Earnings from continuing operations were $19.8 million, compared with $10.9 a year ago. Net income was $19.8 million versus with $22.1 million first quarter 1999.
Ryder chairman and CEO M. Anthony Burns noted that the strong first quarter came at a time when the company was undergoing an extensive reorganization. "We believe Ryder's earnings momentum will ramp up during the year," he said.
First quarter revenue for its Logistics Solutions business was $387.4 million, up from $330.6 million last year.
The Dedicated Contract Carriage business segment (formerly included with Logistics) posted first quarter revenue of $133.6 million, up from $123.6 million first quarter 1999.
In the Leasing and Rental business segment, dry revenue (revenue excluding fuel) was $694.4 million, up 6.5% from a year earlier. Fuel revenue was up 51.1% but Ryder said it realized no additional margin from the fuel price increases. Leasing revenue was up 9.4% due to a large number of new vehicles placed in service during the quarter. Rental growth slowed due to the arrival and subsequent servicing of new lease vehicles which replaced rental vehicles that had been used by clients awaiting new lease deliveries. The company said earnings were impacted by fixed costs on non-revenue-earning equipment and lower gains on the sale of equipment.