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July 23, 2014 5:45 PM, EDT
Ryder’s Second-Quarter Net Income Rises

Ryder System said its second-quarter earnings rose from a year ago, as its fleet management and supply chain units revenue increased.

Net income rose to $75.4 million, or $1.41 a share, from $62.2 million, or $1.19 cents, a year ago.

Revenue rose 5% to $1.68 billion, the company reported July 23.

Its fleet management solutions segment’s revenue rose 5% to $1.18 billion, and its supply chain solutions segment’s revenue rose 5% to $627.6 million.

“We exceeded our forecast mainly due to higher used vehicle pricing and rental performance, partially offset by higher-than-expected startup costs on an international supply chain account. We also delivered record operating revenue that was up 6% for the quarter,” Ryder Chairman and CEO Robert Sanchez said in a statement.

Revenue continued to benefit from growth in commercial rental, full service lease and our supply chain solutions business,” said Sanchez.

The company raised its full-year earnings forecast from a range of $5.40 to $5.55 per share, to a range of $5.50 to $5.60 per share and said it expects third quarter earnings to be $1.58 to $1.63 per share.

Miami-based Ryder System, is the parent company of Ryder Supply Chain Solutions, which ranks No. 11 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.