• ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
  • ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
American Shipper

RYDER’s 3RD QUARTER EARNINGS FALL

RYDERÆS 3RD QUARTER EARNINGS FALL

   Ryder Systen Inc., a transportation facilitator based in Miami, reported a sharp drop in third-quarter earnings.

   The company report net earnings of $12.1 million, compared to $361.5 million for the year earlier quarter. The 1999 quarter, however, included a $335.4 million after-tax gain on the sale of Ryder's Public Transportation division.

   Pre-tax earnings from continued operations totaled $56.6 million in the third quarter, compared with $61.7 million for the year-earlier period. However, Ryder took a pre-tax charge of $37.7 million, which included a write-down of certain Ryder-owned unsold used tractors, an increase in reserves for guaranteed terminal values for equipment that Ryder leases rather than owns, and a write-down of assets impaired in connection with the settlement of a long-standing contract dispute. Minus the pre-tax charge, Ryder's pre-tax earnings were $19.3 million, compared to $56.4 million for the third quarter of 1999.

   Revenue of $1.34 billion in the third quarter of 2000, up about 6 percent from $1.26 billion in the comparable period of 1999.

   “Ryder’s operating results were in line with current estimates, despite the industry-wide weakened used truck market,” said Gregory T. Swienton, Ryder’s president and chief operating officer, who will become chief operating officer as well, effective Nov. 1.

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