Ryder System Inc., the Miami-based leader in transportation and supply chain management solutions, has reported net earnings of $39.4 million for the quarter ended Dec. 31, up 22%
compared with $32.4 million in the fourth quarter of 2002.
Revenue for the quarter was $1.22 billion, up 1% from $1.20 billion in the comparable period last year.
The fourth quarter revenue increase was positively influenced by several factors: stronger performance in international markets, primarily within the company's Supply Chain Solutions (SCS) business segment; favorable foreign exchange rates; and improved performance in the commercial rental product line.
These impacts were minimized by the non-renewal of certain contracts.
"Continued strong performance in our Supply Chain Solutions business segment helped Ryder deliver improved year-over-year earnings for the seventh consecutive quarter," said Ryder Chairman, President and Chief Executive Officer Gregory T. Swienton. "The improvement in Ryder's overall operating performance is even more significant when you consider that we overcame a year-over-year pension expense increase for the fourth quarter of approximately $12 million, most of which was absorbed by our Fleet Management Solutions business segment."