Ryder System Inc. (R: Quote) posted higher first-quarter 2012 net earnings of $34.3 million or $0.67 per share compared with last year's $25.1 million or $0.48 per share. Earnings per share from continuing operations for the three-month period were $34.9 million or $0.68, higher than $25.9 million or $0.50 in the year-earlier period.
Excluding items, quarterly comparable earnings from continuing operations were $30.6 million or $0.59 per share, an increase from $26.3 million or $0.51 per share in the same period of 2011, reflecting the benefit of a Fleet Management Solutions acquisition, stronger used vehicle sales results and organic growth in commercial rental and in the Supply Chain Solutions segment. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.58 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenue was $1.54 billion, up 8% from $1.43 billion a year ago, reflecting organic growth, the benefit of acquisitions, and fuel services. Ten analysts projected revenue of $1.48 billion for the quarter. Operating revenue, ie. revenue excluding FMS fuel and all subcontracted transportation, improved 9% to $1.23 billion from $1.13 billion in the year-earlier period.
Also, Ryder System established a second-quarter earnings forecast of $1.07 - $1.12 per share, whereas 14 analysts anticipate earnings of $1.06 per share for the same quarter.
In addition, the company raised its full-year 2012 comparable earnings forecast to $4.02 - $4.12 per share from its prior outlook of $4.00 - $4.10 per share, while 14 analysts estimate 2012 earnings of $4.06 per share.
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by RTT Staff Writer
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