Ryder's 2002 income up despite revenue drop

Feb. 11, 2003
Ryder System Inc. said its net income rose to $93.7 million in 2002 after taking several restructuring charges throughout the year, compared to net income of $18.7 million in 2001. The Miami-based company added that its income rose despite a nearly 5% drop in revenue last year to $4.78 billion, down from revenues of $5.01 billion in 2001. The slow economy contributed to a reduction in transportation
Ryder System Inc. said its net income rose to $93.7 million in 2002 after taking several restructuring charges throughout the year, compared to net income of $18.7 million in 2001.

The Miami-based company added that its income rose despite a nearly 5% drop in revenue last year to $4.78 billion, down from revenues of $5.01 billion in 2001.

The slow economy contributed to a reduction in transportation miles for the company's dedicated contract carriage operation and continued weak leasing demand, according to president & CEO Gregory Swienton.

However, commercial rental revenue for the fourth quarter grew 6% compared with the same period in 2001, marking the first rental revenue improvement in 10 quarters, he said.

The company noted that it also recorded a non-cash equity charge of $227.6 million at the end of last year to reflect the under-funded status of its U.S. pension plan. That charge resulted mainly from recent declines in the market value of equity securities coupled with declines in long-term interest rates, the company said.

Sponsored Recommendations

Heavy-Duty Maintenance Checklist

A maintenance checklist can help ensure you hit everything necessary during an inspection. Check out our free downloadable checklist to help streamline your repairs.

Five Ways a Little Data Can Save Your Company Millions

While most trucking and logistics companies rely on cellular to keep their work fleet connected, satellite has the ability to connect anywhere and through small data transmission...

Fleet Case Study: 15% YOY Growth for ITDS

Learn how this small trucking company scaled significantly and maintained outstanding customer service without adding additional people. Sylectus TMS can automate operations and...

Unlocking Fleet Safety & Efficiency: The Managed Service Advantage

Want to boost your fleet's safety and efficiency? Tune in now to discover the power of Managed Services in optimizing your safety program, streamlining operations, and making ...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!