(RTTNews) - Wednesday, transportation and supply chain management solutions provider Ryder System Inc. (R: News ), reported a 60% decline in profit as revenues decreased affected by lower fuel prices and the impact of foreign exchange.

Ryder's net income for the quarter decreased to $24 million or $0.43 per share from $70.2 million or $1.24 per share in the same quarter last year.

Net income from continuing operations declined to $28.5 million from $72.8 million in the year-ago period. On a per share basis net income decreased to $0.51 per share from $1.29 per share in the prior-year period.

Comparable net earnings per share for the quarter was $0.46, versus $1.21 in the year-earlier period. Comparable earnings from continuing operations declined to $28.2 million or $0.50 per share from $71.2 million or $1.26 per share in the year-ago period.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude the one-time items.

Total revenue from continuing operations for the third quarter declined to $1.26 billion, down 20% from $1.58 billion in the year-ago period,hurt by lower fuel prices and fuel volumes, and the impact of foreign exchange. Analysts expected the company to report revenue of $1.25 billion for the quarter.
Segment-wise,operating revenue of fleet management solutions or FMS decreased 8%,Supply chain solutions or SCS decreased 22% and dedicated contract carriage or DCC decreased 15%.

For the nine months, earnings from continuing operations decreased to $67.5 million or $1.21 per share from $209.5 million or $3.64 per share in the year-ago period. Comparable year-to-date earnings from continuing operations declined to $71.6 million or $1.28 per share from $207.9 million or $3.62 per share in the comparable period last year.

Operating revenue from continuing operations was $3.05 billion, down 14% from $3.54 billion last year

Ryder is currently trading at $44.72, down $0.55 or 1.21%, on a volume of 1.57 million shares on the NYSE.

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by RTT Staff Writer

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