- Second Quarter Earnings Per Share of $0.98, Include a $0.12 Tax Benefit -
- Comparable Earnings Per Share Up 13% on 10% Higher Revenue -
MIAMI, July 28 /PRNewswire-FirstCall/ -- Ryder System, Inc. (NYSE: R), a
global leader in transportation and supply chain management solutions, today
reported earnings per diluted share (EPS) were $0.98 for the three-month
period ended June 30, 2005, compared with $0.97 in the year-earlier period.
EPS in the current period included a $0.12 income tax benefit related to a
change in Ohio income tax law. EPS in the year-earlier period included a
$0.21 gain from the sale of the Company's former corporate headquarters
facility. Excluding the current tax benefit and previous year's gain, EPS for
the second quarter were up 13% to $0.86. This compares with the Company's
previous EPS forecast range of $0.83 to $0.86 for the second quarter of 2005.
Net earnings for the second quarter of 2005 were $63.3 million, compared with
$63.6 million in the year-earlier period. Net earnings in the current period
included an income tax benefit of $7.6 million related to a change in Ohio
income tax law. Net earnings in the year-earlier period included a
$14.0 million gain on the sale of the Company's former headquarters facility.
Excluding the current tax benefit and previous year's gain, second quarter
2005 net earnings were up 12% to $55.7 million. Improved performance was
driven primarily by continuing leverage from revenue growth and improved used
vehicle sales in the Fleet Management Solutions (FMS) business segment.
Revenue for the second quarter of 2005 was $1.39 billion, up 10% from
$1.27 billion in the same period last year, with all business segments
reporting revenue growth. The revenue increase for the quarter in the FMS
business segment was 9%, 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% compared with the year-earlier period.
Revenue in the Supply Chain Solutions (SCS) business segment in the second
quarter of 2005 increased by 15% compared with the year-earlier period.
Second quarter revenue in the Dedicated Contract Carriage (DCC) business
segment increased 7% from the year-earlier period. The SCS and DCC revenue
increases were driven by new and expanded business in all industry groups, and
pricing increases associated with higher fuel costs.
"We delivered comparable earnings that were 13% higher on a 10% revenue
increase, reflecting good earnings leverage on our operating revenue," said
Ryder Chairman and Chief Executive Officer Greg Swienton. "Our sales and
marketing initiatives generated new business wins and renewals from many
companies, including Whirlpool and LG Electronics in our Supply Chain
Solutions segment, CVS/pharmacy in our Dedicated Contract Carriage business
segment and the New York Post in our Fleet Management Solutions business
segment."
Year-to-Date Operating Results
Revenue for the six months ended June 30, 2005 was $2.71 billion, up 9%
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. EPS were $1.61 for the first six months of 2005 compared
with $1.50 for the same period of 2004. Excluding the previously discussed
income tax benefit and gain on the headquarters sale, year-to-date 2005 net
earnings were up 16% to $97.2 million, and EPS were up 17% to $1.50, compared
with the year-earlier period. EPS for the first half of 2005 included a one-
time recovery of $0.02 associated with the reimbursement of project costs
incurred in prior years. EPS in the year-earlier period included a second
quarter charge of $0.04 related to net restructuring and other recoveries.
Second Quarter Business Segment Operating Results
Ryder's primary measurement of business segment financial performance, Net
Before Tax (NBT), allocates Central Support Services to each business segment.
Fleet Management Solutions
Ryder's Fleet Management Solutions (FMS) business segment combines several
capabilities into a comprehensive package that provides one-stop outsourcing
of the acquisition, maintenance, management and disposal of vehicles. Ryder's
commercial rental service offers customers a method to expand their fleets in
order to address specific or short-term capacity needs.
In the FMS business segment, revenue in the second quarter of 2005 was
$969.6 million, up 9% compared with $892.1 million in the year-earlier period.
Operating revenue (revenue excluding fuel) in the second quarter of 2005 was
$719.3 million, up 2% compared with $704.6 million in the year-earlier period.
