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.
