Ryder System, Inc., Miami, Fla., announced earnings of $54.3 million for the three-month period ended September 30, 2004, up 34% compared with comparable earnings in the same period of 2003.
Earnings per diluted share were $0.83 for the third quarter of 2004, up 32% from $0.63 in the third quarter of 2003. Improved performance was driven primarily by revenue growth in the Fleet Management Solutions business segment.
Revenue for the third quarter of 2004 was $1.31 billion, up 9% from $1.19 billion in the comparable period last year. The revenue increase for the quarter was led by the FMS business segment, which was up nearly 14% compared with the third quarter of 2003. The third quarter 2004 revenue growth was driven primarily by the positive impact of acquisitions, continued improvement in the commercial rental product line, higher fuel revenue driven by higher fuel prices, and favorable foreign exchange rates. Commercial rental revenue for the quarter increased 22% compared with the year-earlier period.