Transportation and supply chain company Ryder System Inc. (R), Thursday reported an increase in fourth quarter profit, as revenues grew at fleet management and supply solutions businesses. Both earnings and revenues for the quarter came in ahead of analyst's expectations.
Miami, Florida-based Ryder's fourth-quarter profit improved to $53.8 million or $1.05 per share from $48.1 million or $0.93 per share last year.
Excluding special items, earnings from continuing operations improved to $1.17 per share from $0.97 per share last year. On average, 14 analysts polled by Thomson Reuters expected earnings of $1.10 per share for the quarter. Analysts' estimates typically exclude special items.
Ryder said revenues grew 3 percent to $1.58 billion from $1.54 billion last year. Analysts expected revenues of $1.57 billion for the quarter.
FMS business revenues rose 4 percent to $1.12 billion due mainly to higher operating revenues. Supply chain division revenues grew 2 percent to $575.3 million.
Looking forward to the first quarter, the company expects comparable earnings in the range of $0.75 to $0.80 per share. The Street currently anticipate earnings of $0.73 per share for the quarter.
For the full-year 2013, Ryder has forecast comparable earnings of $4.70 to $4.85 per share, with revenues anticipated at about $6.50 billion. Analysts currently expect earnings of $4.55 per share on revenues of $6.47 billion for the year.
Commenting on the outlook, the company said, "Although customers' confidence levels and their willingness to sign long-term contracts are still affected by soft and uncertain economic conditions, we are confident that we can profitably grow contractual revenue in both of our business segments in 2013."
R is currently trading at $56.33, up $2.07 or 3.81%, on a volume of 0.59 million shares on the NYSE.
by RTT Staff Writer
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