Ryder System Inc., a leader in transportation and supply chain management solutions, reported earnings of $20.9 million for the first quarter of 2003, up 24% compared with $16.8 million in the year-earlier period.

Earnings per share before accounting changes were $0.33 for the three-month period ended March 31, 2003, compared with $0.27 in the first quarter of 2002.
Revenue for the first quarter of 2003 was $1.19 billion, up 4% from $1.15 billion in the comparable period last year.
Net earnings for the first quarter of 2003 totaled $19.8 million, or $0.31 per share, compared with a loss of $2.1 million, or $0.03 per share, in the same period last year.
The first quarter 2003 revenue was driven primarily by higher fuel prices, as well as increases in international operations, freight under management and commercial rental. Revenue was affected by slow economic conditions, which caused volume reductions within some U.S. industry sectors of the Supply Chain Solutions (SCS) business segment. These conditions also led to reduced transportation miles run and continued weak U.S. leasing demand.
However, commercial rental revenue for the first quarter of 2003 grew 8% compared with the year-earlier period, marking the second consecutive quarter of year-over-year rental revenue improvement.
"Ryder delivered improved earnings in the first quarter while absorbing nearly $13 million of increased pension expense," said Ryder Chairman, President and Chief Executive Officer Gregory T. Swienton. "Each of our three business segments performed well, with the most notable improvement occurring in the Supply Chain Solutions area."