Shares of Ryder System Inc. rallied 2.2% toward a sixth-straight gain in premarket trading Wednesday, after the trucking and fleet management services company reported a first-quarter profit beat expectations by a wide margin, and lifted its full-year outlook to well above forecasts. The company swung to net income of $50.8 million, or 95 cents a share, from a loss of $109.6 million, or $2.10 a share, in the year-ago period. Excluding nonrecurring items, such as discontinued operations and restructuring costs, adjusted earnings per share came to $1.09, beating the FactSet consensus of 58 cents. Revenue rose 2.8% to $2.22 billion, above the FactSet consensus of $2.14 billion, as fleet management solutions revenue was roughly flat at $1.34 billion but beat expectations. “FMS results were significantly better than expected in lease and rental as well as used vehicle sales, driven by a robust freight environment and our actions to improve returns,” said Chief Executive Robert Sanchez. The company raised its 2021 adjusted EPS guidance range to $5.50 to $5.90 from $4.15 from $4.65, above the FactSet consensus of $4.50. The stock has run up 24.3% year to date through Tuesday, while the Dow Jones Transportation Average has climbed 22.4% and the Dow Jones Industrial Average has advanced 11.0%.
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