Intrinsic value of Ryder System - R

Previous Close

$74.70

  Intrinsic Value

$27.64

stock screener

  Rating & Target

str. sell

-63%

Previous close

$74.70

 
Intrinsic value

$27.64

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of R stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  7,916
  8,526
  9,159
  9,818
  10,502
  11,213
  11,952
  12,722
  13,522
  14,355
  15,223
  16,128
  17,071
  18,054
  19,081
  20,153
  21,272
  22,443
  23,666
  24,945
  26,283
  27,684
  29,149
  30,684
  32,292
  33,976
  35,741
  37,590
  39,529
  41,561
Variable operating expenses, $m
  7,224
  7,777
  8,352
  8,949
  9,569
  10,214
  10,885
  11,583
  12,308
  13,064
  13,808
  14,628
  15,483
  16,376
  17,307
  18,279
  19,295
  20,356
  21,465
  22,626
  23,839
  25,110
  26,439
  27,832
  29,290
  30,817
  32,418
  34,095
  35,854
  37,697
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,224
  7,777
  8,352
  8,949
  9,569
  10,214
  10,885
  11,583
  12,308
  13,064
  13,808
  14,628
  15,483
  16,376
  17,307
  18,279
  19,295
  20,356
  21,465
  22,626
  23,839
  25,110
  26,439
  27,832
  29,290
  30,817
  32,418
  34,095
  35,854
  37,697
Operating income, $m
  692
  749
  808
  869
  933
  999
  1,067
  1,139
  1,213
  1,291
  1,415
  1,499
  1,587
  1,679
  1,774
  1,874
  1,978
  2,087
  2,200
  2,319
  2,444
  2,574
  2,710
  2,853
  3,002
  3,159
  3,323
  3,495
  3,675
  3,864
EBITDA, $m
  1,756
  1,892
  2,032
  2,178
  2,330
  2,488
  2,652
  2,823
  3,000
  3,185
  3,378
  3,578
  3,788
  4,006
  4,234
  4,471
  4,720
  4,979
  5,251
  5,535
  5,832
  6,142
  6,468
  6,808
  7,165
  7,539
  7,930
  8,340
  8,770
  9,221
Interest expense (income), $m
  144
  292
  329
  368
  408
  450
  493
  538
  585
  634
  685
  738
  793
  850
  910
  972
  1,037
  1,105
  1,177
  1,251
  1,328
  1,410
  1,494
  1,583
  1,676
  1,774
  1,876
  1,983
  2,095
  2,212
  2,335
Earnings before tax, $m
  400
  420
  440
  461
  483
  506
  529
  554
  579
  606
  678
  707
  737
  769
  802
  836
  872
  910
  950
  991
  1,034
  1,079
  1,127
  1,177
  1,229
  1,283
  1,340
  1,400
  1,463
  1,529
Tax expense, $m
  108
  113
  119
  124
  130
  137
  143
  150
  156
  164
  183
  191
  199
  208
  216
  226
  236
  246
  256
  268
  279
  291
  304
  318
  332
  346
  362
  378
  395
  413
Net income, $m
  292
  306
  321
  337
  353
  369
  386
  404
  423
  442
  495
  516
  538
  561
  585
  610
  637
  664
  693
  723
  755
  788
  823
  859
  897
  937
  979
  1,022
  1,068
  1,116

