Ryder Earnings Surge

Ryder's ( R) second-quarter earnings rose 83% from a year ago on improved results in its fleet-management segment and a gain from an asset sale.

The company earned $63.6 million, or 97 cents a share, in the quarter, including a gain of $14 million, or 21 cents a share, from the sale of the company's corporate headquarters. A year ago, the company earned $34.7 million, or 55 cents a share. Revenue rose 6% from a year ago to $1.27 billion.

"The Fleet Management Solutions business segment continues to demonstrate strong earnings leverage from acquisitions and accelerated growth in the commercial rental product," the company said. "Excluding the gain from the sale of our headquarters facility, we delivered earnings of 76 cents a share, outperforming our most recent forecast range of 66 cents to 70 cents a share."

Excluding the charge, analysts had been expecting earnings of 69 cents a share on sales of $1.27 billion. Looking ahead, Ryder expects to earn between 75 cents and 78 cents in both the third and fourth quarters, including a charge of 2 cents a share in the third quarter and 3 cents a share in the fourth. Analysts had been forecasting earnings of 77 cents a share in the third quarter and 79 cents a share in the fourth.

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