Ryder's 2Q net earnings jump

    July 24, 2002
    Third party logistics provider Ryder System said its second-quarter net earnings jumped 48% to $29.5 million on revenues of $1.21 billion, up from net earnings of $19.9 million on revenues of $1.29 billion last year. Revenue for the second quarter declined 7%, however, due mainly to continuing slow economic conditions in the U.S. and other parts of the world, Miami-based Ryder said, which led to reduced
    Third party logistics provider Ryder System said its second-quarter net earnings jumped 48% to $29.5 million on revenues of $1.21 billion, up from net earnings of $19.9 million on revenues of $1.29 billion last year.

    Revenue for the second quarter declined 7%, however, due mainly to continuing slow economic conditions in the U.S. and other parts of the world, Miami-based Ryder said, which led to reduced transportation miles run and continued weak leasing and rental demand.

    Ryder added that the economic downturn caused volume reductions in Ryder's dedicated contract carriage business segment, along with reduced demand for supply chain solutions services.

    About the Author

    Sean Kilcarr | Editor in Chief

    Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.

     

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