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,369
  13,322
  14,312
  15,340
  16,409
  17,520
  18,676
  19,877
  21,128
  22,430
  23,786
  25,199
  26,673
  28,210
  29,814
  31,489
  33,238
  35,066
  36,978
  38,976
  41,067
  43,256
  45,546
  47,944
  50,456
  53,088
  55,845
  58,735
  61,764
  64,939
Adjusted assets (=assets-cash), $m
  12,369
  13,322
  14,312
  15,340
  16,409
  17,520
  18,676
  19,877
  21,128
  22,430
  23,786
  25,199
  26,673
  28,210
  29,814
  31,489
  33,238
  35,066
  36,978
  38,976
  41,067
  43,256
  45,546
  47,944
  50,456
  53,088
  55,845
  58,735
  61,764
  64,939
Revenue / Adjusted assets
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
Average production assets, $m
  10,204
  10,990
  11,807
  12,655
  13,537
  14,454
  15,407
  16,398
  17,430
  18,504
  19,623
  20,788
  22,004
  23,272
  24,595
  25,977
  27,420
  28,928
  30,505
  32,154
  33,879
  35,684
  37,574
  39,552
  41,625
  43,795
  46,070
  48,454
  50,953
  53,572
Working capital, $m
  -570
  -614
  -659
  -707
  -756
  -807
  -861
  -916
  -974
  -1,034
  -1,096
  -1,161
  -1,229
  -1,300
  -1,374
  -1,451
  -1,532
  -1,616
  -1,704
  -1,796
  -1,892
  -1,993
  -2,099
  -2,209
  -2,325
  -2,446
  -2,573
  -2,707
  -2,846
  -2,992
Total debt, $m
  6,094
  6,810
  7,555
  8,328
  9,132
  9,968
  10,837
  11,740
  12,681
  13,660
  14,680
  15,742
  16,850
  18,006
  19,212
  20,472
  21,788
  23,162
  24,600
  26,103
  27,675
  29,321
  31,043
  32,847
  34,736
  36,715
  38,788
  40,961
  43,239
  45,627
Total liabilities, $m
  9,302
  10,018
  10,762
  11,536
  12,340
  13,175
  14,044
  14,948
  15,888
  16,867
  17,887
  18,950
  20,058
  21,214
  22,420
  23,680
  24,995
  26,370
  27,807
  29,310
  30,883
  32,528
  34,251
  36,054
  37,943
  39,922
  41,996
  44,169
  46,446
  48,834
Total equity, $m
  3,068
  3,304
  3,549
  3,804
  4,069
  4,345
  4,632
  4,930
  5,240
  5,563
  5,899
  6,249
  6,615
  6,996
  7,394
  7,809
  8,243
  8,696
  9,170
  9,666
  10,185
  10,727
  11,295
  11,890
  12,513
  13,166
  13,850
  14,566
  15,317
  16,105
Total liabilities and equity, $m
  12,370
  13,322
  14,311
  15,340
  16,409
  17,520
  18,676
  19,878
  21,128
  22,430
  23,786
  25,199
  26,673
  28,210
  29,814
  31,489
  33,238
  35,066
  36,977
  38,976
  41,068
  43,255
  45,546
  47,944
  50,456
  53,088
  55,846
  58,735
  61,763
  64,939
Debt-to-equity ratio
  1.990
  2.060
  2.130
  2.190
  2.240
  2.290
  2.340
  2.380
  2.420
  2.460
  2.490
  2.520
  2.550
  2.570
  2.600
  2.620
  2.640
  2.660
  2.680
  2.700
  2.720
  2.730
  2.750
  2.760
  2.780
  2.790
  2.800
  2.810
  2.820
  2.830
Adjusted equity ratio
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  292
  306
  321
  337
  353
  369
  386
  404
  423
  442
  495
  516
  538
  561
  585
  610
  637
  664
  693
  723
  755
  788
  823
  859
  897
  937
  979
  1,022
  1,068
  1,116
Depreciation, amort., depletion, $m
  1,064
  1,143
  1,224
  1,309
  1,397
  1,489
  1,584
  1,684
  1,787
  1,894
  1,962
  2,079
  2,200
  2,327
  2,460
  2,598
  2,742
  2,893
  3,051
  3,215
  3,388
  3,568
  3,757
  3,955
  4,162
  4,380
  4,607
  4,845
  5,095
  5,357
Funds from operations, $m
  1,356
  1,449
  1,546
  1,646
  1,750
  1,858
  1,971
  2,088
  2,210
  2,337
  2,457
  2,595
  2,738
  2,888
  3,045
  3,208
  3,379
  3,557
  3,744
  3,939
  4,143
  4,356
  4,580
  4,814
  5,059
  5,316
  5,586
  5,868
  6,163
  6,474
Change in working capital, $m
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -146
Cash from operations, $m
  1,399
  1,493
  1,591
  1,693
  1,799
  1,909
  2,024
  2,143
  2,267
  2,397
  2,519
  2,660
  2,806
  2,959
  3,119
  3,285
  3,459
  3,641
  3,832
