2019 Ryder Annual Review for Shareholders

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Note Regarding Forward Looking Statements: Certain statements and information included in this site are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including, but not limited to: our expectations regarding market trends and economic conditions; our financial condition; performance in our product lines and segments; the strength of our sales pipeline; demand, sales and pricing in used vehicle sales; our ability to make investments in and obtain our projected benefits from sales, lease pricing, marketing, IT, capital allocation, e-commerce and new product initiatives; estimates of the impact of our changes to residual value estimates on earnings and depreciation expense; and the impact and adequacy of steps we have taken to address our cost structure, including our maintenance initiatives.

All of our forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, our ability to adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services, higher than expected maintenance costs, lower than expected benefits from our cost-savings initiatives, lower than expected benefits from our sales, marketing and new product initiatives, setbacks or uncertainty in the economic market or in our ability to grow and retain profitable customer accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, poor operational execution including with respect to new accounts and product launches, our difficulty in obtaining adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, business interruptions or expenditures due to labor disputes, severe weather or natural occurrences, competition from other service providers and new entrants, lower than anticipated customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.