Miami-based Ryder Systems has reported a 37 percent increase in profit largely due to stronger used-vehicle sales and revenue from a recent addition to its fleet management business, the United Kingdom’s Hill Hire purchased in June.
The company said its first-quarter net income rose to $34.3 million from $25.1 million in 2011, while revenue climbed to $1.54 billion, above the $1.48 billion forecast by analysts.
Ryder’s fleet management segment, its largest, posted 9.3 percent higher revenues which it credited to higher commercial rental pricing. In its supply chain solutions business, revenue grew by 6.7 percent.
It also has announced a new deal with ColdTech Commercial, a division of consumer appliance company Danby Products, to provide distribution management and last-mile delivery services in the United States and Canada. The products will be handled by four Ryder facilities: Vancouver and Toronto, Canada; Atlanta; and Ontario, Calif.
ColdTech sells directly to end customers through an online portal. Ryder administrative and customer service functions for ColdTech will be located in Roanoke, Texas.
Ryder announces growth, picks up appliance client
