Ryder reports upticks in sales, profits in 2013

 

ebenn@MiamiHerald.com

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.

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