Ryder Boosts Earnings Targets - TheStreet

Ryder Boosts Earnings Targets

The company also says second-quarter earnings climbed from a year ago.
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Shares of

Ryder

(R) - Get Report

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

.