Investors greeted Ryder’s earnings report with a significant move upward in its price, though few numbers released by the company were particularly bullish.

At approximately 10 a.m. Wednesday, Ryder stock (NYSE: R) was up just under 6% to $146.20. At that time, the S&P 500 for the day was up about 3%.

Ryder’s stock price before Wednesday’s increase was down more than 16% in the past three months. However, it is positive for the year, up about 13%.

The improvements at Ryder year on year were modest. But they came over a 12-month period in trucking and logistics generally described as one of the most challenging on record.

The bottom line at Ryder is that non-GAAP earnings rose to $106 million from $96 million a year ago. That resulted in an increase in earnings per share to $2.46 for the quarter from $2.14 a year ago.

The surge in the stock price also comes after the earnings report saw Ryder cut its outlook for 2025, just three months after it released its first projections for the year.

The company’s outlook “assumes a more muted economic environment primarily impacting demand for our transactional rental business,” Ryder CFO Cristina Gallo-Aquino said in the earnings release. But the company expects to generate more free cash flow because it will slow capital spending, she added.

Total revenue and operating revenue growth is now seen rising approximately 1%. The company expects non-GAAP earnings per share of $12.85-$13.60.

The comparable figures released in February were revenue growth of about 2% and non-GAAP EPS of $13-$14 per share.

The second-quarter estimate is now $3-$3.25. That actually is higher than the earlier estimate of $2.30 to $2.55.

Ryder executives were to hold an earnings call with analysts at 11 a.m. EDT.

In other highlights from the quarterly report:

Used vehicle sales: One of the more significant indicators of market strength in the Ryder report is its data on used vehicle sales.

The drops in average sales price of used vehicles, which is part of the Fleet Management Solutions (FMS) results, were 16% for tractors and 17% for trucks compared to a year ago. But there also was a price decline sequentially from the fourth quarter of 8% for trucks and 7% for tractors.

Used vehicles in inventory rose sequentially, as did the number of vehicles sold. Ryder had 9,500 vehicles in inventory at the end of the quarter, up from 9,000 in the fourth quarter and 8,900 a year ago. Sales climbed sequentially from the fourth quarter to 5,100 from 4,700 but were 6,500 a year ago.

Revenue and earnings: Revenue at Ryder was up just 1% overall. The core Ryder business, FMS, posted a 1% decline in revenue. Its logistics management arm, Supply  Chain Solutions (SCS), had a 2% increase in revenue. The Dedicated Transportation Solutions (DTS) segment, bigger than a year ago because of the acquisition of Cardinal Logistics , had a 7% increase in revenue.