8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 25, 2011

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

11690 NW 105th Street Miami, Florida	33178
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (305) 500-3726

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 25, 2011, we issued a press release reporting our financial results for the three and nine months ended September 30, 2011 (the “Press Release”). We also hosted a conference call and webcast on October 25, 2011 during which we made a presentation on our financial results for the three and nine months ended September 30, 2011 (the “Presentation”). The Press Release and the Presentation are available on our website at www.ryder.com.

The Press Release and Presentation include information regarding (1) comparable earnings from continuing operations and comparable earnings per share from continuing operations and (2) comparable income tax rate, in each case for the third quarter and year to date 2011, which are non-GAAP financial measures as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors, and allow for better year-over-year comparison, as the measures exclude from our GAAP net earnings, earnings per share and income tax rate, all from continuing operations, as applicable, (1) 2011 acquisition-related transaction costs, (2) a third quarter 2011 income tax benefit from prior year acquisition-related transaction costs, (3) 2011 charges related to tax law changes and (4) 2011 restructuring charges, which are not representative of our ongoing business operations.

Additional information regarding non-GAAP financial measures can be found in the Press Release, the Presentation and our reports filed with the SEC.

The information in this Report, including Exhibits 99.1 and 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing.

Item 9.01(d) Exhibits

The following exhibits are furnished as part of this Report on Form 8-K:

Exhibit 99.1	Press Release, dated October 25, 2011, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2011.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on October 25, 2011, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2011.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RYDER SYSTEM, INC.
	(Registrant)
Date: October 25, 2011	By:	/s/    ART A. GARCIA
		Art A. Garcia,
		Executive Vice President and
		Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

Contacts:	Media:	Investor Relations:
	David Bruce	Bob Brunn
	(305) 500-4999	(305) 500-4053

RYDER REPORTS THIRD QUARTER 2011 RESULTS

• Q3 EPS from Continuing Operations Increase 45% to $1.10

• Q3 Comparable EPS Increase 43% to $1.09

• Q3 Total Revenue Up 19%; Operating Revenue Grows 17%

• Full-Year 2011 Comparable EPS Forecast Raised to Range of $3.44 to $3.49

MIAMI, October 25, 2011 – Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations of $1.10 for the three-month period ended September 30, 2011, up 45% from $0.76 in the year-earlier period. Earnings from continuing operations were $56.9 million, up 44% from $39.7 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations for the third quarter of 2011 included a tax benefit of $0.01 or $0.6 million associated with acquisition-related transaction costs. Excluding this item, comparable earnings per diluted share from continuing operations for the third quarter of 2011 were $1.09, up 43% from $0.76 in the third quarter of 2010. Comparable earnings from continuing operations of $56.4 million for the third quarter of 2011 were up 42% from $39.7 million in the year-earlier period. The increase in comparable earnings primarily reflects strong organic growth in commercial rental, the benefit of acquisitions, and improved used vehicle sales results.

Total revenue for the third quarter of 2011 was $1.57 billion, up 19% from $1.32 billion in the same period last year, reflecting the benefit of acquisitions and organic growth. Operating revenue (revenue excluding Fleet Management Solutions fuel and all subcontracted transportation) was $1.26 billion, up 17% compared with $1.07 billion in the year-earlier period. Fleet Management Solutions (FMS) business segment total revenue increased 16% due primarily to higher operating revenue and fuel services revenue. FMS operating revenue increased 12% due to the benefit of acquisitions and higher commercial rental revenue. In the Company’s

Supply Chain Solutions (SCS) business segment, total and operating revenue increased 26%

largely reflecting the favorable impact of an acquisition. Dedicated Contract Carriage (DCC) business segment total revenue increased 31% and operating revenue increased 26%, primarily reflecting an acquisition, and the pass through of higher fuels costs.

Net earnings per diluted share (including discontinued operations) for the three-month period ended September 30, 2011 were $1.10 versus $0.74 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) for the year-earlier period totaled a loss of $0.02. Net earnings for the third quarter of 2011 were $56.5 million versus $38.8 million in the year-earlier period.

Ryder Chairman and CEO Greg Swienton commented, “We exceeded our own expectations for the third quarter in an uncertain, slow growth business environment by delivering on our targets within Fleet Management Solutions, and exceeding our plans in Supply Chain Solutions. We generated a very strong operating revenue increase of 17%, as well as earnings growth of 46%, reflecting both acquisitions and organic growth. Our acquisition teams have significantly contributed to our performance by successfully integrating operations and transitioning newly acquired customers.

