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RYDER EARNINGS UP SHARPLY IN THIRD QUARTER

 RYDER EARNINGS UP SHARPLY IN THIRD QUARTER
 MIAMI, Oct. 22 /PRNewswire/ -- Earnings from continuing operations


of Ryder System, Inc. (NYSE: R) were $33.1 million, or $0.41 per share, in the third quarter of 1992, compared with $25.2 million, or $0.31 per share, in the same quarter a year ago, it was reported here today by Chairman, President and Chief Executive Officer M. Anthony Burns. In addition, in this year's third quarter, the company recorded after tax earnings from discontinued operations of $6.0 million, or $0.08 per share, as a result of the successful shutdown of the company's discontinued aircraft leasing business. Revenue in the quarter rose to $1.29 billion, compared with $1.26 billion in the third quarter of 1991.
 Burns said the company's performance reflects a continuation of the trends which have been evident in the company's business since the fourth quarter of 1991.
 "Our highway transportation businesses maintained their strong earnings increases," he commented, "while our aviation businesses improved compared with the first two quarters, although they did not rebound as much as we had anticipated."
 Earnings from continuing operations in the first nine months were $88.1 million, or $1.07 per share, compared with $44.6 million, or $0.50 per share, in the first nine months of 1991. Including earnings from discontinued operations, net earnings for the nine months were $94.1 million, or $1.15 per share. Revenue in the first nine months was $3.86 billion, compared with revenue of $3.75 billion in the same period last year.
 Operations
 The Vehicle Leasing & Services Division's lease sales were strong, and revenue and pretax earnings were both higher in the quarter. Burns said that full-service truck leasing and commercial truck rental led the division's profit improvement, with most of the increase coming from the positive effects of cost reduction programs and gains on the sale of used vehicles.
 Consumer truck rental was solidly profitable in the quarter, Burns reported, reflecting a successful peak moving season. Revenue in the quarter was up 10 percent compared with last year.
 Continuing recent trends, the largest percentage increase in revenue and earnings was recorded by contract logistics. Burns noted that the product line's strong performance was achieved despite a three-week disruption during the quarter in a large customer's business.
 Revenue of the Automotive Carrier Division was lower in the quarter as a result of reduced vehicle shipments, but pretax earnings were higher, Burns said. The effect of lower shipments was offset by improvements from cost containment programs and actuarial gains resulting from favorable workers' compensation experience.
 Both revenue and pretax earnings were down in Aviation Services. Demand for engine overhaul services as well as aviation parts and supplies remained sluggish in the third quarter. Burns noted, however, that cost containment efforts implemented during the first half of 1992 had a positive effect and produced better earnings in the third quarter than in the year's first or second quarters.
 Outlook
 Commenting on the company's outlook, Burns said, "As we had expected, the results of our restructuring and planning have become evident in 1992. While we have not yet reached our long-term goals, the company is vigorous and healthy, and we have built a strong base for renewed growth in the next year and beyond."
 RYDER SYSTEM, INC. AND CONSOLIDATED SUBSIDIARIES
 REVENUE AND NET EARNINGS
 Periods ended Sept. 30, 1992 and 1991
 (In thousands, except per share amounts)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Revenue and
 net sales $1,292,656 1,262,963 3,858,380 3,746,136
 Earnings from
 continuing
 operations $ 33,138 25,182 88,122 44,610 (B)
 Earnings from
 discontinued
 operations 6,000 (A) -- 6,000 (A) --
 Net earnings $ 39,138 25,182 94,122 44,610
 Earnings
 available to
 common shares $ 36,499 22,535 86,262 36,756
 Average common and
 common equivalent
 shares 75,104 73,838 74,783 73,830
 Earnings per
 common share:
 Continuing
 operations $ 0.41 0.31 1.07 0.50 (B)
 Discontinued
 operations 0.08 (A) -- 0.08 (A) --
 Net earnings 0.49 0.31 1.15 0.50
 REVENUE AND EARNINGS BEFORE TAXES
 LINES OF BUSINESS
 Periods ended Sept. 30, 1992 and 1991
 (Thousands of dollars)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Revenue and net sales:
 Vehicle Leasing &
 Services $865,920 817,033 2,517,427 2,407,977
 Automotive
 Carriers 143,054 151,597 485,902 463,159
 Aviation Services 287,515 299,387 867,344 893,390
 Intersegment (3,833) (5,054) (12,293) (18,390)
 $1,292,656 1,262,963 3,858,380 3,746,136
 Earnings from
 continuing
 operations before
 income taxes:
 Vehicle Leasing
 & Services $ 42,409 25,578 104,313 41,551 (B)
 Automotive
 Carriers 8,990 6,572 34,673 10,043
 Aviation
 Services 8,148 12,863 17,250 34,132 (B)
 Other (3,081) (600) (5,909) (7,049)(B)
 $ 56,466 44,413 150,327 78,677
 (A) -- During the third quarter of 1992, the company completed the disposition of its discontinued aircraft leasing business. The gain on disposition of $6.0 million (net of income taxes of $3.3 million) resulted from higher proceeds from the sale of aircraft and lower operating costs than anticipated.
 (B) -- Results for the nine months ended Sept. 30, 1991 include a pretax charge of $8.9 million ($5.7 million after tax, or $0.08 per common share) related to an organizational streamlining. As a result, pretax earnings for Vehicle Leasing & Services, Aviation Services and other were reduced by $2.5 million, $0.9 million and $5.5 million, respectively.
 -0- 10/22/92
 /NOTE TO EDITOR: Ryder System, Inc. is the parent of a group of companies which provide high-quality highway transportation services and aviation services. Revenue for the 12 months ended Sept. 30, 1992 was $5.2 billion, and assets at Sept. 30, 1992 were $4.9 billion.
 Ryder System stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Fortune magazine ranks Ryder among the 25 largest diversified services companies in the United States.
 CONTACT: Art Stone of Ryder System, Inc., 305-593-3180/
 (R) CO: Ryder System, Inc. ST: Florida IN: TRN SU: ERN


AW-JJ -- FL001 -- 3344 10/22/92 09:15 EDT
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Date:Oct 22, 1992
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