Ryder System, Inc. (NYSE:R) reported its third-quarter results on Thursday before the market opened, topping Wall Street earnings estimates while falling short of revenue expectations.

The company reported third-quarter earnings of $3.57 per share, narrowly topping the consensus estimate of $3.55, marking a 3.8% increase from $3.44 per share in the same quarter last year.

Revenue for the quarter came in at $3.171 billion, slightly below analysts’ expectations of $3.197 billion, and consistent with the prior year.

Also Read: Ryde Teams With Concorde To Put Drivers In Singapore’s Security Jobs

Ryder ended the quarter with cash and cash equivalents of $189 million.

Segment Performance

In the third quarter, Ryder’s Fleet Management Solutions (FMS) segment held revenue steady at $1.47 billion, with operating revenue of $1.28 billion. Segment earnings before tax (EBT) rose 11% to $146 million, driven by stronger pricing in the ChoiceLease business and maintenance savings, though used-vehicle sales and rental conditions remained weak.

The Supply Chain Solutions (SCS) segment saw total revenue grow 5% to $1.38 billion ...