News Column

Ryder reports upticks in sales, profits in 2013

February 5, 2014

By Evan S. Benn, The Miami Herald

Feb. 05 --Ryder saw year-over-year increases in sales and profits in 2013, the first year with CEO Robert Sanchez leading the Miami-Dade trucking and cargo giant. Profits rose 13 percent to $237.8 million in 2013, from $210 million the previous year. Total revenue last year grew 3 percent to $6.42 billion , from $6.26 billion in 2012. Per-share earnings increased to $4.53 a share in 2013, from $4.09 in 2012, almost an 11-percent jump. With continuing growth expected in Ryder's two divisions -- fleet-management and supply-chain operations -- Sanchez painted a bright 2014 forecast in an earnings call Tuesday. Per-share earnings could reach $5.45 this year, he noted. "We're expecting another record year for operating revenue and comparable earnings per share in 2014," Sanchez said. Sanchez, who was a 19-year Ryder veteran and had served as CFO and COO before taking the top job, replaced Gregory Swienton as CEO when Swienton retired in January 2013 . Sanchez is Ryder's fifth CEO since the company's founding in 1933. Ryder's year-over-year overhead costs swelled 14 percent, to $55.7 million , in 2013. CFO Art Garcia said that was driven in part by increased spending in sales and marketing as well as investments in technology upgrades for its customers. ___ (c)2014 The Miami Herald Visit The Miami Herald at Distributed by MCT Information Services

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Source: Miami Herald (FL)

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