Ryder’s Second-Quarter Net Income Improves

Ryder System said Wednesday its second-quarter profit increased from a year ago and raised its earnings forecast for the rest of 2011.

The Miami-based trucking and logistics company’s net income rose to $40 million, or 77 cents per share, from $29.8 million, or 56 cents, a year earlier.

Revenue rose 18% to $1.51 billion, while operating revenue climbed 15% to $1.19 billion.

Earnings from continuing operations rose 34% to $40.9 million, or 79 cents per share, up from $30.6 million, or 58 cents per share.

Ryder boosted its full-year 2011 earnings forecast by 43 cents to a range of $3.33 to $3.43 per share.

Its fleet management solutions business had a “very strong performance” in its commercial rental and used vehicle sales product lines and sees expansion in lease fleet levels in the second half of the year, CEO Greg Swienton said in a statement.

The company’s Ryder Supply Chain Solutions segment is ranked No. 12 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.