Ryder System Inc. reported a 7.5% rise in revenues for 1999 and a 9.5% increase in the fourth quarter.
Revenues from continuing operations totaled $4.95 billion in 1999 versus $4.61 billion in 1998. Fourth quarter revenues were $1.32 billion versus $1.21 billion a year earlier.
Excluding unusual items, earnings from continuing operations in 1999 were $121.1 million down from $149.3 million in 1998. Fourth quarter earnings were $37.1 million versus $37 million a year earlier.
Unusual items included restructuring and other charges associated primarily with the company's reorganization, including employee severance costs, facility write-downs, and the creation of a new captive insurance subsidiary late in 1999.
Earnings including the unusual items were $72.9 million for the year and $6.3 million for the fourth quarter.
Revenue (excluding fuel) from Ryder Transportation Services was $620 million in fourth quarter, up 6.6% from the same period in 1998. Revenue from truck leasing and programmed maintenance grew 5.3%, commercial truck rental was up 5.2%. The company said higher fixed costs on equipment not earning revenue hurt profits for the quarter, but utilization was up 22% from fourth quarter 1998.
Ryder Integrated Logistics posted fourth quarter revenue of $471 million, up 16.4% from fourth quarter 1998. However earnings declined due primarily to start-up costs for a new new contract to manage a client's vendor hub and because of higher legal and technology costs.
"We continued to make progress in most operational areas," noted Ryder president and CEO Gregory Swienton. "Moreover, our momentum should continue in the coming months as Ryder unifies its product lines and launches its centralized asset management, e-commerce and Ryder Capital Services initiatives."