Sunday, October 25 2009
Ryder, one of the leading providers of commercial vehicle rentals, according to a report by Analytiqa reported that its 3rd quarter profits fell by 66%. In this report, it was reported that Ryder’s 2009 year to date net earnings were 72% down year on year to the tune of $53.7 million US dollars. The net earnings figures include the impact of discontinued SCS operations in Europe and in South America.
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Even tough Ryder’s earnings were for the most part down all across the board, they stated that the company’s performance was somewhat stronger than expectations. This was especially true in the Supply Chain Solutions automotive side, and in the Fleet Management Solutions used vehicle side of the business.
Also in the report from Analytiqa, it was mentioned that Ryder anticipates that the company’s performance will continue to be affected by the overall, weak economic environment, and long-drawn-out freight recession. Ryder believed this would especially affect the FMS business segment in the near term. Ryder also anticipates a growing impact as a result of lower lease sales and renewals as customers begin to thin out their fleets. The soft market conditions are also expected to have an adverse affect on commercial rental and to a lesser degree, the sales of used vehicles.