A leader in trucking transportation and logistics, Ryder
Systems (R) topped earnings and EPS estimates, but missed revenue targets. It
is yet again an example of an industrial that has missed the sales estimate,
but made higher than expected profits. This solidifies Qineqt's stance that
industrials this year are trimming their cost structures, but have not found
enough sales coming their way to provide impressive results on the earnings
release. Earlier on, Harley-Davidson (HOG), the manufacturer of stylish
motorbikes also missed revenue estimates, but exceeded EPS expectations.
Similarly, Caterpillar (CAT), the giant equipment manufacturer, Norfolk
Southern (NSC), U.S.-based railroad, Chicago Bridge & Iron (CBI), the
engineering & construction company, and several other manufacturers missed
sales expectations but exceeded EPS estimates. The positive news for Ryder
investors was that the company raised its full year outlook to $3.93-$3.98,
from the prior guidance of $3.75-$3.9.
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