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RYDER SYSTEM REPORTS EARNINGS FROM CONTINUING OPERATIONS WERE HIGHER IN FOURTH QUARTER

 RYDER SYSTEM REPORTS EARNINGS FROM CONTINUING OPERATIONS
 WERE HIGHER IN FOURTH QUARTER
 MIAMI, Feb. 6 /PRNewswire/ -- Earnings from continuing operations of Ryder System, Inc. (NYSE: R) were higher in the fourth quarter of 1991 than they were in the same quarter of 1990, it was reported here today by Chairman, President and Chief Executive Officer M. Anthony Burns. It was the first quarter of 1991 in which year-to-year profits increased.
 Burns attributed the favorable fourth-quarter comparison to increases in aviation and automotive carrier activity and the benefits of cost containment activities throughout the company.
 In the quarter, revenue totaled $1.3 billion, about the same as in the same period of 1990. Earnings from continuing operations were $21 million, or $0.25 per common share, compared with earnings from continuing operations of $12 million, or $0.13 per common share, in the fourth quarter of 1990.
 As announced in January, the company took an after tax charge of $52 million, or $0.70 per common share, in the fourth quarter of 1991 in connection with its already discontinued aircraft leasing business. The charge is not reflected in fourth-quarter or full-year 1991 earnings from continuing operations.
 For 1991, revenue was $5.1 billion, compared with $5.2 billion in 1990. Earnings from continuing operations in 1991 were $66 million, or $0.75 per common share, compared with comparable 1990 earnings of $82 million, or $0.96 per common share.
 Burns said most of the company's product lines performed well during the year, but there was continuing softness in the Vehicle Leasing & Services Division's short-term truck rental businesses. In that division, full service truck leasing and dedicated contract carriage continued to improve. However, both commercial truck rental and consumer truck rental were negatively affected by continued weak demand and a highly competitive environment.
 The Aviation Services segment reported an earnings increase of 54 percent for the year, reflecting the strength of its marketing effort and the success of its cost containment measures. Even with lower automobile sales, the Automotive Carrier Division reported better earnings in 1991, with significant improvement in the second half of the year.
 The company maintained its strong financial position during the year, Burns noted. Capital expenditures during 1991 totaled less than $650 million, and the company's debt at year end was $2.0 billion, a decrease of more than $400 million compared with the end of 1990.
 Outlook
 "While we are not satisfied with the overall level of earnings," Burns said, "we believe the company's improvement in the fourth quarter reflects the effectiveness of our cost containment program and the organizational changes we made during the year. Although we find our recent trends encouraging, our outlook for 1992 is tempered by ongoing concern for the direction of the economy. We continue to seek additional ways to contain our costs."
 RYDER SYSTEM, INC. AND CONSOLIDATED SUBSIDIARIES
 REVENUE AND NET EARNINGS (LOSS)
 Periods ended Dec. 31, 1991 and 1990
 (In thousands, except per share amounts)
 Fourth Quarter 12 Months
 1991 1990 1991 1990
 Revenue and net
 sales $1,314,960 1,323,405 5,061,096 5,162,333
 Earnings from
 continuing
 operations $ 21,110 11,977(A) 65,720(B) 82,216(A)
 Loss from
 discontinued
 operations (51,703)(C) (37,010)(C) (51,703)(C) (39,536)(C)
 Net earnings
 (loss) $(30,593) (25,033) 14,017 42,680
 Earnings (loss)
 applicable to
 common shares $(33,239) (27,680) 3,517 32,086
 Average common
 and common
 equivalent
 shares 73,859 73,569 73,837 74,769
 Earnings (loss) per
 common share:
 Continuing
 operations $ 0.25 0.13(A) 0.75(B) 0.96(A)
 Discontinued
 operations (0.70)(C) (0.51)(C) (0.70)(C) (0.53)(C)
 Net earnings
 (loss) (0.45) (0.38) 0.05 0.43
 REVENUE AND EARNINGS BEFORE TAXES
 LINES OF BUSINESS
 Periods ended Dec. 31, 1991 and 1990
 (Thousands of dollars)
 Fourth Quarter 12 Months
 1991 1990 1991 1990
 Revenue and net sales:
 Vehicle Leasing &
 Services $821,460 851,585 3,229,437 3,285,742
 Automotive
 Carriers 181,892 175,591 645,051 688,971
 Aviation Services 316,375 303,693 1,209,765 1,212,309
 Other -- 641 -- 3,267
 Intersegment (4,767) (8,105) (23,157) (27,956)
 Total $1,314,960 1,323,405 5,061,096 5,162,333
 Earnings from
 continuing
 operations
 before taxes:
 Vehicles
 Leasing &
 Services $ 10,960 9,205 52,511(B) 79,711
 Automotive
 Carriers 14,275 8,438 24,318 22,604
 Aviation
 Services 12,376 (20)(A) 46,508(B) 30,247(A)
 Other (1,413) 106 (8,462)(B) 5,989
 Total $ 36,198 17,729 114,875 138,551
 (A) -- The fourth quarter of 1990 includes charges relating to write-offs of airline customer receivables which decreased earnings from continuing operations before taxes by $7.5 million ($5 million after tax, or $0.07 per common share).
 (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.
 (C) -- The fourth quarters of 1991 and 1990 include after tax charges of $52 million ($0.70 per common share) and $36 million ($0.48 per common share), respectively, related to the discountinuance of the company's aircraft leasing business. Results for 1990 also include a loss from operations of the discontinued business.
 -0- 2/6/92
 /NOTE TO EDITOR: Ryder System, Inc. is the parent of a group of companies which provide high-quality highway transportation services and aviation services. The company's 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-SS -- FL010 -- 7814 02/06/92 14:38 EST
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