Fuel revenue for the second quarter of 2005 increased 33% compared with the
same period in 2004 due primarily to higher fuel pricing as a result of market
cost increases. Full service lease revenue for the second quarter of 2005
remained essentially flat. Ryder's second quarter 2005 commercial rental
revenue grew 8% from the year-earlier period, reflecting higher pricing and
increased activity levels. Contract maintenance and contract-related
maintenance revenue increased 6% in the second quarter of 2005 compared with
the same period last year due primarily to the implementation of initiatives
aimed at growing these types of services.
The FMS business segment's NBT increased to $88.9 million in the second
quarter of 2005, up 8% compared with $82.0 million in the same period of 2004.
This improvement was related primarily to improved commercial rental results
and higher used vehicle sales gains resulting from stronger volume and
pricing. Business segment NBT as a percentage of operating revenue was 12.4%
in the second quarter of 2005, up 80 basis points compared with 11.6% in the
same quarter a year ago.
Supply Chain Solutions
Ryder's Supply Chain Solutions (SCS) business segment enables customers to
improve shareholder value and their customers' satisfaction by enhancing
supply chain performance and reducing costs. The solutions involve management
of the logistics pipeline as a synchronized, integrated process -- from raw
material supply to finished goods distribution. By improving business
processes and employing new technologies, the flow of goods and cash is made
faster and consumes less capital.
In the SCS business segment, second quarter 2005 revenue totaled
$374.9 million, up 15% from $327.0 million in the comparable period in 2004.
Revenue increased because of new and expanded business in all industry groups,
and pricing increases associated with higher fuel costs. Second quarter 2005
operating revenue (revenue excluding freight under management) was
$248.3 million, up 9% compared with $227.2 million in the year-earlier period.
The SCS business segment's NBT was $8.3 million in the second quarter
2005, down 4% from $8.7 million in the same quarter of 2004. Business segment
earnings were impacted by lower volumes on certain automotive accounts and
lower margins in the Company's Brazil operations, partially offset by new and
expanded business in all industry groups. Second quarter 2005 NBT for the
business segment as a percentage of operating revenue was 3.4%, compared with
3.8% in the same quarter of 2004.
Dedicated Contract Carriage
Ryder's Dedicated Contract Carriage (DCC) business segment provides
customers with vehicles, drivers, management and administrative support, with
the assets committed to a specific customer for a contractual term. DCC
supports customers with both basic and sophisticated logistics and
transportation needs including routing and scheduling, specialized driver
services, and logistical engineering support.
In the DCC business segment, second quarter 2005 revenue totaled
$133.8 million, up 7% compared with $125.4 million in the second quarter of
2004. Operating revenue (revenue excluding freight under management) in the
second quarter of 2005 was $129.8 million, up 5% from $123.2 million in the
year-earlier period. Revenue increased because of new and expanded business
in all U.S. industry groups as well as pricing increases associated with
higher fuel costs.
The DCC business segment's NBT in the second quarter of 2005 was
$9.7 million, up 16% compared with $8.3 million in the second quarter of 2004.
Business segment NBT was positively impacted by earnings associated with new
and expanding business, as well as lower safety and other operating costs.
Business segment NBT as a percentage of operating revenue was 7.4% in the
second quarter of 2005, up 70 basis points from 6.7% in the year-earlier
period.
Corporate Financial Information
Central Support Services
Central Support Services (CSS) are overhead costs incurred to support all
business segments and product lines. CSS costs are predominantly allocated to
the various business segments. In the second quarter of 2005, CSS costs were
$51.9 million, compared with $52.9 million in the year-earlier period.
Capital Expenditures
Capital expenditures are used primarily to purchase revenue-earning
equipment (trucks, tractors and trailers) to support two product lines within
Ryder's Fleet Management Solutions business segment. The full service lease
product line utilizes capital for the purchase of new and replacement vehicles
to support the needs of customers under long-term contracts that typically run
from four-to-six years. The commercial rental product line utilizes capital
for the purchase of vehicles to replenish and expand the Company's fleet
available for shorter-term use by contractual or occasional customers.
Capital expenditures were $820.9 million for the first half of 2005,
compared with $567.8 million in the same period of 2004. Net capital
expenditures (including proceeds from the sale of assets) were $648.0 million
for the first half of 2005, up from $385.7 million in the same period of 2004.
The increase in capital expenditures reflects planned higher spending for
replacement of full service lease vehicles and the timing of the purchase of
commercial rental vehicles.
