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RYDER REPORTS SIGNIFICANT EARNINGS IMPROVEMENT IN 1992

 MIAMI, Feb. 9 /PRNewswire/ -- Ryder System, Inc. (NYSE: R) completed 1992 with a significant improvement in earnings from continuing operations, it was reported here today by Chairman, President and Chief Executive Officer M. Anthony Burns.
 Burns said that as a result of ongoing cost containment programs, improvements in vehicle utilization, a modest increase in revenue and a major restructuring which the company implemented over the past several years, pretax earnings from the company's highway transportation businesses more than doubled, to $135 million, in 1992. Pretax earnings of the company's aviation services businesses, while still substantial, he said, were 46 percent lower than they were in 1991. The aviation services businesses were negatively affected by lower demand, particularly for turbine engine repair and overhaul services.
 For the year, net earnings from continuing operations amounted to $118 million, or $1.43 per share, an increase of 79 percent compared with $66 million, or $0.75 per share in 1991. Revenue was $5.2 billion compared with revenue of $5.1 billion in 1991. After tax earnings from discontinued operations were $6 million in 1992 vs. an after tax loss from discontinued operations of $52 million in 1991.
 In the fourth quarter of 1992, net earnings from continuing operations were $30 million, or $0.36 per share, compared with net earnings from continuing operations of $21 million, or $0.25 per share, in the fourth quarter a year earlier. Revenue was $1.3 billion, about the same as revenue in the fourth quarter of 1991.
 Burns noted that the profit recovery trends the company had experienced all year, particularly in the company's highway transportation businesses, continued to drive the company's financial performance in the fourth quarter of 1992.
 "Full service truck leasing, commercial and consumer truck rental and dedicated logistics all contributed to the company's improved fourth quarter performance," Burns said. "Our Automotive Carrier Division and our aviation services businesses recorded good profits in the quarter, but their performance was not as strong as it was in 1991."
 1992 Operations
 All businesses within the Vehicle Leasing & Services Division contributed to that division's improved performance in 1992, Burns said. Full service truck leasing revenue was about the same as last year's, but earnings expanded as a result of continued emphasis on reducing costs. Utilization of the commercial and consumer truck rental fleets was higher, and consumer truck rental pricing improved in 1992.
 Dedicated logistics continued its aggressive growth in 1992, Burns reported, adding several substantial new customers and continuing to expand its business with existing customers. Revenue in 1992 grew significantly compared with 1991. In addition, the company's student transportation and public transit management businesses continued to expand.
 In the Automotive Carrier Division, revenue was up slightly compared with revenue in 1991, Burns said. Earnings almost doubled as a result of continued cost reduction efforts, and the ongoing introduction of new equipment helped increase operating efficiencies.
 Performance of the company's aviation services businesses was better in the second half of 1992 than it was in the first half, but pretax earnings were lower for the year as a result of lower demand, particularly for turbine engine repair and overhaul. Burns noted, however, that both Ryder Airline Services and Ryder Aviall worked continuously throughout 1992 to reduce costs and consolidate facilities in the face of the lower demand.
 Outlook
 Commenting on the outlook for Ryder, Burns said, "Ryder entered 1993 in excellent financial health and operationally stronger. We reported a good increase in earnings for 1992 despite relatively flat revenue. Even with capital expenditures of $1.1 billion, the company's financial leverage actually declined, increasing our debt capacity for future growth. Our organization is properly focused to serve our core markets, we have our costs under control, and we are enhancing our marketing and selling efforts in order to increase our revenue.
 "The results of 1992 show that we are headed in the right direction. While we still have some way to go, I am confident that, if the economy continues to improve, 1993, will be a good year for Ryder."
 RYDER SYSTEM, INC. AND CONSOLIDATED SUBSIDIARIES
 REVENUE AND NET EARNINGS
 Periods ended Dec. 31, 1992 and 1991
 (In thousands, except per share amounts)
 Fourth Quarter Twelve Months
 1992 1991 1992 1991
 Revenue and
 net sales $1,333,142 1,314,960 5,191,522 5,061,096
 Earnings from
 continuing
 operations $ 29,804 21,110 117,926 65,720 (B)
 Earnings (loss)
 from discontinued
 operations --- (51,703)(A) 6,000 (A) (51,703)(A)
 Net earnings(loss) $29,804 (30,593) 123,926 14,017
 Earnings (loss)
 applicable to
 common shares $27,164 (33,239) 113,426 3,517
 Average common and
 common equivalent
 shares 75,833 73,859 75,046 73,837
 Earnings (loss)
 per common share:
 Continuing
 operations $ 0.36 0.25 1.43 0.75 (B)
 Discontinued
 operations --- (0.70)(A) 0.08 (A) (0.70)(A)
 Net earnings(loss) 0.36 (0.45) 1.51 0.05
 REVENUE AND EARNINGS BEFORE TAXES
 LINES OF BUSINESS
 Periods ended Dec. 31, 1992 and 1991
 (Thousands of dollars)
 Fourth Quarter Twelve Months
 1992 1991 1992 1991
 Revenue and net sales:
 Vehicle Leasing &
 Services $867,525 821,460 3,384,952 3,229,437
 Automotive
 Carriers 165,314 181,892 651,216 645,051
 Aviation Services 304,503 316,375 1,171,847 1,209,765
 Intersegment (4,200) (4,767) (16,493) (23,157)
 $1,333,142 1,314,960 5,191,522 5,061,096
 Earnings from
 continuing
 operations before
 income taxes:
 Vehicle Leasing
 & Services $ 30,978 10,960 135,291 52,511(B)
 Automotive Carriers 13,547 14,275 48,220 24,318
 Aviation Services 7,897 12,376 25,147 46,508(B)
 Other (4,105) (1,413) (10,014) (8,462)(B)
 $ 48,317 36,198 198,644 114,875
 (A) -- Results for the 12 months ended Dec. 31, 1992 include an after tax gain of $6.0 million ($0.08 per common share) for the completion of the disposition of the company's discontinued aircraft leasing business. Results for the fourth quarter of 1991 include an after tax charge of $51.7 million ($0.70 per common share) related to the discontinuance of this business.
 (B) -- Results for the 12 months ended Dec. 31, 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- 2/9/92
 /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 year ended Dec. 31, 1992 was $5.2 billion, and assets at Dec. 31, 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

JJ-JB -- FL002 -- 4485 02/09/93 09:05 EST
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