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Ryder Reports Second Quarter 2005 Results

August 2, 2005

MIAMI — Ryder System, Inc. reported earnings for the three-month period ended June 30, 2005. Revenue for the second quarter of 2005 was $1.39 billion, up 10 percent from $1.27 billion in the same period last year, with all business segments reporting revenue growth. Improved performance was driven primarily by continuing leverage from revenue growth and im-proved used-vehicle sales in the Fleet Management Solutions (FMS) business segment.The revenue increase for the quarter in the FMS business segment was 9 percent, reflecting higher fuel revenue due to higher fuel prices and continued growth in the rental product line. Commercial rental revenue for the quarter increased 8 percent compared with the year-earlier period. Revenue in the Supply Chain Solutions (SCS) business segment in the second quarter of 2005 increased by 15 percent compared with the year-earlier period. Second quarter revenue in the Dedicated Contract Carriage (DCC) business segment increased 7 percent from the year-earlier period. The SCS and DCC revenue increases were driven by new and expanded business in all industry groups, and pric-ing increases associated with higher fuel costs.Revenue for the six months ended June 30, 2005 was $2.71 billion, up 9 percent from $2.48 billion in the same period of 2004. Ryder’s net earnings in the first half of 2005 were $104.8 million, compared with $98.7 million in the year-earlier period.
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