“In Fleet Management Solutions, we saw continuing strong demand and higher pricing for our commercial rental and used vehicle sales offerings. Continuing positive new lease sales have led to the largest organic U.S. lease fleet growth in the last 11 quarters. As anticipated, these improvements continue to be partially offset by higher maintenance costs on an older lease fleet.

“Our Supply Chain Solutions business delivered better-than-expected results in the quarter, reflecting the benefit of acquisitions, as well as strong performance within existing accounts and new business.

“Despite the economic volatility and general marketplace uncertainty that’s been present throughout the year, we’ve remained focused on delivering value to our customers and on addressing a wide range of factors that we can impact. Even in this tenuous economic environment, Ryder delivered double-digit revenue growth and a more than 50% increase in earnings through the first nine months of 2011.”

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Business Segment Operating Results

Fleet Management Solutions

In the FMS business segment, total revenue in the third quarter of 2011 was $1.10 billion, up 16% compared with the year-earlier period, due to higher operating revenue and fuel services revenue. Fuel services revenue increased 28% due to higher fuel prices passed through to customers. Operating revenue (revenue excluding fuel) increased 12% to $824.7 million. Full service lease revenue increased 5% due to acquisitions. Commercial rental revenue increased 40% reflecting global market demand and higher pricing.

The FMS business segment’s pre-tax earnings were $74.2 million in the third quarter of 2011, up 35% compared with $54.8 million in the same period of 2010. Increased earnings reflect significantly better commercial rental performance, improved used vehicle sales results, and the benefit of the four FMS acquisitions closed in 2011. These items were partially offset by increased compensation-related expenses, as well as higher maintenance costs on an older lease fleet. Commercial rental performance improved as a result of increased market demand on a 30% larger average fleet (12% excluding acquisitions) and higher pricing. Rental power fleet utilization was 79.3% for the third quarter of 2011, an improvement of 10 basis points from the year-earlier period. Used vehicle sales results were favorably impacted primarily by higher pricing. Business segment pre-tax earnings as a percentage of operating revenue were 9.0% in the third quarter of 2011, up 150 basis points compared with 7.5% in the same quarter a year ago.

Supply Chain Solutions

In the SCS business segment, third quarter 2011 total revenue was $406.1 million, up 26% from the comparable period in 2010. Operating revenue (revenue excluding subcontracted transportation) was $326.8 million, up 26% compared with the same quarter a year ago. SCS total revenue and operating revenue comparisons benefited from the acquisition of Total Logistic Control (TLC) in December of 2010. Operating revenue also benefited from higher volumes and new business.

The SCS business segment’s pre-tax earnings in the third quarter of 2011 were $22.4 million, up 47% from $15.2 million in the same quarter of 2010. The improvement was driven

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by the TLC acquisition, higher volumes and new business, partially offset by increased compensation-related expenses. Additionally, SCS results benefited from favorable insurance developments and gains related to foreign exchange and the sale of a facility. Third quarter 2011 pre-tax earnings for the business segment as a percentage of operating revenue were 6.9%, up 100 basis points compared with 5.9% in the same quarter of 2010.

Dedicated Contract Carriage

In the DCC business segment, third quarter 2011 total revenue of $158.9 million was up 31% compared with the year-earlier period. Operating revenue (revenue excluding subcontracted transportation) in the third quarter of 2011 was $149.5 million, up 26%. Total revenue and operating revenue increased due to the acquisition of The Scully Companies (Scully) in January 2011 and the pass-through of higher fuel costs.

The DCC business segment’s pre-tax earnings in the third quarter of 2011 were $8.4 million, down 3% from $8.6 million in the third quarter of 2010. The improvement from the Scully acquisition and better operating performance was more than offset by increased compensation-related expense and legal claims. Business segment pre-tax earnings as a percentage of operating revenue were 5.6% in the third quarter of 2011, down 170 basis points compared with 7.3% 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. Most CSS costs are allocated to the various business segments. In the third quarter of 2011, CSS costs were $54.6 million, up from $47.7 million in the year-earlier period, reflecting higher compensation-related expenses and information technology investments.

Income Taxes

The Company’s effective income tax rate from continuing operations for the third quarter of 2011 was 35.0% of pre-tax earnings compared with 36.0% in the year-earlier period. The

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third quarter 2011 tax rate reflects a benefit of $0.6 million (0.6% of pre-tax earnings) from prior year acquisition-related transaction costs, which increased earnings per share by $0.01 in the quarter.

