Ryder reported it exceeded its initial full-year outlook for 2018, driven by record revenue growth. Total revenue and operating revenue grew across all three of its business segments, reflecting new business and higher volumes.

Full-year GAAP EPS was $5.21 versus $14.90 in the prior year, reflecting the one-time benefit of tax reform in the prior year. Full-year comparable EPS, which management believes is more reflective of ongoing performance, was up 28% to $5.79. In the fourth quarter, GAAP EPS was $2.06 versus $12.12 in the prior year, reflecting the one-time benefit of tax reform in the prior year. Comparable EPS was up 33% to a record $1.82.

Commenting on the company’s results, Ryder Chairman and CEO Robert Sanchez said, “In the fourth quarter, we delivered year-over-year comparable earnings per share growth, which was in line with our expectations. We are pleased with this quarter’s comparable pre-tax earnings improvement of 16%, which was driven by double-digit revenue growth in all three of our business units and the benefit of cost actions taken earlier in the year.”

2018 fourth quarter financial highlights included:

• Record Q4 total revenue of $2.3 billion, up 17%; record Q4 operating revenue (non-GAAP) of $1.8 billion, up 13%
• Q4 GAAP EPS from continuing operations of $2.06 versus $12.12 in prior year, reflecting a one-time net benefit from tax reform in the prior year
• Q4 comparable EPS (non-GAAP) from continuing operations up 33% to a record $1.82, reflects a lower tax rate from tax reform and improved operating performance

2018 full year financial highlights included:

• Record full-year total revenue of $8.4 billion, up 15%; record full-year operating revenue (non-GAAP) of $6.7 billion, up 11%
• Full-year GAAP EPS from continuing operations of $5.21 versus $14.90 in prior year, reflecting a one-time net benefit from tax reform in the prior year
• Full-Year comparable EPS (non-GAAP) from continuing operations up 28% to $5.79

Ryder’s 2019 forecast includes:

• Adopted lease accounting change effective January 1, 2019
• 2019 GAAP EPS forecast of $5.18 to $5.48
• 2019 comparable EPS (non-GAAP) forecast of $6.00 to $6.30
• Excluding the impact from lease accounting change in both years, 2019 comparable EPS forecast of $6.20 to $6.50 vs. $5.79 for 2018