October 22, 2008 8:00 AM, EDT

Ryder’s 3Q Earnings Improve

Ryder System

Ryder System Wednesday reported third-quarter earnings of $70.2 million, or $1.25 per share, up from $65.5 million, or $1.11, a year ago.

Revenue slipped 1% to $1.63 billion, the truck leasing and logistics firm said in a statement.

Ryder’s fleet management solutions’ revenue increased 11% due to higher fuel services revenue, as well as contractual revenue growth of 4%, which more than offset a 4% decline in commercial rental revenue.

Its supply chain solutions unit’s revenue fell 22% to $430.8 million. Dedicated contract carriage unit revenue fell 2% to $140.6 million.

Chairman and Chief Executive Officer Gregory Swienton said Ryder was lowering its full-year earnings outlook to $4.43 to $4.53 per share, from a previous range of $4.60 to 4.70. Fourth-quarter earnings per share will be $1.03 to $1.13, he projected.

Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.