Leverage and Free Cash Flow
Balance sheet debt as of June 30, 2005 increased by $440.3 million
compared with year-end 2004, primarily due to the funding requirements
associated with higher capital spending and income tax payments, which
included a $176.0 million payment related to the previously disclosed
resolution of the 1998 to 2000 federal tax audit. The leverage ratio for
balance sheet debt as of June 30, 2005 was 143%, compared with 118% at year-
end 2004. Total obligations to equity as of June 30, 2005 were 152%, up from
129% at year-end 2004. Free cash flow in the second quarter of 2005 was
negative $422.4 million compared with negative $38.2 million for the year-
earlier period.
Commenting on the Company's corporate financial performance, Ryder
Executive Vice President and Chief Financial Officer Tracy Leinbach stated,
"We are pleased with the increased level of replacement and renewal activity
within our full service lease product line. This allows us to secure
customers for longer terms while locking in future revenue and related cash
flow streams, thereby increasing the value of our overall lease portfolio."
Tax Update
Earnings for the second quarter include a non-cash income tax benefit of
$7.6 million, or $0.12 per share, related to the reduction in deferred income
tax liabilities for a recent change in income tax laws in the State of Ohio.
On June 30, 2005, the State of Ohio enacted tax legislation, which phases out
the Ohio corporate franchise (income) tax and phases in a new gross receipts
tax called the Commercial Activity Tax (CAT) over a five-year period. While
the corporate franchise (income) tax was generally based on federal taxable
income, the CAT is based on current year sales and rentals in Ohio. As
required by Statement of Financial Accounting Standards (SFAS) No. 109,
"Accounting for Income Taxes," the elimination of Ohio's corporate franchise
(income) tax over the next five years resulted in a favorable adjustment to
deferred income taxes.
Outlook
Commenting on Ryder's outlook, Mr. Swienton said, "Our team is focused on
generating new business and we are seeing results in our Supply Chain
Solutions and Dedicated Contract Carriage business segments. We also have the
right initiatives in place within our Fleet Management Solutions segment.
We're pleased with continuing growth in Commercial Rental revenue and we
remain committed to increasing sales of our Full Service Lease product in
2005."
He continued, "We are reaffirming our previous full-year 2005 forecast
which, including the $0.12 second quarter income tax benefit, now results in a
range of $3.42 to $3.52 per share. We are also establishing a third quarter
2005 EPS forecast to be in the range of $0.90 to $0.95."
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain
management solutions worldwide. Ryder's product offerings range from full
service leasing, commercial rental and programmed maintenance of vehicles to
integrated services such as dedicated contract carriage and carrier
management. Additionally, Ryder offers comprehensive supply chain solutions,
consulting, lead logistics management services and e-Business solutions that
support customers' entire supply chains, from inbound raw materials and parts
through distribution and delivery of finished goods. Ryder serves customer
needs throughout North America, in Latin America, Europe and Asia.
The National Safety Council selected Ryder to receive the 2002 Green Cross
for Safety Medal -- its highest honor -- for exemplary commitment to workplace
safety and corporate citizenship. For the ninth consecutive year, Ryder was
featured in the 2005 Fortune Most Admired Companies survey of corporate
reputations. InternetWeek named Ryder as one of the top 100 U.S. companies
for effectiveness in using the Internet to achieve tangible business benefits.
For the seventh consecutive year, Ryder has been named a top three third-party
logistics provider by Inbound Logistics.
Ryder's stock is a component of the Dow Jones Transportation Average and
the Standard & Poor's 500 Index. With 2004 revenue of more than $5 billion,
Ryder ranks 381st on the Fortune 500.
For more information on Ryder System, Inc., visit http://www.ryder.com .
Note Regarding Forward-Looking Statements: Certain statements and
information included in this presentation are "forward-looking statements"
under the Federal Private Securities Litigation Reform Act of 1995.
