Ryder’s 4Q Income Declines
Ryder System’s fourth-quarter profit fell to $8.2 million, or 15 cents a share, from $10.6 million, or 19 cents, a year earlier.
Earnings from continuing operations were $23.7 million, or 43 cents per share, down from $50.5 million, or 91 cents, in the previous fourth quarter.
Revenue fell 7% to $1.25 billion, the company said Wednesday.
Ryder’s fleet management solutions unit’s revenue slipped 8% to $900.2 million, and its supply chain solutions segment’s revenue fell 5% to $302.1 million.
The dedicated contract carriage segment’s revenue fell 6% to $119.3 million.
For the full year, Ryder earned $61.9 million, down from $199.9 million in 2008. Per-share earnings fell to $1.11, from $3.50.
“We expect 2010 economic conditions to be fairly stable, with some modest improvement in the second half of the year,” said Chairman and Chief Executive Officer Greg Swienton.
The company’s full-year 2010 earnings will be $1.80 to $1.95 per share, he said in a statement.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
