Ryder posts higher 2Q profit, raises 2012 forecast

MIAMI (AP) — Truck-leasing company Ryder System Inc. said Tuesday that second-quarter earnings rose 17 percent on higher prices for used vehicles, and it boosted its forecast of full-year profit.

The shares rose $2.20, or 6.3 percent, to $36.86 in midday trading.

Ryder said it expects to earn between $3.75 and $3.90 per share in 2012, up from a previous forecast of $3.65 to $3.85 per share. The company said third-quarter earnings would be $1.15 to $1.22 per share.

Analysts surveyed by research firm FactSet were expecting $3.74 per share for the year and $1.16 in the third quarter, on average.

The second-quarter results were better than Ryder had forecast on June 21 because of stronger prices for used vehicles, lower maintenance costs and less overhead spending.

For the second quarter, the Miami company said it earned $46.7 million, or 91 cents per share, compared with $40 million, or 77 cents per share, a year earlier. Ryder said that excluding acquisition-related costs it would have earned $1 per share.

Analysts, who usually exclude items, expected 93 cents per share, according to FactSet.

Revenue rose 3 percent to $1.56 billion. Analysts expected $1.59 billion.

The company also sells supply-chain and fleet-management services.