Ryder System Inc., a global leader in transportation and supply chain management solutions, reported fourth quarter 2002 net earnings improved to $32.4 million compared with $0.2 million in the fourth quarter of 2001.

Earnings per diluted share (EPS) were $.52 for the three-month period ended Dec. 31, 2002 compared with a breakeven position in the year-earlier period. Revenue for the fourth quarter 2002 was $1.2 billion, up 1% from $1.19 billion in the comparable period last year.
The modest fourth quarter revenue increase was driven primarily by higher fuel prices and increased freight under management within the company's Supply Chain Solutions (SCS) business segment. Revenue was again impacted by slow economic conditions in the U.S. and other parts of the world, which caused volume reductions within some industry sectors of the SCS business segment and in certain international areas. These conditions also led to reduced transportation miles run and continued weak leasing demand. However, commercial rental revenue for the fourth quarter 2002 grew 6% compared with the year-earlier period, marking the first rental revenue improvement in 10 quarters.
"Our streamlined structure and the manner in which we now operate helped Ryder achieve higher earnings without the benefit of an economic rebound in 2002," said Ryder Chairman, President and Chief Executive Officer Gregory T. Swienton. "We are, however, encouraged to see signs of revenue improvement in certain parts of Ryder's business, such as commercial rental which at times has served as an early indicator of improvement in the economy overall."
Revenue for the full year 2002 was $4.78 billion, down 5% from $5.01 billion for 2001. Ryder's full year 2002 earnings before goodwill accounting changes were $112.6 million, up from $18.7 million for the prior year.