Ryder Reports 1Q Income Gain, Boosts Outlook
Ryder System said Wednesday its first-quarter profit rose 9% to $56.1 million, or 96 cents per share, from $51.3 million, or 84 cents, a year earlier.
Revenue slipped 3% to $1.54 billion, the truck leasing and logistics firm said in a statement.
Fleet management segment revenue rose 12% to $1.11 billion, while supply chain revenue fell 27%, to $414.2 million.
Chairman and Chief Executive Officer Gregory Swienton said, “We expect current difficult industry and market conditions to continue for the near term,” but he boosted the company’s earnings outlook for the full year.
Ryder will earn $4.55 to $4.75 per share this year, up from a previously forecast $4.50 to $4.65 per share, Swienton said in a statement.
Second-quarter earnings per share will be between $1.10 and $1.20, he said.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
