Headline: "Ryder System's Q3 Earnings Surpass Forecasts, Yet Shares Dip 3% Due to Weak Guidance"

Ryder System Inc. (NYSE:R) reported third-quarter earnings that surpassed expectations on Thursday, but its full-year guidance fell short of analyst estimates, leading to a 3% drop in shares. The transportation and logistics company posted adjusted earnings per share of $3.44, exceeding the consensus of $3.41. Revenue was $3.2 billion, slightly below the expected $3.29 billion.

However, Ryder's full-year earnings guidance of $11.90 to $12.10 per share was lower than Wall Street's estimate of $12.13. Ryder's Chairman and CEO Robert Sanchez stated, "Ryder's strong third-quarter performance reflects the ongoing execution of our balanced growth strategy. Earnings growth in our contractual leasing, dedicated, and supply chain businesses continues to be the main driver of our outperformance compared to prior cycles."

The company noted that its contractual businesses showed double-digit earnings growth, helping to offset weaker conditions in the used vehicle sales and rental sectors. The rental power fleet utilization rate fell to 71% from 75% last year.

Ryder expects fourth-quarter earnings per share to range between $3.32 and $3.52. The company maintained its full-year revenue growth forecast of approximately 8%.