  4,031
  4,239
  4,457
  4,686
  4,925
  5,175
  5,438
  5,713
  6,001
  6,303
  6,620
Maintenance CAPEX, $m
  -945
  -1,020
  -1,099
  -1,181
  -1,266
  -1,354
  -1,445
  -1,541
  -1,640
  -1,743
  -1,850
  -1,962
  -2,079
  -2,200
  -2,327
  -2,460
  -2,598
  -2,742
  -2,893
  -3,051
  -3,215
  -3,388
  -3,568
  -3,757
  -3,955
  -4,162
  -4,380
  -4,607
  -4,845
  -5,095
New CAPEX, $m
  -755
  -786
  -817
  -849
  -882
  -917
  -953
  -991
  -1,032
  -1,074
  -1,119
  -1,166
  -1,216
  -1,268
  -1,323
  -1,382
  -1,443
  -1,508
  -1,577
  -1,649
  -1,725
  -1,805
  -1,890
  -1,979
  -2,072
  -2,171
  -2,275
  -2,384
  -2,499
  -2,620
Cash from investing activities, $m
  -1,700
  -1,806
  -1,916
  -2,030
  -2,148
  -2,271
  -2,398
  -2,532
  -2,672
  -2,817
  -2,969
  -3,128
  -3,295
  -3,468
  -3,650
  -3,842
  -4,041
  -4,250
  -4,470
  -4,700
  -4,940
  -5,193
  -5,458
  -5,736
  -6,027
  -6,333
  -6,655
  -6,991
  -7,344
  -7,715
Free cash flow, $m
  -301
  -313
  -324
  -336
  -348
  -361
  -374
  -389
  -404
  -420
  -450
  -468
  -488
  -509
  -532
  -556
  -582
  -609
  -638
  -669
  -701
  -736
  -772
  -811
  -852
  -896
  -942
  -990
  -1,041
  -1,095
Issuance/(repayment) of debt, $m
  685
  716
  744
  773
  804
  836
  869
  904
  940
  979
  1,020
  1,063
  1,108
  1,156
  1,206
  1,259
  1,316
  1,375
  1,437
  1,503
  1,572
  1,646
  1,723
  1,804
  1,889
  1,979
  2,073
  2,173
  2,278
  2,388
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  685
  716
  744
  773
  804
  836
  869
  904
  940
  979
  1,020
  1,063
  1,108
  1,156
  1,206
  1,259
  1,316
  1,375
  1,437
  1,503
  1,572
  1,646
  1,723
  1,804
  1,889
  1,979
  2,073
  2,173
  2,278
  2,388
Total cash flow (excl. dividends), $m
  383
  403
  420
  438
  456
  475
  494
  515
  536
  559
  570
  595
  620
  647
  674
  704
  734
  766
  799
  835
  871
  910
  950
  992
  1,037
  1,083
  1,132
  1,183
  1,237
  1,293
Retained Cash Flow (-), $m
  -233
  -236
  -245
  -255
  -265
  -276
  -287
  -298
  -310
  -323
  -336
  -350
  -365
  -381
  -398
  -415
  -434
  -453
  -474
  -496
  -519
  -543
  -568
  -595
  -623
  -653
  -684
  -717
  -751
  -788
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  44
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  226
  237
Cash available for distribution, $m
  151
  167
  175
  182
  191
  199
  208
  217
  226
  236
  234
  244
  255
  265
  277
  288
  300
  313
  325
  339
  353
  367
  382
  397
  414
  431
  448
  466
  485
  505
Discount rate, %
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  140
  142
  136
  129
  121
  112
  103
  93
  84
  74
  62
  53
  45
  38
  31
  25
  20
  16
  12
  9
  6
  5
  3
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Ryder System, Inc. is engaged in offering transportation and supply chain management solutions. The Company operates through three segments: Fleet Management Solutions (FMS), which provides leasing, commercial rental, contract maintenance, and contract-related maintenance of trucks, tractors and trailers to customers principally in the United States, Canada and the United Kingdom; Dedicated Transportation Solutions (DTS), which provides vehicles and drivers as part of a dedicated transportation solution in the United States, and Supply Chain Solutions (SCS), which provides supply chain solutions, including distribution and transportation services in North America and Asia. Through its FMS business, the Company provides its customers with various fleet solutions. In addition, it provides its customers to purchase a selection of used trucks, tractors and trailers through its used vehicle sales program. Its customer base includes enterprises operating in various industries.

