehicle sales.
The company experienced significant changes in its operational landscape, notably through strategic acquisitions. In 2024, Ryder acquired CLH Parent Corporation (Cardinal Logistics) for $302 million, enhancing its dedicated transportation solutions and increasing its scale and network density. Additionally, the acquisition of IFS Holdings, LLC contributed to revenue growth in the Supply Chain Solutions segment. These acquisitions are expected to drive further earnings growth in 2025 as synergies are realized.
Operationally, Ryder's Fleet Management Solutions (FMS) segment generated $5.9 billion in revenue, a slight decline from $5.93 billion in 2023, primarily due to lower commercial rental demand. The Supply Chain Solutions (SCS) segment saw a 9% increase in revenue to $5.3 billion, driven by acquisitions and strong performance in the automotive and consumer packaged goods sectors. The Dedicated Transportation Solutions (DTS) segment reported a 37% revenue increase to $2.4 billion, largely attributed to the Cardinal Logistics acquisition. As of December 31, 2024, Ryder's total employee headcount was approximately 50,700, including 13,400 professional drivers.
The filing indicated that Ryder's financial performance was influenced by various market conditions, including inflationary pressures and labor shortages, which have affected operational costs and service demand. The company anticipates modest improvements in freight market conditions in the latter half of 2025, despite ongoing economic uncertainties. Ryder's management remains focused on leveraging long-term trends favoring outsourced logistics and transportation services to drive future growth.
About RYDER SYSTEM INC
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