Ryder System 2Q profit rises 33 percent

Ryder System posts higher 2Q profit, and it tightens range for full-year profit guidance

Associated Press

MIAMI (AP) -- Truck-leasing company Ryder System Inc. said Tuesday that its second-quarter net income rose 33 percent, and it raised the low end of its full-year profit guidance.

The results were boosted by strength in its leasing, commercial rental, and supply chain businesses.

The company earned $62.2 million, or $1.19 per share, for the quarter that ended June 30. A year earlier it earned $46.7 million, or 91 cents per share. Revenue rose 3 percent to $1.6 billion, from $1.56 billion a year earlier.

Excluding non-operating pension costs and restructuring charges, Ryder said it would have earned $1.25 a share in the latest quarter.

Analysts surveyed by FactSet had been expecting an adjusted profit of $1.23 per share on revenue of $1.61 billion.

The company raised the low end of its 2013 earnings guidance by 5 cents, to a range of $4.75 to $4.85 per share. It also said it expects to earn $1.41 to $1.46 per share in the third quarter.

Analysts had been expecting a full-year profit of $4.83 per share and a third-quarter profit of $1.46 per share.

Its shares fell $1.11, or 1.8 percent, to $61.92 in afternoon trading. They are up 24 percent so far in 2013.

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