Ryder System today, April 25, reported net earnings were $51.3 million, up 8 percent from $47.6 million in the year-earlier period. Net earnings for the first quarter of 2006 included a one-time recovery of $1.9 million associated with the recognition of common stock received from mutual insurance companies in a prior year.
Revenue for the first quarter of 2007 was $1.59 billion, up 7 percent from $1.50 billion in the comparable period last year. Operating revenue (revenue excluding fuel and subcontracted transportation) was $1.12 billion, up 6 percent compared with $1.06 billion in the year-earlier period.
Fleet Management Solutions business segment revenue increased 1 percent, primarily due to contractual revenue growth of 6 percent largely offset by lower commercial rental and fuel services revenue. Supply Chain Solutions business segment revenue grew 21 percent, driven by new and expanded business in all industry groups. Dedicated Contract Carriage business segment revenue was flat compared with the same period in the prior year driven by lower volumes of managed subcontracted transportation, offset by new and expanded business.
“Our continued progress in growing Ryder’s core contractual businesses, including 21 percent in Supply Chain Solutions and 6 percent in Fleet Management Solutions, enabled us to once again deliver profitable growth despite significant headwinds affecting the general transportation market and our commercial truck rental offering,” said Greg Swienton, chairman and chief executive officer of the Miami-based truck leasing company.