Ryder System Inc., a global company involved in transportation and supply chain management solutions, announced earnings of $34.7 million for the three months ended June 30, 2003 -- up 18%
compared with $29.5 million in the year-earlier period.
Revenue for the second quarter of 2003 was $1.20 billion, down 1% from $1.21 billion in the comparable period last year.
"Ryder increased earnings in the second quarter while also absorbing more than $13 million of additional pension expense," said Ryder Chairman, President and Chief Executive Officer Gregory T. Swienton. "Most notably, the continuous improvement programs introduced last year within our Supply Chain Solutions operations helped deliver a second consecutive quarter of significantly higher earnings. Improved operating performance within Fleet Management Solutions, however, was offset by the impact of that business segment absorbing the majority of this quarter's increased pension expense."
Second 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, and volume reductions within some sectors of the Supply Chain Solutions (SCS) business segment.
Revenue for the first half of 2003 was $2.39 billion, up 1% from $2.36 billion for 2002. Ryder's earnings before accounting changes for the six months ended June 30, 2003 were $55.6 million, up 20% from $46.3 million for the comparable period of the prior year.
For more information on Ryder System Inc., visit www.ryder.com.