Ryder Third Quarter Profit Spiked 32.9 Percent

Ryder Third Quarter Profit Spiked 32.9 Percent

Truck leasing and supply chain company Ryder Transportation reported net earnings of $75.1 million in the third quarter of 2012, ending Sept. 30, spiking 32.9 percent from $56.6 million in the same quarter last year.

Profit from January to September was $156.1 million, jumping 28.3 percent year-over-year from $121.7 million.

Quarterly revenue was $1.6 billion, relatively stable compared to the same quarter in 2011. Revenue in the first nine months of 2012 was $4.7 billion, up 3.6 percent from last year’s $4.5 billion in the same period.

The results were better than the company expected, driven by contractual revenue growth, strong used vehicle sales and cost and rental fleet size adjustments, Chairman and CEO Greg Swienton said.