FINANCIAL RATIOS  of  Ryder System (R)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 0.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow -13.1
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 224.1%
Total Debt to Equity 262.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 55%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 26.6%
EBITDA Margin - 3 Yr. Avg. 25.9%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.8%
Payout Ratio 34.7%

R stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the R stock intrinsic value calculation we used $7330 million for the last fiscal year's total revenue generated by Ryder System. The default revenue input number comes from 2017 income statement of Ryder System. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our R stock valuation model: a) initial revenue growth rate of 8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.9%, whose default value for R is calculated based on our internal credit rating of Ryder System, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ryder System.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of R stock the variable cost ratio is equal to 91.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for R stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ryder System.

Corporate tax rate of 27% is the nominal tax rate for Ryder System. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the R stock is equal to 0.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for R are equal to 128.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Ryder System operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for R is equal to -7.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2835 million for Ryder System - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53 million for Ryder System is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ryder System at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ Ryder Increases Quarterly Cash Dividend   [Jul-13-18 04:30PM  Business Wire]
▶ Ryder Honors Top Carriers of the Year   [Jun-29-18 06:55AM  Business Wire]
▶ A Look At Ryder System Incs (NYSE:R) Exceptional Fundamentals   [Jun-21-18 10:28AM  Simply Wall St.]
▶ Ryder Named GM Supplier of the Year by General Motors   [May-23-18 04:30PM  Business Wire]
▶ Ryder launches app for trucking companies, drivers   [07:20AM  American City Business Journals]
▶ Higher Oil Price: Winners and Losers   [May-11-18 09:41AM  Zacks]
▶ Ryder Declares Quarterly Cash Dividend   [May-04-18 04:30PM  Business Wire]
▶ Top Picks For Dividend Rockstars   [Apr-25-18 09:02AM  Simply Wall St.]
▶ Ryder System (R) Beats on Q1 Earnings   [Apr-24-18 08:44AM  Zacks]
▶ Ryder Reports First Quarter 2018 Results   [07:55AM  Business Wire]
▶ Truckers Seek New Routes Into Last Mile   [Apr-14-18 12:07AM  The Wall Street Journal]
▶ Transportation Stocks: Don't Get Carried Away   [Apr-13-18 10:06AM  Barrons.com]
▶ Truckers Seek New Routes Into 'Last Mile'   [05:30AM  The Wall Street Journal]
▶ Ryder System acquires e-commerce logistics company   [Apr-11-18 06:50AM  American City Business Journals]
▶ Ryder acquires e-commerce logistics company for $120M   [Apr-03-18 02:58PM  American City Business Journals]
▶ Ryder CEO on disruption in trucking   [08:16AM  CNBC Videos]
▶ Today's Top Supply Chain and Logistics News From WSJ   [Mar-28-18 06:22AM  The Wall Street Journal]
▶ Ryder to Launch Commercial Vehicle-Sharing Platform   [12:34AM  The Wall Street Journal]
▶ Ryder System launches 'Airbnb for trucks'   [Mar-27-18 02:42PM  American City Business Journals]
▶ Ryder to Launch Commercial Vehicle-Sharing Platform   [07:59AM  The Wall Street Journal]
▶ Ryder to supply office products giant with electric delivery trucks   [Mar-22-18 01:49PM  American City Business Journals]
▶ March Top Transport Dividend Payers   [09:02AM  Simply Wall St.]
▶ UPS And Ryder Are In Strong Bearish Trends   [Mar-05-18 07:01PM  Benzinga]
▶ Ryder Appoints Tim Fiore Chief Procurement Officer   [Mar-01-18 06:55AM  Business Wire]
▶ Hovnanian and Deere rise while Kraft Heinz and VF slide   [Feb-16-18 05:17PM  Associated Press]
▶ Ryder tops Street 4Q forecasts   [08:15AM  Associated Press]
▶ Ryder raises dividend 13%, related to tax cut benefits   [Feb-12-18 07:07AM  MarketWatch]
▶ Hedge Your Bet With These Transport Dividend Payers   [Jan-24-18 08:02AM  Simply Wall St.]
▶ [$$] Ryder Names Rajeev Ravindran CIO   [Jan-18-18 03:55PM  The Wall Street Journal]
▶ Ryder Receives U.S. EPA 2017 SmartWay┬« Excellence Award   [Nov-30-17 04:30PM  Business Wire]
▶ Analyst Views of US Truckload Carriers after 3Q17 Earnings   [Nov-29-17 10:31AM  Market Realist]
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