Ryder says 4Q net income down 22%

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Trucking and logistics provider Ryder System Inc. on Wednesday, Feb. 3, announced that its fourth-quarter net income declined more than 22 percent to $8.2 million compared to $10.6 million as sales fell nearly 7 percent. Revenue fell to $1.25 billion from $1.34 billion.

For the full year, net income was $61.9 million compared to $199.9 million. Revenue fell to $4.89 billion from $6 billion.

“Customers continued to cope with reduced freight activity by downsizing their fleets,” said Greg Swienton, chief executive officer of the Miami-based company. Swienton said pricing was in line with targets, and that the number of miles driven was stabilizing.

The company said it expects 2010 profit to be in a range of $1.80 to $1.95 per share on sales of $4.9 billion.