Ryder System Inc., Miami, reported earnings of $40.5 million for the quarter ended Sept. 30, 2003, up 20% compared with $33.8 million in the year-earlier period.

Net earnings including the cumulative effect of accounting changes totaled $37.5 million for the third quarter of 2003. Revenue for the third quarter was $1.19 billion, down just under 2% from $1.21 billion in the comparable period last year.
"Ryder overcame more than $13 million of additional pension expense in the quarter and delivered improved year-over-year net earnings for the sixth consecutive quarter," said Ryder Chairman, President and Chief Executive Officer Gregory T. Swienton. "Supply Chain Solutions operations helped drive overall earnings for the third consecutive quarter. Improved operating performance within Fleet Management Solutions was overshadowed by that business segment's absorption of the majority of the company's increased pension expense."
Third quarter 2003 revenue was impacted by continuing soft economic conditions in the U.S., which led to reduced transportation miles run within all business segments. These conditions in the U.S. were partially offset by higher fuel revenue driven by higher prices, as well as improvement in the commercial rental product line.