Ryder’s Third-Quarter Income Declines

Ryder System said Thursday its third-quarter profit fell to $24 million, or 43 cents a share, from $70.2 million, or $1.24, a year earlier.

Revenue fell 20% to $1.26 billion, the company said.

Ryder’s fleet management solutions’ revenue fell 22% to $911.9 million.

Its supply chain solutions segment’s operating revenue fell 22%, to $249.6 million, while revenue fell 22%, to $298.7 million.

Its dedicated contract carriage segment’s operating revenue fell 15% to $116.9 million, while total revenue fell 14%, to $120.6 million.

The company said it anticipates the “weak overall economic environment and protracted freight recession will continue to impact Ryder's performance ... over the near term.” Ryder expects lease sales and renewals to continue to fall and customers downsize fleets.

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