Ryder’s 2Q Profit Dips 7%

Ryder System said Wednesday its second-quarter profit dipped 7% to $65.3 million or $1.07 a share, from $70.3 million or $1.13 a year ago.

Revenue gained 4% to $1.66 billion, while operating revenue also rose 4%, to $1.16 billion.

The company’s fleet management unit’s revenue fell 1% due to “substantially lower commercial rental and fuel services revenue,” Ryder said in a statement.

Its supply chain unit revenue jumped 21% to $566.4 million. Dedicated contract carriage revenue was flat, at $138.5 million.

Ryder also lowered the high end of its full-year outlook to $4.30 to $4.35 a share, from a previous forecast of $4.30 to $4.40.

Ryder is ranked No. 5 on the 2007 Transport Topics 100 list of the largest U.S. and Canadian trucking companies.