Ryder System said Thursday its third-quarter profit rose 62% on stronger demand for commercial truck rentals and used vehicles.
Net income rose to $38.8 million, or 74 cents per share, from $24 million, or 43 cents, a year earlier. Revenue rose 5% to $1.32 billion.
The earnings topped its previous third-quarter forecast of 62 to 67 cents per share, and Ryder projected it will earn 58 cents to 63 cents per share in the fourth quarter, with the midpoint 48% higher than a year earlier.
Ryder also boosted its full-year 2010 earnings forecast to $2.15 to $2.20 per share, from a previous $2 to $2.10 per share, Chairman and CEO Greg Swienton said in a statement.
Ryder’s fleet management solutions unit’s revenue rose 4% to $948.9 million in the third quarter, while operating revenue rose 3% to $733.9 million.
Its supply chain solutions segment’s revenue rose 10% to $322.9 million, while operating revenue gained 5% to $258.5 million.
Its dedicated contract carriage segment’s revenue rose 1% to $121.4 million, while operating revenue increased 2% to $118.7 million. Both the SCS and DCC units include logistics operations.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
