Ryder’s First-Quarter Income Rises
Ryder System on Tuesday said its first-quarter profit rose from a year ago on higher freight volumes, stronger used vehicle sales and improved rental and leasing revenue.
The Miami-based trucking and logistics company’s net income rose to $34.3 million, or 67 cents per share, from $25.1 million, or 48 cents, a year earlier.
Earnings from continuing operations rose to $34.9 million, or 68 cents per share, compared with $25.9 million, or 50 cents.
Revenue rose 8% to $1.54 billion, while operating revenue climbed 9% to $1.23 billion.
Revenue for Ryder’s Fleet Management Solutions business unit rose 9% to $1.07 billion, due primarily to the Hill Hire acquisition in June 2011 and stronger commercial rental and leasing revenue.
Revenue for the Supply Chain Solutions segment, which includes dedicated carriage services, rose 7% to $571.9 million on improved freight volumes and new business.
Ryder’s Supply Chain Solutions unit is ranked No. 12 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
