FMS segment paces Ryder's earnings rise

Ryder System Inc, the Miami FL-based provider of transportation and supply chain management systems, announced earnings of $35.0 million for the first quarter of 2004, up 67% compared with $20.9 million in the year-earlier period. Revenue for the first quarter of 2004 was $1.21 billion, a 1.5% advance from $1.19 billion in the comparable period a year ago.

The revenue increase for the quarter was led by the Fleet Management Solutions (FMS) business segment, which was up 4% compared with first-quarter 2003. Commercial rental revenue for the quarter rose 16% versus the year-earlier period, marking the sixth consecutive quarter of year-over-year rental revenue improvement.