Ryder’s Second-Quarter Income Drops
Ryder System said Thursday its second-quarter profit fell to $22.9 million, or 41 cents a share, from $62.9 million, or $1.09, a year earlier.
Revenue fell 25% to 1.24 billion, the company said.
Ryder’s fleet management solutions’ revenue fell 26% to $890.5 million.
Its supply chain solutions segment’s 2009 operating revenue fell 28%, to $253.5 million, while revenue fell 30%, to $308 million.
Its dedicated contract carriage segment’s operating revenue fell 20% to $113.5 million, while total revenue fell 19%, to $116 million.
The company said it anticipates the “weak overall economic environment and protracted freight recession to continue throughout the remainder of 2009,” which will primarily impact Ryder's its fleet management and supply chain units.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
