Ryder Posts Gains in All Business Segments
July 21, 2000
Despite tighter pricing and a competitive marketplace, Ryder System reported second quarter revenue gains for all of its business units.
Combined revenues for all operations totaled $1.33 billion, up from $1.21 billion second quarter 1999. Net income was $29.6 million compared to $30.1 million (including discontinued operations) a year ago.
In the Logistics Solutions segment, second quarter revenue was $402.9 million,up 13.2% from last year. Operating revenue was $292.9 million, up 17.5%.
Second quarter gross revenue for the Dedicated Contract Carriage segment totaled $134 million, up 5.3% from last year. Operating revenue was $132.7 million, up 5.2%.
Commercial Leasing and Rental dry revenue (revenue excluding fuel) was $709.9 million, up 5.3% from second quarter 1999. Leasing revenue was up 6% while rental revenue showed only slight gains. The company said rental growth was slowed by the arrival and subsequent delivery to clients of new lease vehicles, which are replacing rental vehicles used in the interim period. Excluding lease-support revenue, rental revenue was up 9.9%.
Combined revenue for the first half of 2000 was $2.6 billion, upfrom $2.4 billion the same period last year. Net income was $49.5 million compared to $52.3 million last year.