February 1, 2008 9:00 AM, EST

Ryder’s Fourth-Quarter Income Improves

Larry Smith/Trans Pixs

Ryder System said Friday its fourth-quarter profit rose 9.3%, as its contract business improved.
Net income rose to $71.9 million, or $1.24 per share, from $65.8 million, or $1.08, a year earlier, the truck leasing and logistics firm said in a statement.

Revenue rose 4.5% to $1.67 billion, while operating revenue, excluding fuel surcharges, rose 4% to $1.19 billion.

Fleet management segment revenue rose 8% to $1.09 billion. Its supply chain segment’s revenue rose 1% to $545.8 million.

For the full year, Ryder earned $253.9 million, or $4.24 per share, up from $249 million, or $4.04, in 2006.

The company had previously said it would earn $1.06 to $1.11 per share in the fourth quarter, and $4.07 to $4.12 per share for the full year.

Ryder said its 2008 earnings would be in the range of $4.50 to $4.65 per share.

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