During the third quarter of 2009, Ryder System experienced decreased revenue and earnings compared to the year-ago period, a reflection of lower fuel prices and fuel volumes, as well as unfavorable foreign exchange rates
, the company says.

The company posted net earnings of $24 million, or 43 cents a share, during the three-month period, versus $70.2 million, or $1.24 a share, during the same quarter of 2008.

Meanwhile, revenue slipped 20 percent to $1.26 billion, while the year-ago quarter saw $1.58 billion.

While the company recognized the declines, it felt that its performance was better than expected.

"Continuing the trends of the second quarter, we saw stable freight volumes with some seasonal improvement," said Greg Swienton, chairman and CEO. "However, we have not yet seen sustained growth in the economy, freight volumes, or customer activity levels."

Within the company's Fleet Management Solutions business, revenue was down 22 percent to $911.9 million from $1.17 billion in the year-ago period. The company attributes the decline to lower fuel services revenue, which dropped 49 percent.

"Throughout the quarter, we effectively managed the factors we can control, and achieved success in several areas," Swienton said.

One of these efforts was to disengage its Supply Chain Solutions operations in South America and part of Europe. During the third quarter, the segment's revenue was $298.7 million, a 22 percent drop from 2008's $381.0 million.

Revenue within its Dedicated Contract Carriage business fell 14 percent to $120.6 million, compared with $140.6 million in the third quarter of 2008.

Miami-based Ryder provides transportation, logistics, and supply chain management solutions.