WASHINGTON (dpa-AFX) - Ryder System, Inc. (R) on Thursday initiated earnings and revenue guidance for the first quarter of fiscal 2019 and the full-year-2019.
The company now projects earnings in a range of $5.18 to $5.48 per share, comparable earnings in a range of $6.00 to $6.30 per share and comparable earnings, excluding new lease accounting standard in a range of $6.20 to $6.50 per share.
Total revenue for the full-year 2019 is forecast to be up 8 percent to about $9 billion and operating revenue to be up 9 percent to about $7 billion.
On average, analysts polled by Thomson Reuters expect the company to earn $6.14 per share on revenue growth of 6.3 percent to $8.87 billion for the year. Analysts' estimates usually exclude special items.
For the first quarter of fiscal 2019, the company expects earnings in a range of $0.71 to $0.78 per share, comparable earnings in a range of $0.96 to $1.03 per share and comparable earnings, excluding new lease accounting standard in a range of $0.94 to $1.01 per share. Analysts are looking for earnings of $1.02 per share for the quarter.
Ryder said it will adopt a new lease accounting standard effective January 1, 2019, which has no impact on cash flow or total earnings over the life of a lease contract. The new standard, however, changes the timing of revenue recognition to better align with maintenance costs. The 2019 forecast for earnings per share was lowered by about $0.20 to reflect this standard.
Copyright RTT News/dpa-AFX