Ryder earnings surge 34% in third quarter

Ryder System Inc, the Miami FL-based transportation and supply chain management provider, announced earnings of $54.3 million for the three-month period ended Sept 30, 2004, up 34% compared with earnings in the same period of 2003. Revenue for the third quarter of 2004 was $1.31 billion, a 9% gain from $1.19 billion in the same period a year ago. Net earnings for the third quarter of 2004 were $54.3 million, a 45% increase from $37.5 million in the year-earlier period.

Revenue for the nine months ended Sept 30, 2004, was $3.79 billion, up 6% from $3.59 billion in the same period of 2003. Ryder’s net earnings through the third quarter of 2004 were $153.0 million, versus $92.0 million in the year-ago period.

“We exceeded our third-quarter earnings forecast with strong performance in our Fleet Management Solutions business segment, where we continue to deliver strong earnings leverage from acquisitions and outstanding growth in commercial rental,” said Greg Swienton, chairman, president, and chief executive officer.