Ryder’s Third-Quarter Earnings Improve

Ryder System said Tuesday its third-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 $56.5 million, or $1.10 per share, from $38.8 million, or 74 cents, a year earlier.

Revenue rose 19% to $1.57 billion, while operating revenue climbed 17% to $1.26 billion.

Ryder raised its full-year 2011 earnings forecast to a range of $3.44 to $3.49 per share, from a previous projection of $3.33 to $3.43.

The company’s Fleet Management Solutions segment saw strong demand and higher pricing for commercial rental and used vehicle sales, but these improvements were partially offset by higher maintenance costs on an older lease fleet, 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.