Ryder 2nd quarter profit down
Ryder System Inc. said second quarter net income fell 3 percent to $62.9 million from $65 million, which the company attributed to automotive industry strikes in North America, customs and cross-border work stoppages in South America and problems with its supply chain unit in Brazil.
Revenues remained flat at $1.66 billion. The company’s fleet management division posted a 16 percent increase in revenues to $1.2 billion compared to second quarter 2007, and operating revenue at the Supply Chain Solutions business increased 6 percent to $349.7 million from $333 million. Revenue improved due to benefits of foreign exchange rates, higher fuel costs and new business, the company said.
Miami-based Ryder said it took a $6.8 million charge for its Supply Chain Solutions operation in Brazil to cover some accounting mistakes between 2004 and 2007.