We now expect to achieve ROE in the range of 16% to 17% this year, above our long-term target of 15%.
Our year-to-date free cash flow is $602 million, down $10 million from the prior year as higher vehicle capital spending was largely offset by higher proceeds from the sale of used vehicles and property.
We're increasing our full-year free cash flow forecast to $650 million to $750 million, up from $400 million to $700 million, primarily to reflect the anticipated impact from delays for new vehicle deliveries from the OEMs. We're encouraged by our performance and by the market trends we're seeing in the areas that we're investing for future growth.
RyderVentures, our corporate venture capital fund, aims to invest $50 million over the next five years through direct investment in start-ups, primarily where we can partner to develop new products and services for our customers.
We're enhancing RyderView's capabilities and plan to launch Version 2.0 later this year.
We're also rolling out a customer experience that is branded for our customers, the retailer so that RyderView 2.0 serves as an extension of their brand.
We're confident that RyderView 2.0 will be a market differentiator that will enhance the customer experience and propel further profitable growth for Ryder Last Mile.
Operating revenue of $1.9 billion in the second quarter increased 18% from the prior year, reflecting double-digit revenue growth across all three of our business segments.
Comparable earnings per share from continuing operations was $2.40 in the second quarter as compared to a loss of $0.95 in the prior year.
Year-to-date free cash flow was $602 million below prior year as planned.
Fleet Management Solutions operating revenue increased 14%, primarily reflecting higher rental and lease revenue.
Rental revenue increased 58%, driven by higher demand and pricing.
Rental pricing increased by 13%, which is significantly higher than we've seen historically, reflecting pricing actions taken over the past year, prior year COVID effects, and a larger mix of higher-return pure rental business in the current quarter.
ChoiceLease revenue increased 5%, reflecting higher pricing and miles driven, partially offset by smaller fleet.
FMS realized pre-tax earnings of $158 million are up by $262 million from the prior year.
$131 million of this improvement resulted from lower depreciation expense related to the prior residual value estimate changes and higher used vehicle sales results.
Rental utilization on the power fleet was 80% in the quarter, significantly above the prior-year 56%, which included COVID impact, and was close to historical second quarter high.
FMS EBT as a percentage of operating revenue was 12.9% in the second quarter and surpassed the company's long-term target of high single digits.
For the trailing 12-month period, it was 6.3%, primarily reflecting higher depreciation expense from prior residual value estimate changes.
Globally, year-over-year proceeds were up 73% for tractors and 72% for trucks.
Sequentially, tractor proceeds were up 22% and truck proceeds were up 27% versus the first quarter.
As you may recall, in the second quarter of last year, we provided a sensitivity noting that a 10% price increase for trucks and a 30% price increase for tractors in the U.S. would be needed by 2022 in order to maintain current policy depreciation residual estimates.
Since the second quarter 2020, U.S. truck proceeds were up 59% and tractor proceeds were up 67%.
During the quarter, we sold 6,000 used vehicles, down 5% versus the prior year, reflecting lower trailer sales.
Used vehicle inventory held for sale was 4,300 vehicles at quarter-end and is below our target range of 7,000 to 9,000 vehicles.
Inventory is down by 9,700 vehicles from the prior year and down by 1,900 vehicles sequentially.
Operating revenue versus the prior year increased 32% due to new business and increased volumes and COVID effects in the prior year.
SCS pre-tax earnings increased 11%, benefiting from revenue growth, partially offset by strategic investments in marketing and technology as well as increased incentive compensation and medical costs.
SCS EBT as a percent of operating revenue was 7.7% for the quarter and below the company's long-term target of high-single digits.
However, it was 8.2% for the trailing 12-month period, in line with our long-term target of high single digits.
Moving to dedicated on Page 11.
Operating revenue increased 12% due to new business and higher volumes.
DTS earnings before tax decreased 38%, reflecting increased labor costs, higher insurance expense, and strategic investments.
DTS EBT as a percentage of operating revenue was 5.1% for the quarter.
It was 6.9% for the trailing 12-month period, below our high single-digit target.
Lease capital spending of $501 million was above prior year as planned due to increased lease sales activity.
Rental capital spending of $397 million increased significantly year-over-year, reflecting higher planned investment in the rental fleet.
We plan to grow the rental fleet by approximately 13% in 2021, mostly in light- and medium-duty vehicles in order to capture increased demand expected from strong e-commerce and free-market activity.
Our full-year 2021 forecast for gross capital expenditures of $2.2 billion to $2.3 billion is at the high end of our initial forecast range and is shown in the chart at the bottom of the page.
Our 2021 free cash flow forecast has increased to a range of $650 million to $750 million from our previous forecast of $400 million to $700 million.
Balance sheet leverage this year is expected to finish below 250%, which is the bottom end of our target range.
Importantly, as Robert mentioned, we now expect to achieve ROE of 16% to 17% this year, with a declining depreciation impact and a stronger-than-expected recovery in the used vehicle sales market.
Turning now to our earnings per share outlook on Page 14.
We're raising our full-year comparable earnings per share forecast to $720 million to $750 million from a prior forecast of $550 to $590 and well above a loss of $0.27 in the prior year, which included COVID effects.
We're also providing a third-quarter comparable earnings per share forecast of $1.95 to $2.05, significantly above our prior year of $1.21.
We're forecasting quarterly gains around $35 million for the balance of the year, reflecting higher pricing, partially offset by fewer vehicles sold due to low inventory levels.
In FMS, the depreciation impact from prior residual value estimate changes is expected to continue to decline, resulting in a year-over-year benefit of approximately $40 million in the third quarter of 2021.
In supply chain and dedicated, we're on track to meet or exceed our high single-digit revenue growth targets.
Our multi-year maintenance cost initiative delivered more than $50 million in annual savings through the end of last year, and we are on track to achieve an additional $30 million in savings in 2021.
Substantially, all leases, with the exception of those signed in 2013, are expected to perform above our target return.
The leases signed in 2013 represent only 8% of our lease fleet.
Although we are encouraged that we expect to exceed our target ROE of 15% in 2021, we remain focused on taking action -- additional actions to position our business to generate long-term returns of 15% ROE over the cycle.
As a reminder, in recent years, we significantly lowered the residual value estimates for our entire fleet to a level where used tractor prices have only been below these estimates in four of the last 21 years.
We expect these changes will increase depreciation expense in 2021 by $18 million, representing approximately 1% of total depreciation expense for the year.

Summary:
Comparable earnings per share from continuing operations was $2.40 in the second quarter as compared to a loss of $0.95 in the prior year.
Our full-year 2021 forecast for gross capital expenditures of $2.2 billion to $2.3 billion is at the high end of our initial forecast range and is shown in the chart at the bottom of the page.
We're also providing a third-quarter comparable earnings per share forecast of $1.95 to $2.05, significantly above our prior year of $1.21.
In supply chain and dedicated, we're on track to meet or exceed our high single-digit revenue growth targets.
Substantially, all leases, with the exception of those signed in 2013, are expected to perform above our target return.