Why Ryder System Stock Was Trucking Higher This Week
The stock of veteran trucking and logistics company Ryder System (NYSE: R) was whizzing nicely down the road this week. After the company published its latest set of quarterly results, investors bid up its shares; according to data compiled by S&P Global Market Intelligence they were trading nearly 11% higher week-to-date as of late Thursday.
Wednesday morning before market open, Ryder unveiled its third-quarter results. These showed that the company's revenue for the period zoomed 23% higher on a year-over-year basis to just over $3 billion. The improvement in non-GAAP (adjusted) net income was even more dramatic, with Ryder enjoying a nearly 70% lift to more than $308 million ($4.45 per share).
On average, analysts tracking the stock were estimating $3 billion on the top line, but only $3.65 per share for adjusted net income.
Source Fool.com
