Ryder reports 8% gain in 3Q profit

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Ryder System reported Wednesday, Oct. 25, an 8% increase in its third-quarter profit, helped by strong demand for the company’s supply chain services that offset a dull quarter for its managed trucking fleet. For the three months ended Sept. 30, Ryder said it had net earnings of $65.3 million, up from $63.3 million a year ago. Revenue in the quarter rose 9% to $1.62 billion from $1.49 billion a year earlier.

“We were particularly pleased with the revenue and earnings growth across all industries of our supply chain business, including automotive, industrial and notably strong performance within the high-tech and consumer sectors,” said Greg Swienton, chairman and chief executive officer of Miami-based Ryder.

The company’s fleet management solutions business posted a 5% rise in third-quarter revenue to $1.06 billion from $1.01 billion a year ago, with much of the improvement linked to a 10% increase in fuel services revenue. But commercial rental revenue slipped 1%, a trend the company blamed on a decline in rental fleet utilization.