were higher Wednesday after the company announced an 18% increase in second-quarter earnings and raised its outlook for the year.
The transportation company said it earned $34.7 million, or 55 cents a share, compared with last year's $29.5 million, or 47 cents a share. Revenue dipped 1% to $1.2 billion from last year's $1.21 billion, which the company attributed to soft economic conditions.
Ryder also raised its earnings outlook for 2003 from between $1.95 and $2.00 a share to a range of $2.04 and $2.10 a share.
"Even without significant improvement in the overall economy, there are remaining cost management and process improvement opportunities," Ryder's president and chief executive, Gregory Swienton, said in a press release.
The results beat the consensus estimate of 52 cents a share, according to a Thomson First Call poll of six analysts. For 2003, the consensus estimate is $2 a share.
Ryder's shares were rising 4.3%, or $1.13, to $27.73 on the
New York Stock Exchange