Ryder System, Inc. (NYSE:R) Q2 2023 Earnings Conference Call July 26, 2023 11:00 AM ET

Company Participants

Calene Candela - Vice President-Investor Relations

Robert Sanchez - Chairman and Chief Executive Officer

John Diez - Executive Vice President and Chief Financial Officer

Tom Havens - President of Global Fleet Management Solutions

Steve Sensing - President-Global Supply Chain Solutions and Dedicated Transportation

Conference Call Participants

Jordan Alliger - Goldman Sachs

Scott Group - Wolfe Research

Jeff Kauffman - Vertical Research Partners

Brian Ossenbeck - JPMorgan

Allison Poliniak - Wells Fargo

Justin Long - Stephens

Operator

Please standby, we are about to begin. Good morning, and welcome to the Ryder System Second Quarter 2023 Earnings Release Conference Call. All lines are in a listen-only mode until after the presentation. Today's call is being recorded. If you have any objections, please disconnect at this time.

I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.

Calene Candela

Thank you. Good morning, and welcome to Ryder's second quarter 2023 earnings conference call. I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.

Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors. More detailed information about these factors and a reconciliation of each non-GAAP financial measure to the nearest GAAP measure is contained in this morning's earnings release, earnings call presentation and in Ryder's filings with the Securities and Exchange Commission, which are available on Ryder's website.

Presenting on today's call are Robert Sanchez, Chairman and Chief Executive Officer; and John Diez, Executive Vice President and Chief Financial Officer. Additionally, Tom Havens, President of Fleet Management Solutions; and Steve Sensing, President of Supply Chain Solutions and Dedicated Transportation Solution, are on the call today and available for questions following the presentation.

At this time, I'll turn the call over to Robert.

Robert Sanchez

Good morning, everyone, and thanks for joining us. I'm very proud of the strong second quarter results delivered by our team despite challenging freight conditions. As many of you know, several years ago, we adopted a balanced growth strategy and have since been focused on its execution.

As we'll discuss on today's call, the transformative changes we've made to derisk our business model, enhance returns and free cash flow and drive long-term profitable growth have significantly increased the earnings and return profile of the company even in the market conditions we are currently seeing. Results for the quarter were above our forecasts reflecting better-than-expected performance in all three business segments.