Ryder Reports Mixed 2Q Earnings

Ryder System Wednesday reported a second-quarter profit of $62.9 million, or $1.10 per share, compared with $65.1 million, or $1.07 per share, a year ago.

Revenue was flat at $1.66 billion, the truck leasing and logistics firm said in a statement Ryder reduced the number of outstanding shares by buying some back from shareholders, which boosted the earnings per share versus last year.

Fleet management segment revenue rose 16% to $1.2 billion, while fuel services revenue jumped 44%, due to higher fuel prices.

Supply chain revenue fell 25%, to $440.9 million, Ryder said.

Chairman and Chief Executive Officer Gregory Swienton said the company was narrowing its full-year earnings outlook to $4.60 to $4.70 per share, from a previous $4.55 to $4.75.

He said third-quarter earnings-per-share would be $1.25 to $1.30.

Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.