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Ryder System Inc. (R-0.73%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $12.6 billion, an increase of 7% from the previous year. Operating revenue, excluding fuel and subcontracted transportation, was $10.3 billion, up 8%.
The company reported earnings from continuing operations before income taxes of $661 million, compared to $618 million in the prior year. The increase was attributed to a one-time non-cash charge in the previous year related to the FMS U.K. business exit.
Ryder's Fleet Management Solutions (FMS) segment saw a slight revenue decrease of 1% to $5.9 billion, with operating revenue increasing by 1% due to growth in its ChoiceLease product line.
Supply Chain Solutions (SCS) revenue increased by 9% to $5.3 billion, driven by recent acquisitions and improved performance in the omnichannel retail and automotive sectors.
Dedicated Transportation Solutions (DTS) revenue grew by 37% to $2.4 billion, largely due to the acquisition of Cardinal Logistics.
The company reported net cash provided by operating activities of $2.3 billion and free cash flow of $133 million, reflecting reduced capital expenditures.
Ryder's total debt increased to $7.8 billion, with a debt to equity ratio of 250%. The company issued several medium-term notes during the year to refinance existing debt and fund acquisitions.
The company returned $456 million to shareholders through share repurchases and dividends, with an annualized dividend rate increase of 14% to $3.24 per share.
Ryder's pension plans reported a funded status of 91%, with total pension contributions of $56 million during the year.
The filing also details various financial agreements, including a $1.4 billion revolving credit facility and a $300 million trade receivables financing program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ryder System Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.