Ryder System Inc., the Miami-based transportation firm, announced earnings of $35 million for the first quarter of 2004, up 67% compared with $20.9 million in the year-earlier period.

Revenue for the first quarter of 2004 was $1.21 billion, up 1.5% from $1.19 billion in the comparable period last year.
The Fleet Management Solutions (FMS) business segment led the revenue increase for the quarter, which was up 4% compared with the first quarter of 2003. The first quarter 2004 revenue growth was driven primarily by the positive impact of acquisitions, continued improvement in the commercial rental product line, and favorable foreign exchange rates.
Commercial rental revenue for the quarter increased 16% compared with the year-earlier period, marking the sixth consecutive quarter of year-over-year rental revenue improvement.
Ryder Chairman, President and Chief Executive Officer Greg Swienton, said, "The Fleet Management Solutions segment delivered strong revenue growth, which was helped by significantly accelerated growth in our already expanding commercial rental product line. This segment produced the best lease contract signings that Ryder has seen in the past three years, which should positively impact revenue in future quarters."
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