Ryder System (R) Announces $300 Million Accelerated Share Repurchase Program

Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, announces it has entered into an accelerated share repurchase agreement (ASR) with Morgan Stanley & Co. LLC to repurchase $300 million of the company’s common stock.

“We achieved exceptional financial results in 2021 with customers relying on Ryder to deliver critical supply chain and transportation services. As the ongoing supply chain and labor challenges fuel demand for Ryder’s services, we are confident in our strategy to deliver increased returns in 2022,” says Robert Sanchez, chairman and chief executive officer for Ryder. “Strong operating results in 2021 have also contributed to a healthy liquidity position, providing Ryder the ability to further invest in the business as well as return capital to shareholders through dividends and share repurchases.”

The company is funding the share repurchases under the ASR with existing cash resources. Under the terms of the ASR, the company will receive an initial delivery of approximately 3.1 million shares, with the final settlement scheduled to occur no later than the end of October 2022. The final number of shares to be repurchased under the ASR will be based on the average of Ryder’s daily volume-weighted average price per share of common stock during a repurchase period, less a discount and subject to adjustments pursuant to the terms of the ASR.

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