Accordingly, these forward-looking statements should be evaluated with
consideration given to the many risks and uncertainties inherent in our
business that could cause actual results and events to differ materially from
those in the forward-looking statements. Important factors that could cause
such differences include, among others, our ability to obtain adequate profit
margins for our services, our inability to maintain current pricing levels due
to customer acceptance or competition, customer retention levels, unexpected
volume declines, loss of key customers in the Supply Chain Solutions segment,
the possibility that changes in customers' business environments will limit
their ability to commit to long-term vehicle leases, changes in market
conditions affecting the commercial rental market or the sale of used
vehicles, increased competition from vehicle manufacturers and large service
providers, higher borrowing costs and possible decreases in available funding
sources caused by adverse changes in debt ratings, changes in accounting
assumptions, adequacy of accounting accruals, changes in general economic
conditions, availability of heavy- and medium-duty vehicles, increases in fuel
prices, availability of qualified drivers, the Company's ability to create
operating synergies in connection with its acquisitions, our ability to manage
our cost structure and changes in government regulations, including
regulations regarding vehicle emissions, drivers' hours of service and
security regulations issued by the Department of Homeland Security. The risks
included here are not exhaustive. New risks emerge from time to time and it is
not possible for management to predict all such risk factors or to assess the
impact of such risks on the Company's business. Accordingly, the Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
Note Regarding Non-GAAP Financial Measures: This news release and the
attached financial schedules include certain non-GAAP financial measures as
defined under SEC rules. We have denoted each non-GAAP financial measure in
the attached financial schedules and have provided a reconciliation of each
such measure to the most comparable GAAP measure. Additional information
regarding non-GAAP financial measures can be found in our investor
presentation for the quarter and in our reports filed with the SEC, which are
available in the investors area of our website at http://www.ryder.com .
Conference Call and Webcast Information:
Ryder's earnings webcast is scheduled for Thursday, July 28, 2005, from
11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and Chief
Executive Officer Greg Swienton and Executive Vice President and Chief
Financial Officer Tracy Leinbach.
* To join the conference call live: Begin 10 minutes prior to the
conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial
1-773-681-5795) using the Passcode: RYDER and Conference Leader: Bob Brunn.
Then, access the presentation via the Net Conference website at
http://www.mymeetings.com/nc/join/ using the Conference Number: RG8580794 and
Passcode: RYDER.
* To access audio replays of the conference and view a presentation of
Ryder's earnings results: Dial 1-800-846-5455 (outside U.S. dial
1-203-369-3127) and use the Passcode: 7285, then view the presentation by
visiting the Investors area of Ryder's website at http://www.ryder.com .
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended June 30, 2005 and 2004
(In millions, except per share amounts)
Three Months Six Months
2005 2004 2005 2004
Revenue $1,389.8 1,268.9 $2,705.4 2,481.2
Operating expense 635.1 557.4 1,245.6 1,100.0
Salaries and employee-related costs 306.4 310.2 613.9 617.2
Freight under management expense 130.7 102.0 243.3 193.1
Depreciation expense 186.8 175.8 368.2 350.7
Gains on vehicle sales, net (13.1) (10.6) (25.9) (17.3)
Equipment rental 24.7 27.0 52.1 52.7
Interest expense 30.9 26.2 57.8 50.7
Miscellaneous income, net (2.1) (2.8) (7.2) (4.6)
Restructuring and other recoveries,
net (0.1) (18.1) (0.2) (19.2)
1,299.3 1,167.1 2,547.6 2,323.3
Earnings before income taxes 90.5 101.8 157.8 157.9
Provision for income taxes 27.2 38.2 53.0 59.2
Net earnings $63.3 63.6 $104.8 98.7
Earnings per common share - Diluted:
Net earnings $0.98 0.97 $1.61 1.50
Weighted-average shares outstanding
- Diluted 64.7 65.6 64.9 65.9
Memo:
Earnings excluding tax change and
headquarters complex sale* $55.7 49.6 $97.2 84.1
Earnings per share excluding tax
change and headquarters complex
sale* $0.86 0.76 $1.50 1.28
* Non-GAAP financial measure; see reconciliation to closest GAAP financial
measure included within this release.
