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Truck-rental company Ryder boosts 1Q profit

The company said it was helped by the acquisition of fleet-management programs, used-vehicle sales and internal growth in commercial rentals.

The Associated Press

4/25/2012

MIAMI — Ryder System posted a 37 percent increase in first-quarter profit, partly on better sales of its used rental trucks. The company raised its outlook for 2012 slightly.

The Miami company said based on the first quarter and its view of the market, it expects to earn between $4.02 and $4.12 per share for the entire year, up from a previous forecast of $4.00 to $4.10 per share. Analysts had expected $4.06 per share.

Ryder said it expects to earn $1.07 to $1.12 per share in the second quarter. Analysts had predicted $1.07.

First-quarter net income was $34.3 million, or 67 cents per share. Excluding discontinued operations, a tax-related gain and restructuring expenses, Ryder System Inc. said it would have earned 59 cents per share. A year ago, it earned $25.1 million, or 48 cents per share.

Analysts, who usually exclude items, expected 58 cents per share, according to FactSet.

Revenue rose 8 percent to $1.54 billion, above analysts' forecast of $1.52 billion.

The company said it was helped by the acquisition of fleet-management programs, used-vehicle sales and internal growth in commercial rentals.

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