What happened

The stock of veteran trucking and logistics company Ryder System (R -1.83%) was whizzing nicely down the road this week. After the company published its latest set of quarterly results, investors bid up its shares; according to data compiled by S&P Global Market Intelligence they were trading nearly 11% higher week to date as of late Thursday.

So what

Wednesday morning before market open, Ryder unveiled its third-quarter results. These showed that the company's revenue for the period zoomed 23% higher on a year-over-year basis to just over $3 billion. The improvement in non-GAAP (adjusted) net income was even more dramatic, with Ryder enjoying a nearly 70% lift to more than $308 million ($4.45 per share).

On average, analysts tracking the stock were estimating $3 billion on the top line, but only $3.65 per share for adjusted net income.

All three of Ryder's business units posted double-digit growth. The largest of the trio, fleet management solutions, saw its revenue grow by 10% to nearly $1.6 billion. The two others, supply chain and dedicated transportation solutions, rose a respective 50% and 19%.

Now what

The road ahead looks clear for Ryder. The company upped its earnings and free cash flow guidance; combined with its existing forecasts, these provided plenty of fuel for optimism.

Currently, Ryder expects to post revenue growth for full year 2022 of around 23% compared to 2021. Adjusted per-share earnings should come in at $15.65 to $15.85, well up from 2021's $9.58, while FCF is expected to total $800 million to $900 million.