MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) announces its Board of Directors has authorized a new discretionary share repurchase program.
Under the new share repurchase program, Ryder management is authorized to repurchase up to 2.0 million shares of common stock, at its discretion, from October 9, 2024 through October 9, 2026 (two years). This program is designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. Ryder’s previously authorized 2.0 million share discretionary repurchase program, authorized in October 2023, was completed in September 2024.
“The earnings power of our contractual lease, dedicated, and supply chain businesses allows us to continually invest in profitable growth and strategic initiatives while also returning capital to shareholders. Solid execution of our balanced growth strategy has resulted in Ryder’s outperformance relative to prior cycles and generated significantly higher operating cash flow,” says Ryder Chairman and Chief Executive Officer Robert Sanchez. “We are confident that our transformed business model provides a solid foundation for growth and value-enhancing deployment of capital.”
In addition to the newly authorized discretionary share repurchase program, Ryder maintains an anti-dilutive share repurchase program authorized in October 2023. Under this program, Ryder management is authorized to repurchase up to 2.0 million shares of common stock through October 12, 2025 that have been issued to employees under the company’s employee stock plans since August 31, 2023. This program is designed to mitigate the dilutive impact of shares issued under the company’s employee stock plans. Through September 30, 2024, 753,000 shares have been repurchased under this program.
Share repurchases under both programs can be made from time to time using the company’s working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements, and other factors. As of September 30, 2024, the company had approximately 42.3 million shares of common stock outstanding.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a fully integrated port-to-door logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, contract manufacturing and packaging, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, nearshoring solutions, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 250,000 commercial vehicles, services fleets at 760 maintenance locations, and operates nearly 300 warehouses encompassing more than 100 million square feet. Ryder is regularly recognized for its industry-leading practices; technology-driven innovations; corporate responsibility; environmental management; safety, health and security programs; military veteran recruitment initiatives; and the hiring of a diverse workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to our ability to execute on our balanced growth, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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