Miami-based Ryder System, Inc., a commercial fleet management, dedicated transportation and supply chain solutions provider, recorded double-digit year-over-year earnings and revenues growth in the third quarter of 2018.
Ryder benefitted from new business, higher volumes, a lower tax rate from tax reform, as well as successfully passing on higher fuel costs to customers.
Net earnings for the quarter totaled $88.8 million, up 51 percent year-over-year. Revenues clocked in at $2.16 billion, up 17 percent year-over-year.
The supply chain solutions segment in particular benefitted from strong revenues growth, rising 29 percent from last year’s third quarter to $628.5 million, largely thanks to Ryder’s $120 million acquisition of e-commerce fulfillment provider MXD Group on April 2, 2018. "We are pleased with the integration and performance of our recent MXD acquisition, positioning Ryder as a leading last-mile provider for big-and-bulky goods,” Ryder Chairman and CEO Robert Sanchez said in a press release issued Friday. “Ryder's last-mile network now includes 136 facilities covering 95 percent of the U.S. and Canada within a two-day timeframe and provides us with a solid platform for growth in the e-commerce space.”