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RYDER SYSTEM EARNINGS RISE TO $17.4 MILLION IN FIRST QUARTER

 RYDER SYSTEM EARNINGS RISE TO $17.4 MILLION IN FIRST QUARTER
 MIAMI, April 22 /PRNewswire/ -- Net earnings of Ryder System (NYSE: R) rose to $17.4 million, or $0.20 per share, compared with a net loss of $2.2 million, or $0.06 per share, in the first quarter last year, it was reported here today by Chairman, President and Chief Executive Officer M. Anthony Burns. The company's revenue, Burns said, increased to $1.24 billion in the quarter, compared with revenue of $1.20 billion a year ago. In addition, Burns noted that both Vehicle Leasing & Services and Automotive Carriers, which reported losses a year ago, were solidly profitable this year.
 Operations
 In Ryder's Vehicle Leasing & Services Division, pretax earnings were $16 million, compared with a loss of $4 million in the same quarter of 1991. Revenue also was higher. While commercial truck rental experienced an increase in vehicle utilization, Burns said, the division's improved performed was primarily a result of cost saving efforts and other efficiencies. The division's performance also benefited from higher gains on the sale of used vehicles this year.
 Because of an increase in car movements, the Automotive Carrier Division's performance rebounded from a loss of $3 million in the first quarter of 1991 to pretax earnings of $7 million this year. Although U.S. automobile sales were relatively low in the first quarter of 1992, Burns noted that they were better than they were a year earlier.
 Burns also pointed out that on April 11, the National Automobile Transporters Labor Division, which includes Ryder's signatory carriers, reached tentative agreement on a new contract with the International Brotherhood of Teamsters. The agreement requires a ratification vote by the Teamsters.
 Commenting on other factors which influenced the company's first quarter performance, Burns said, "For more than a year, Ryder has been conducting an aggressive campaign to improve employee safety. The positive benefits of this campaign were evident in the results of both the Vehicle Leasing & Services and the Automotive Carriers divisions, where workers' compensation costs were lower than they were in the first quarter of 1991."
 In Ryder's Aviation Services businesses, Burns said that results were affected by a pretax charge of $1 million to provide for expenses related to the consolidation of all domestic overhaul and repair work on Pratt & Whitney JT8D engines at Ryder Airline Services' Dallas Love Field facility. The work is currently being performed at both Love Field and Ryder Aviall's Burbank, Calif. facility. The consolidation, which will improve efficiency of the JT8D operations, will be completed by mid year.
 Despite the continuation of difficult conditions in the market for used commercial aircraft, Ryder has successfully reduced the size of the fleet in its discontinued aircraft leasing business. Between Jan. 1 and April 21, 16 aircraft were sold, reducing the number of aircraft in the fleet to 15. The company has now recovered substantially all of the year-end 1991 net book value of the assets in its aircraft leasing business.
 The "Other" category of Ryder's financial report showed significant improvement because of the absence this year of reorganization costs, which caused the company to report a loss for that category in the first quarter of 1991.
 Outlook
 Looking to the future, Burns said, "Our confidence in the future of Ryder System has never been stronger. The company is in excellent financial condition; cash flows are strong; total debt was below $2 billion at the end of the first quarter; and we are seeing clear evidence that our restructuring and cost containment programs are working."
 RYDER SYSTEM, INC. AND CONSOLIDATED SUBSIDIARIES
 REVENUE AND NET EARNINGS (LOSS)
 Three months ended March 31, 1992 and 1991
 (In thousands, except per share amounts)
 1992 1991
 Revenue and net sales $ 1,238,491 1,200,258
 Net earnings (loss) $ 17,409 (2,179) (A)
 Earnings (loss) applicable
 to common shares $ 14,799 (4,768)
 Average common and common
 equivalent shares 74,414 73,801
 Net earnings (loss) per
 common share $ 0.20 (0.06) (A)
 REVENUE AND EARNINGS (LOSS) BEFORE TAXES
 LINES OF BUSINESS
 Three months ended March 31, 1992 and 1991
 (Thousands of dollars)
 1992 1991
 Revenue and net sales:
 Vehicle Leasing & Services $ 795,980 779,923
 Automotive Carriers 158,928 140,753
 Aviation Services 287,600 286,395
 Intersegment (4,017) (6,813)
 $ 1,238,491 1,200,258
 Earnings (loss) before
 income taxes:
 Vehicle Leasing & Services $ 16,004 (4,088) (A)
 Automotive Carriers 7,461 (3,418)
 Aviation Services 6,612 7,420 (A)
 Other (87) (3,713) (A)
 $ 29,990 (3,799)
 (A) -- Results for the first quarter of 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- 4/22/92
 /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 March 31, 1992 was $5.1 billion, and assets at March 31, 1992 were also $5.1 billion.
 Ryder System stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Fortune magazine ranks the company among the 25 largest diversified services companies in the United States./
 /CONTACT: Art Stone of Ryder System, 305-593-3180/
 (R) CO: Ryder System, Inc. ST: Florida IN: TRN SU: ERN


AW-JB -- FL006 -- 1287 04/22/92 12:42 EDT
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