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in millions)
(unaudited)
June 30, December 31,
2005 2004
Assets:
Cash and cash equivalents $87.3 101.0
Other current assets 1,113.0 1,126.7
Revenue earning equipment, net 3,569.9 3,331.7
Operating property and equipment,
net 484.5 479.6
Other assets 589.2 598.9
$5,843.9 5,637.9
Liabilities and shareholders'
equity:
Current liabilities (including
current portion of long-term debt) $1,095.4 1,454.8
Long-term debt 1,896.5 1,393.7
Other non-current liabilities
(including deferred income taxes) 1,295.0 1,279.2
Shareholders' equity 1,557.0 1,510.2
$5,843.9 5,637.9
SELECTED KEY RATIOS
June 30, December 31,
2005 2004
Debt to equity 143% 118%
Total obligations to equity (a) * 152% 129%
Twelve months ended June 30,
2005 2004
Return on average shareholders'
equity (b) 14.9% 13.4%
Return on average assets (b) 3.9% 3.3%
Average asset turnover 95.4% 92.7%
Return on capital (b) * 7.7% 7.2%
(a) Total obligations represent debt plus off-balance sheet equipment
obligations.
(b) Includes the effect of accounting change.
* Non-GAAP financial measure; see reconciliation to closest GAAP
financial measure included within this release.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended June 30, 2005 and 2004
(Dollars in millions)
Three Months Six Months
2005 2004 B(W) 2005 2004 B(W)
Revenue:
Fleet Management
Solutions:
Full service lease $445.4 $445.3 0.0% $887.1 $875.1 1.4%
Contract maintenance 34.5 34.8 (0.8%) 67.9 68.1 (0.3%)
Contract-related
maintenance 48.9 44.0 11.2% 98.0 88.4 10.7%
Commercial rental 174.9 162.4 7.7% 327.6 298.3 9.8%
Other 15.6 18.1 (14.0%) 32.1 37.8 (14.9%)
Fuel 250.3 187.5 33.4% 481.5 365.9 31.6%
Total Fleet
Management
Solutions 969.6 892.1 8.7% 1,894.2 1,733.6 9.3%
Supply Chain
Solutions 374.9 327.0 14.7% 721.7 648.1 11.4%
Dedicated Contract
Carriage 133.8 125.4 6.7% 261.8 251.8 4.0%
Eliminations (88.5) (75.6) (17.1%) (172.3) (152.3) (13.1%)
Total revenue $1,389.8 1,268.9 9.5% $2,705.4 2,481.2 9.0%
Business segment
earnings:
Earnings before
income taxes:
Fleet Management
Solutions $88.9 82.0 8.4% $159.8 137.4 16.3%
Supply Chain
Solutions 8.3 8.7 (4.3%) 14.8 15.9 (6.8%)
Dedicated Contract
Carriage 9.7 8.3 16.1% 15.5 15.1 3.1%
Eliminations (7.5) (8.2) 8.2% (15.0) (15.4) 2.8%
99.4 90.8 9.4% 175.1 153.0 14.5%
Unallocated Central
Support Services (9.0) (7.1) (26.2%) (17.5) (14.3) (22.9%)
Earnings before
restructuring and
other recoveries,
net and income
taxes 90.4 83.7 8.0% 157.6 138.7 13.6%
Restructuring and
other recoveries,
net 0.1 18.1 (99.3%) 0.2 19.2 (99.0%)
Earnings before
income taxes 90.5 101.8 (11.1%) 157.8 157.9 (0.1%)
Provision for income
taxes 27.2 38.2 28.7% 53.0 59.2 10.6%
Net earnings $63.3 63.6 (0.5%) $104.8 98.7 6.2%
Note: Certain prior period amounts have been reclassified to conform to
current year presentation.
