Ryder Reports Strong Results for 4th Quarter and Full Year 2013

Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, has reported record comparable earnings per diluted share from continuing operations for the three-month period ended December 31, 2013 of $1.35, up 7% from $1.26 in the year-earlier period.

Comparable earnings from continuing operations for the fourth quarter of 2013 of $72.1 million increased 11% from $64.9 million in the year-earlier period.

The increase in comparable earnings reflects strong performance in both business segments, Fleet Management Solutions (FMS) and Supply Chain Solutions (SCS).

Key highlights include:

• Q4 Record Comparable EPS from Continuing Operations Up 7% to $1.35
• Q4 EPS from Continuing Operations Increase 16% to $1.24
• Q4 Record Operating Revenue of $1.3 Billion Grows 4%; Total Revenue Up 2% to $1.6 Billion
• Full-Year Record Comparable EPS from Continuing Operations Up 11% to $4.88
• Full-Year EPS from Continuing Operations Up 18% to $4.63
• Full-Year Record Operating Revenue of $5.3 Billion Up 4%; Total Revenue Grows 3% to $6.4 Billion
• 2014 Comparable EPS Forecast of $5.30 to $5.45 vs. $4.88 for 2013

Record operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the fourth quarter of 2013 of $1.34 billion, was up 4% from $1.29 billion in the year-earlier period, reflecting new business and higher volumes in SCS, full service lease growth, and improved rental revenue.

Total revenue was $1.62 billion, up 2% from $1.58 billion in the same period last year. FMS total and operating revenue increased 2% and 3%, respectively, due to higher full service lease revenue, as well as growth in commercial rental. SCS total and operating revenue increased 4% and 8%, respectively, reflecting new business and higher volumes.

Commenting on the Company’s fourth quarter and full-year 2013 performance, Ryder Chairman and CEO Robert Sanchez said, “We closed 2013 with a strong fourth quarter in which we delivered higher revenue and double-digit earnings growth. For full-year 2013, we grew operating revenue 4%, improved earnings by 13%, and achieved record earnings per share. In Fleet Management Solutions, we increased our full service lease fleet by over 2,600 vehicles during the second half of the year driven by significantly improved sales activity.

“Our commercial rental business also performed well last year, with higher pricing and increased U.S. demand. Additionally, solid used vehicle sales activity drove inventories to the lowest levels in two years. In Supply Chain Solutions, we had strong overall performance and continued growth in our dedicated services offering. Importantly, both business segments delivered revenue growth, while also posting double-digit increases in pre-tax earnings for the full year.”

Tags: Ryder

Category: Featured, General Update, Vehicles