Ryder Reports First Quarter 2012 Results

Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations for the three-month period ended March 31, 2012 were $0.68, compared with $0.50 in the year-earlier period. Earnings from continuing operations were $34.9 million, compared with $25.9 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations in the first quarter of 2012 included a net benefit of $0.09 and $4.3 million, respectively, related to a tax item, partially offset by acquisition-related restructuring costs. Earnings per diluted share and net earnings for the year-earlier period included a restructuring charge of $0.01 and $0.5 million, respectively. Excluding these items, comparable earnings per diluted share from continuing operations for the first quarter of 2012 were $0.59, up 16% from $0.51 in the same period of 2011. Comparable earnings from continuing operations of $30.6 million for the first quarter of 2012 were up 16% from $26.3 million in the year-earlier period. The increase in comparable earnings primarily reflects the benefit of a Fleet Management Solutions (FMS) acquisition, stronger used vehicle sales results and organic growth in commercial rental and in the Supply Chain Solutions (SCS) segment.

Total revenue for the first quarter of 2012 was $1.54 billion, up 8% from $1.43 billion in the same period last year, reflecting organic growth, the benefit of acquisitions, and fuel services. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation), was $1.23 billion, up 9% compared with $1.13 billion in the year-earlier period. FMS business segment total revenue increased 9% due primarily to higher operating revenue, and to a lesser extent higher fuel services revenue. FMS operating revenue increased 10% due primarily to the Hill Hire acquisition, and stronger organic commercial rental and full service lease revenue. SCS business segment total and operating revenue both increased 7% due to improved freight volumes and new business.

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