Ryder announces lower 2Q net earnings

Ryder announces lower 2Q net earnings

Ryder System today, July 23, reported net earnings of $22.9 million for the three-month period ended June 30 compared with $62.9 million in the year-earlier period, including a $1.0 million charge for restructuring and other items. Earnings in the year-earlier period included an after-tax charge of $6.8 million in the company's Supply Chain Solutions (SCS) operations in Brazil to adjust accruals and tax deferrals related to previous years.

Excluding these charges, comparable net earnings were $23.9 million, down 66 percent from $69.8 million. Comparable earnings results reflect significantly lower pretax earnings in the Fleet Management Solutions (FMS) business segment, driven by decreased global results in commercial rental, used vehicle sales and full-service lease. In addition, higher pension expense reduced comparable earnings per share by $0.17. To a lesser extent, earnings were impacted negatively by significantly lower global automotive industry volumes.

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Ryder announces lower 2Q net earnings

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