Ryder System Inc. reported a second-quarter increase in revenue and profits, but a decline in per share earnings, due to tax-related adjustments and other costs.
Earnings before taxes was reported as $102.8 million, a 21% rise over $84.9 million in the year-ago period.
Total revenue reached $2.1 billion, compared with $1.8 billion during the same period of 2017, an increase of 17%, the Miami-based company reported when it released its second-quarter earnings report July 25.
Earnings per share was 82 cents compared with 97 cents, a decline of 15% on an as-reported basis. However, when taking into account tax reform-related and other tax adjustments of 52 cents, and 8 cents for pension and restructuring costs, Ryder’s non-GAAP earnings per share was $1.42, an increase of 42% compared with 2017. GAAP is an acronym for generally accepted accounting principles.
On a conference call with journalists and financial analysts, Ryder said its total revenue and operating revenue grew across all three segments, reflecting new business and higher overall volumes.
“We are pleased with our overall double-digit revenue growth with strong increases in all three business segments, benefiting from a strong freight environment and new outstanding wins,” Ryder Chairman and CEO Robert Sanchez said. “Ryder’s largest product line, ChoiceLease, grew organically by 3,100 vehicles year-to-date.” ChoiceLease, the vehicle leasing program, saw revenue increase by 6%.
Total revenue for the Fleet Management Solutions sector was $1.3 billion, compared with $1.2 billion during the same period in 2017. Its Dedicated Transportations Solutions segment saw total revenue increase to $330 billion, compared with $272 billion a year ago, and revenue in the Supply Chain Solutions business unit rose to $604 billion compared with $466 billion.
Ryder said its total and operating revenue growth also is reflected in its April acquisition of MXD Group, a national, big and bulky goods e-fulfillment and last-mile delivery provider. Ryder said MXD is expected to add about $220 million in annual total revenue.
Ryder Supply Chain Solutions ranks No. 7 on the Transport Topics list of the Top 50 logistics companies in North America.