Ryder System, Inc. (NYSE:R) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET

Company Participants

Bob Brunn - Senior Vice President, Investor Relations and Corporate Strategy

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 of Global Supply Chain Solutions and Dedicated Transportation

Conference Call Participants

Jordan Alliger - Goldman Sachs

Jeff Kauffman - Vertical Research Partners

Brian Ossenbeck - JPMorgan

Scott Group - Wolfe Research

Todd Fowler - KeyBanc Capital Markets

Justin Long - Stephens

Bert Subin - Stifel

Operator

Good morning, and welcome to the Ryder System Second Quarter 2022 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 Mr. Bob Brunn, Senior Vice President, Investor Relations and Corporate Strategy for Ryder. Mr. Brunn, you may begin.

Bob Brunn

Thanks very much. Good morning, and welcome to Ryder's Second Quarter 2022 Earnings Conference Call. I'd like to remind you that during the 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. For 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 final Curtis and Exchange Commission, which are available on Ryder's Web site.

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 Global Fleet Management Solutions; and Steve Sensing, President of Global Supply Chain Solutions and Dedicated Transportation, 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 pleased with this quarter's results, which reflect higher earnings in all three business segments. I'm also excited to update you on the significant progress we continue to make on our strategy to increase core earnings and create long term shareholder value, as we outlined in our recent Investor Day. I'll begin the call by providing you with a strategic update. John will then take you through our second quarter results, which exceeded our expectations again this quarter. We'll then discuss our outlook and review how we've positioned the business to deliver on our long term targets over the [freight] cycle. Our two recent supply chain acquisitions, Whiplash and Midwest Warehouse & Distribution System, performed above our expectations and continued to be accretive to earnings in the quarter. These acquisitions support you to accelerate growth in our asset light supply business. Whiplash significantly grows our e-fulfillment network with scalable e-commerce and omnichannel fulfillment solutions, and Midwest expands our multiclient warehouse offering.