Amounts may not recalculate due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended June 30, 2005 and 2004
(Dollars in millions)
Three Months Six Months
2005 2004 B(W) 2005 2004 B(W)
Fleet Management
Solutions
Total revenue $969.6 892.1 8.7% $1,894.2 1,733.6 9.3%
Fuel revenue (250.3) (187.5) 33.4% (481.5) (365.9) 31.6%
Operating revenue * $719.3 704.6 2.1% $1,412.7 1,367.7 3.3%
Segment net before tax
earnings $88.9 82.0 8.4% $159.8 137.4 16.3%
Earnings before income
taxes as % of total
revenue 9.2% 9.2% 8.4% 7.9%
Earnings before income
taxes as % of operating
revenue * 12.4% 11.6% 11.3% 10.0%
Supply Chain Solutions
Total revenue $374.9 327.0 14.7% $721.7 648.1 11.4%
Freight Under Management
(FUM) expense (126.6) (99.8) 26.8% (236.0) (189.5) 24.5%
Operating revenue * $248.3 227.2 9.3% $485.7 458.6 5.9%
Segment net before tax
earnings $8.3 8.7 (4.3%) $14.8 15.9 (6.8%)
Earnings before income
taxes as % of total
revenue 2.2% 2.7% 2.1% 2.5%
Earnings before income
taxes as % of operating
revenue * 3.4% 3.8% 3.1% 3.5%
Dedicated Contract
Carriage
Total revenue $133.8 125.4 6.7% $261.8 251.8 4.0%
Freight Under Management
(FUM) expense (4.0) (2.2) 86.1% (7.2) (3.5) 105.1%
Operating revenue * $129.8 123.2 5.3% $254.6 248.3 2.6%
Segment net before tax
earnings $9.7 8.3 16.1% $15.5 15.1 3.1%
Earnings before income
taxes as % of total
revenue 7.2% 6.6% 5.9% 6.0%
Earnings before income
taxes as % of operating
revenue * 7.4% 6.7% 6.1% 6.1%
* Non-GAAP financial measure
Note: Certain prior period amounts have been reclassified to conform to
current year presentation.
Amounts may not recalculate due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Periods ended June 30, 2005 and 2004
(In millions, except per share amounts)
NET EARNINGS RECONCILIATION Three Months Six Months
2005 2004 2005 2004
Net earnings $63.3 63.6 $104.8 98.7
Less: Tax change 7.6 -- 7.6 --
Gain on sale of headquarters, after
tax -- 14.0 -- 14.6
Earnings excluding tax change and
headquarters complex sale* $55.7 49.6 $97.2 84.1
EPS RECONCILIATION Three Months Six Months
2005 2004 2005 2004
Earnings per share $0.98 0.97 $1.61 1.50
Less: Tax change 0.12 -- 0.12 --
Gain on sale of headquarters, after
tax -- 0.21 -- 0.22
Earnings per share excluding tax
change and headquarters complex
sale* $0.86 0.76 $1.50 1.28
FREE CASH FLOW RECONCILIATION Six Months
2005 2004
Net cash provided by operating
activities $166.1 395.2
Net cash used in investing activities (588.5) (433.4)
Free cash flow * $(422.4) (38.2)
DEBT TO EQUITY RECONCILIATION June 30, December 31,
2005 % to 2004 % to
Equity Equity
On-balance sheet debt $2,223.5 143% $1,783.2 118%
PV of minimum lease payments and
guaranteed residual values under
operating leases for vehicles (a) 145.6 161.1
Total obligations * $2,369.1 152% $1,944.3 129%
RETURN ON CAPITAL RECONCILIATION Twelve months ended June 30,
2005 2004
Earnings before cumulative effect
of change in accounting principle
[as reported] [1] $221.7 178.6
Restructuring charges
(recoveries), net 1.3 (18.4)
Income taxes 109.3 104.6
Earnings before net restructuring
charges (recoveries), income
taxes and accounting change 332.3 264.8
Interest expense 107.3 102.2
Implied interest expense from off-
balance sheet debt 7.3 9.5
Adjusted earnings before income
taxes 446.9 376.5
Adjusted income taxes (170.3) (138.8)
Adjusted net earnings* [2] $276.6 $237.7
Average total debt $1,930.1 1,781.5
Average shareholders' equity 1,488.3 1,313.5
Total capital [as reported] [3] 3,418.4 3,095.0
Average off-balance sheet debt 164.5 202.0
Adjusted total capital * [4] $3,582.9 $3,297.0
Return on capital [as reported] [1]/[3] 6.5% 5.8%
Return on capital * [2]/[4] 7.7% 7.2%
(a) Discounted at the incremental borrowing rate at lease inception.
* Non-GAAP financial measure
Note: Amounts may not foot due to rounding.
SOURCE Ryder System, Inc.
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Related links:
http://www.ryder.com
Audio:http://www.mymeetings.com/nc/join
CONTACT:
Media, David Bruce, +1-305-500-4999, or
Investor Relations, Bob Brunn, +1-305-500-4053, both of Ryder
System, Inc.
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