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Ryder Reports Fourth Quarter And Full-Year 2012 Results And Provides 2013 Forecast

Stocks in this article: R

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 December 31, 2012 were $1.07, compared with $0.92 in the year-earlier period. Earnings from continuing operations for the fourth quarter of 2012 were $54.9 million, compared with $47.7 million in the year-earlier period. Earnings per diluted share for the fourth quarter of 2012 included an after-tax charge of $0.10 or $5.1 million associated with certain vehicle-related losses from Superstorm Sandy, for which insurance recoveries remain uncertain and have not been recognized. Earnings per diluted share in the year-earlier period included an after-tax charge of $0.05 or $2.4 million for planned restructuring costs related to the integration of an acquisition. Excluding these items in both periods, comparable earnings per diluted share from continuing operations for the fourth quarter of 2012 were $1.17, up 21% from $0.97 in the year-earlier period, and comparable earnings from continuing operations of $60.1 million increased 20% from $50.1 million in the year-earlier period. The increase in comparable earnings reflects strong performance in both business segments, Fleet Management Solutions (FMS) and Supply Chain Solutions (SCS).

Total revenue for the fourth quarter of 2012 was $1.58 billion, up 3% from $1.54 billion in the same period last year. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) was $1.29 billion, up 4% from $1.24 billion in the year-earlier period, reflecting organic full service lease growth as well as increased volumes and new business in the SCS automotive sector. FMS business segment total and operating revenue improved 4% due to higher full service lease revenue. SCS business segment total revenue increased 2% reflecting higher operating revenue. SCS operating revenue grew 4% largely reflecting improved volumes and new business in both the automotive industry and dedicated services as well as higher fuel cost pass-throughs.

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