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February 4, 2014 11:35 AM, EST
Ryder’s Profit Grows in 4Q
JB Reed/Bloomberg News

Ryder System Inc. said it increased its net income both in the fourth quarter of 2013 and the full year.

Ryder’s profit was $64.6 million in the quarter, or $1.22 a share, up from $53.8 million, or $1.05 a year earlier, Ryder said Feb. 4. The increased profit was mainly due to improved results in Ryder’s fleet management and supply chain units, it said.

Revenue was $1.62 billion, compared with $1.58 billion in 2012’s fourth quarter.

Comparable earnings from continuing operations were $72.1 million in the fourth quarter, or $1.35 a share, a new record for Ryder. That compares with $64.9 million, or $1.26 a share, a year ago.

For the full year, net income was $237.8 million, or $4.53 a share, compared with $210 million, or $4.09 a share, in 2012, Ryder said. The company’s revenue was $6.4 billion for the year, up from $6.3 billion.

“We closed 2013 with a strong fourth quarter in which we delivered higher revenue and double-digit earnings growth,” Robert Sanchez, chairman and CEO of Ryder, said in a statement. “For full-year 2013, we grew operating revenue 4%, improved earnings by 13%, and achieved record earnings per share.”

Ryder’s Supply Chain Solutions is ranked No. 10 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.