11:15 AM EDT, 04/23/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

Ryder System (R) shares rose almost 10% in recent trading Tuesday after the company reported Q1 results that beat analysts' expectations.

The company reported Q1 comparable earnings from continuing operations, a non-GAAP measure, or $2.14 per diluted share, down from $2.81 a year earlier.

Analysts polled by Capital IQ expected $1.71.

Revenue for the quarter ended March 31 was $3.10 billion, up from $2.95 billion a year earlier.

Four analysts surveyed by Capital IQ expected $3.06 billion.

Ryder said it expects Q2 comparable EPS of $2.75 to $2.95. Analysts polled by Capital IQ expect $2.79.

The company now expects fiscal 2024 comparable EPS of $11.75 to $12.50, compared with earlier guidance of between $11.50 and $12.50. Analysts surveyed by Capital IQ expect $11.70. The company lowered its estimate for 2024 revenue growth to about 10% from its prior outlook of 13%.

Price: 119.88, Change: +10.88, Percent Change: +9.98