Ryder System, Inc. (NYSE:R) Q1 2024 Earnings Call Transcript

Brian Ossenbeck: Yes. Thanks. Just wanted to get your comments on some of the end markets and the trends you’re seeing, particularly in SCS that you kind of broaden out that would be helpful as well. And in the past, you’ve talked about omnichannel being a bit slow perhaps for the first quarter, first half, maybe a rebound in the second half. So, auto is pretty strong. What about the rest of the verticals as you see them ramping up or not in terms of activity into the back half and into next year? Thanks.

Robert Sanchez: Yes. Again, I’ll let Steve give you some color there. But certainly on the e-commerce omnichannel, there’s two things going on, right? We’re looking for an improvement in the demand there, still pretty soft. We’re also trying to rightsize the business where we can and adjust to the cost structure as best we can. So, we’re certainly looking for that to have some benefit in the second half. But the other parts of the business, if you looked at the results for the quarter was still growing pretty strong. But Steve, why don’t you give a little more color?

Steve Sensing: Yes, Brian, we’re seeing continued volume in the automotive sector and industrial. So I think pretty decent outlooks there. CPG, with the acquisition of IFS, certainly, that’s an area that we need to cross-sell and upsell to our core CPG customers. And I think, as Robert said, in omnichannel, it’s really a volume play. If you think about the e-comm business and the last mile business, so when the economy turns back around, we’re ready to go sell that business.

Brian Ossenbeck: Okay. That’s helpful. Thank you.

Robert Sanchez: Thank you, Brian.

Operator: At this time, there are no additional questions. I’d like to turn the call back over to Mr. Robert Sanchez for closing remarks.

Robert Sanchez: Okay. Thank you. Well, just as a final reminder, June 13 in New York is our Investor Day. So, I certainly hope to see all of you there and look forward to giving you a more thorough review of all the good things going on at Ryder and what our outlook is, not just for this year, but going forward.

Operator: And once again, that does conclude today’s conference. We thank you all for your participation. You may now disconnect.