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News Release Third Quarter 2021 • • • Ryder Reports Third Quarter 2021 Results GAAP EPS from continuing operations of $ 2.58 versus $ 0.85 in prior year , reflecting significantly improved results in fleet management solutions Comparable EPS ( non - GAAP ) from continuing operations of $ 2.55 versus $ 1.21 in prior year Total revenue of $ 2.5 billion and operating revenue ( non - GAAP ) of $ 2.0 billion up 14 % and 11 % , respectively , reflecting revenue growth across all business segments Full - Year 2021 Forecast Increased GAAP EPS forecast to $ 8.60 - $ 8.70 from $ 7.40 - $ 7.70 • Increased comparable EPS ( non - GAAP ) forecast to $ 8.40 - $ 8.50 from $ 7.20 - $ 7.50 • Expect to achieve adjusted ROE ( ROE ) of 18 % - 19 % • • Maintained cash flow from operating activities forecast of $ 2.2 billion ; increased free cash flow ( non - GAAP ) forecast to $ 1.0 billion - $ 1.1 billion Supply chain acquisition of Midwest Warehouse & Distribution System ( Midwest ) ( expected to close early November ) and new share repurchase programs consistent with disciplined capital allocation strategy MIAMI , October 27 , 2021 – Ryder System , Inc. ( NYSE : R ) , a leader in supply chain , dedicated transportation , and fleet management solutions , reported results for the three months ended September 30 as follows : Diluted Earnings ( Loss ) ( In millions , except EPS ) Earnings ( Loss ) Before Taxes Earnings ( Loss ) Per Share 2021 2020 2021 2020 2021 2020 Continuing operations ( GAAP ) $ 183.2 $ 54.8 $ 138.7 $ 45.1 $ 2.58 $ 0.85 Comparable ( non - GAAP ) $ 181.8 $ 77.8 $ 137.5 $ 63.8 $ 2.55 $ 1.21 Total and operating revenue for the three months ended September 30 were as follows : Operating Revenue ( In millions ) Total Revenue ( non - GAAP ) 2021 2020 Change 2021 2020 Change Total $ 2,459 2,151 14 % $ 1,983 1,790 11 % Fleet Management Solutions ( FMS ) $ 1,436 1,297 11 % $ 1,248 1,153 8 % Supply Chain Solutions ( SCS ) $ 802 685 17 % $ 559 492 14 % Dedicated Transportation Solutions ( DTS ) $ 380 300 27 % $ 272 234 16 % CEO Comment Commenting on the company's results and outlook , Ryder Chairman and CEO Robert Sanchez said , " We are pleased with our record third - quarter earnings results reflecting favorable demand and pricing in used vehicle sales and rental , as well as higher lease returns from our ongoing pricing initiatives . We realized 15.7 % ROE while also generating strong free cash flow .