October 26, 2005 5:00 PM, EDT

Ryder's Third-Quarter Income Gains More Than Forecast

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yder System reported Wednesday that its third-quarter net income rose to $63.3 million or 98 cents a share, from $54.3 million or 83 cents for the same period last year.

The earnings surpassed Ryder’s guidance issued in early October that it would earn between 90 and 95 cents per share. (Click here for previous coverage.)

Ryder said its profits from its truck-leasing unit rose 20% to $102.6 million, before taxes.

Third-quarter revenue rose 14% to $1.49 billion, Ryder said in a statement.

Ryder’s Fleet Management Solutions unit’s revenue rose 10% to $1.01 billion. Its Supply Chain Solutions unit’s revenue rose 28% to $433.4 million from a year earlier.

Ryder’s Chairman and Chief Executive Officer Greg Swienton said fourth-quarter earnings would be between 89 cents and 94 cents per share, resulting in a new full-year forecast of $3.42 to $3.52 per share.

Ryder is ranked No. 5 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.