Ryder reports 3Q profits

Third-party logistics provider Ryder System posted net earnings of $33.8 million on revenues of $1.21 billion in the third quarter, compared to a loss of $5.5 million on revenues of $1.24 billion in the same quarter last year. For the first nine months of 2002, Ryder had earnings of $80.1 million on revenue of $4.57 billion, compared to earnings of $18.5 million on revenues of $3.82 billion over the same period in 2001. However, the company had to a take a $18.9 million charge this year to cover accounting changes related to the closure of its Asian supply chain operations. Miami-based Ryder said its revenues were off because of the continuing slow economic conditions in the U.S. and overseas, leading to reduced transportation miles run and continued weak leasing demand. The downturn caused a 3.4% volume reduction in its dedicated contract carriage business segment, with leasing revenues off 2.9%, said Ryder. Truck and trailer rentals, however, showed improvement for the third consecutive quarter and automotive volumes within Ryder's supply chain business increased, the company said.