Ryder Reports Higher 1Q Income
Ryder System said Wednesday its first-quarter profit increased to $12.4 million, or 23 cents a share, from $6.8 million, or 12 cents, a year ago.
Revenue rose 4% to $1.22 billion, the company said in a statement.
Earnings from continuing operations were $12.9 million, or 24 cents a share, compared with 10.9 million, or 20 cents, in the previous first quarter.
Ryder’s fleet management solutions unit’s revenue rose 2% to $884 million, while operating revenue, excluding fuel, slipped 2% to $677.4 million.
Its supply chain solutions segment’s revenue rose 10% to $294.2 million, while operating revenue, excluding subcontracted transportation, gained 4% to $238.2 million.
The dedicated contract carriage segment’s revenue rose 1% to $116.3 million, reflecting the pass-through of higher fuel costs. Operating revenue, excluding subcontracted transportation, slipped 1% to $112 million.
Chairman and Chief Executive Officer Greg Swienton revised the company’s full-year earnings forecast to a range of $1.85 to $1.95 per share, up from a previous $1.80 to $1.95 range.
Ryder’s second-quarter earnings per share will be 45 to 50 cents, he said.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
