Page 1

News Release First Quarter 2021 • • • Ryder Reports First Quarter 2021 Results GAAP EPS from continuing operations of $ 0.97 versus a loss of $ ( 2.09 ) in prior year due to improved results in fleet management solutions Comparable EPS ( non - GAAP ) from continuing operations of $ 1.09 versus a loss of $ ( 1.38 ) in prior year Total revenue of $ 2.2 billion and operating revenue ( non - GAAP ) of $ 1.8 billion , both up 3 % , primarily reflecting higher revenue in supply chain and rental Full - Year 2021 Forecast Increased GAAP EPS forecast to $ 5.65 - $ 6.05 from $ 4.18 - $ 4.68 • Increased comparable EPS ( non - GAAP ) forecast to $ 5.50 - $ 5.90 from $ 4.15 - $ 4.65 • Expect to achieve adjusted ROE ( ROE ) of 12 - 13 % exceeding our interim target of 11 % MIAMI , April 28 , 2021 - Ryder System , Inc. ( NYSE : R ) , a leader in supply chain , dedicated transportation , and fleet management solutions , reported results for the three months ended March 31 as follows : ( In millions , except EPS ) Continuing operations ( GAAP ) Non - operating pension costs , net Restructuring and other , net ERP implementation costs Gains on sale of properties 1.2 Earnings ( Loss ) 2021 2020 $ 51.6 ( 0.8 ) $ ( 109.1 ) 0.1 Diluted Earnings ( Loss ) Per Share $ 2021 0.97 $ 2020 ( 2.09 ) 0.17 0.11 0.15 ( 0.01 ) 0.03 DE 2.6 8.9 Earnings ( Loss ) Before Taxes 2021 2020 $ 70.3 $ ( 113.6 ) 2.3 11.3 7.6 10.3 ( 1.5 ) Tax adjustments , net ( 1.2 ) 0.3 0.39 Comparable ( non - GAAP ) $ 78.6 $ ( 90.8 ) $ 58.2 $ ( 72.1 ) $ 1.09 $ ( 1.38 ) Note : Amounts may not be additive due to rounding . 5.7 7.7 20.4 ( 0.02 ) 0.01 Total and operating revenue for the three months ended March 31 were as follows : ( In millions ) Total Revenue Operating Revenue ( non - GAAP ) 2021 2020 Change 2021 2020 Change Total $ 2,222 2,161 3 % $ 1,817 1,771 3 % Fleet Management Solutions ( FMS ) $ 1,335 1,340 - % $ 1,168 1,158 1 % Supply Chain Solutions ( SCS ) $ 707 628 12 % $ 503 467 8 % Dedicated Transportation Solutions ( DTS ) $ 321 335 ( 4 ) % $ 237 237 ― %