Ryder Reports 2Q Earnings; Revenue Improves

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yder System Thursday reported its second-quarter net income was $63.3 million or 98 cents a share, compared with $63.6 million or 97 cents for the same period last year.

Ryder said its earnings per share in the second quarter included a 12-cent benefit from an Ohio income tax law change, while the second quarter of last year included a 21-cent gain from the sale of its former corporate headquarters.

Second-quarter revenue rose 10% to $1.39 billion, Ryder said in a statement. Ryder is ranked No. 5 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.

Ryder’s Fleet Management Solutions unit’s revenue rose 9% to $969.6 million. Its Supply Chain Solutions unit’s revenue rose 15% to $374.9 million from a year earlier.

Ryder’s Chairman and Chief Executive Officer Greg Swienton said Ryder’s 2005 earnings-per-share forecast for 2005 was $3.42 to $3.52 a share, up from its first-quarter forecast of $3.30 to $3.40 a share. (Click here for previous coverage.)