Ryder’s Third-Quarter Earnings Improve

Trucking and logistics firm Ryder System said Wednesday its third-quarter profit rose, as its supply chain unit showed improvement.

Net income rose to $65.5 million or $1.11 per share, from $65.3 million or $1.06 a year ago.

Ryder had said earlier this month that its third-quarter earnings would be $1.12 to $1.14 per share, down from a previous forecast of $1.20 to $1.23.

Revenue rose 2% to $1.65 billion, while operating revenue rose 3% to $1.17 billion, the company said in a statement.

Fleet management segment revenue fell 1% to $1.05 billion, “due to substantially lower commercial rental and fuel services revenue, which offset contractual revenue growth of 7%,” Ryder said.

Its supply chain segment’s revenue grew 8% to $554 million, driven by new and expanded business, Ryder said in a statement.

Ryder reaffirmed its full-year earnings-per-share outlook of $4.07 to $4.12, and said it would earn $1.06 to $1.11 per share in the fourth quarter.

Ryder is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.