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Investigations  /  06.24.2020

Investigation of Ryder System, Inc.

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Ryder System, Inc. (R) Accused of Misleading Shareholders 

Between 2011 and 2016, Ryder overstated the residual values of certain assets between $10 million and $40 million, allowing the Company to record smaller depreciation expense on those assets each year, artificially inflating Ryder’s earnings.  Ryder’s upward adjustments over those six years totaled in a cumulative benefit of $158 million, or $1.92 per share. After years of touting the residual value of its vehicles and potential earnings growth, on October 30, 2019, Ryder revealed “[its] residual value estimates likely exceeded the expected future values that would be realized upon the sale of power vehicles in [its] fleet.” Consequently, the Company significantly lowered the residual values for all its vehicles and incurred $177 million in additional depreciation expense in third quarter 2019. Then, on February 13, 2020, Ryder reported that its significant reductions to the residual value of its fleet resulted in a total of $357 million in depreciation expense in 2019 and a loss of $58 million in the sale of used vehicles. On this news, Ryder’s stock declined 20% over the next two trading days, closing at $40.12 per share.

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