Capital Expenditures

As planned, 2011 year-to-date capital expenditures from continuing operations increased to $1.17 billion, compared with $861 million in the same period of 2010. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $1.03 billion, up from $733 million in the same period of 2010. The increase in capital expenditures primarily reflects planned investment to refresh and modestly grow the commercial rental and lease fleets.

Cash Flow

Operating cash flow from continuing operations through September 30, 2011, was $782 million, down from $804 million in the same period of 2010, due to increased working capital needs. Total cash generated (including proceeds from used vehicle sales) from continuing operations through September 30, 2011, was $1.05 billion, compared with $1.01 billion in the same period of 2010. As anticipated, free cash flow from continuing operations through September 30, 2011, was negative $113 million, down from a positive $153 million for the same period of 2010, primarily due to increased vehicle investments.

Leverage

Balance sheet debt as of September 30, 2011, increased by $452 million compared with year-end 2010, due primarily to recent acquisitions and increased investment in vehicles. The leverage ratio for balance sheet debt as of September 30, 2011, was 220% compared with 196% at year-end 2010. Total obligations to equity as of September 30, 2011, were 225% compared with 203% at year-end 2010, below Ryder’s target range of 250% to 300%.

Year-to-Date Operating Results

Revenue for the nine months ended September 30, 2011, was $4.51 billion, up 18% from $3.82 billion in the same period of 2010. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the first nine months of 2011 was $3.58 billion, up 16%

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from $3.10 billion in the first nine months of 2010. Ryder’s 2011 year-to-date earnings from continuing operations were $123.7 million, up 49% compared with $83.1 million in the year-earlier period. Earnings per diluted share from continuing operations were $2.39 for the first nine months of 2011, up 52% compared with $1.57 for the same period of 2010. Comparable 2011 year-to-date earnings from continuing operations of $130.5 million increased 57% from $83.1 million in the year-earlier period. Comparable earnings per diluted share from continuing operations for the first nine months of 2011 were $2.52, up 61% from $1.57 in the same period of 2010. Comparable 2011 year-to-date earnings and earnings per diluted share from continuing operations exclude acquisition-related transaction costs and tax benefits, charges related to tax law changes and restructuring charges. Year-to-date net earnings, including discontinued operations, were $121.7 million, up 50% compared with $81.0 million in the year-earlier period. Earnings per diluted share were $2.35 for the first nine months of 2011 and increased 54% compared with $1.53 for the same period of 2010.

2011 Outlook

Commenting on Ryder’s outlook, Mr. Swienton said, “Through three quarters, we have substantially outperformed the general economic environment, GDP trends, and the plans we set forth at the start of 2011. The value propositions of our outsourced transportation and logistics solutions continue to be highly attractive to businesses looking for new ways to increase efficiency and enhance performance both now and over the long-term.

“We anticipate continued strong performance in commercial rental and used vehicle sales, solid volumes in our supply chain business, and organic expansion in lease fleet levels. Additionally, we expect the five acquisitions completed since December 2010 to remain strong contributors to our overall performance. Therefore, we expect Ryder to produce significantly higher year-over-year earnings in the fourth quarter.

“Taking all of these factors into consideration, we are establishing a fourth quarter earnings forecast range of $0.92 to $0.97 per share. We are also raising our full-year 2011 comparable earnings per share forecast to a range of $3.44 to $3.49 from a previous range of $3.33 to $3.43.”

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About Ryder

Ryder System, Inc. is a FORTUNE 500^® commercial transportation, logistics and supply chain management solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. The Company’s financial performance is reported in the following three, inter-related business segments:

• Fleet Management Solutions – The FMS business segment combines several capabilities into a comprehensive package that provides one-stop outsourcing of the acquisition, financing, maintenance, management, and disposal of vehicles. Ryder’s commercial rental service offers customers a method to expand their fleets in order to address short-term capacity needs.

• Supply Chain Solutions – The SCS business segment offers a broad range of innovative logistics management services that are designed to optimize a customer’s supply chain and address key customer business requirements. These solutions involve strategically designed processes that direct the movement of materials and related information from the acquisition of raw materials to the delivery of finished products to the end user.

• Dedicated Contract Carriage – The 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 logistics engineering support.

Pre-Tax Earnings: Ryder’s primary measurement of business segment financial performance, pre-tax earnings from continuing operations (pre-tax earnings), allocates Central Support Services to each business segment and excludes restructuring and other items.

Capital Expenditures: In Ryder’s business, capital expenditures are generally used to purchase revenue earning equipment (trucks, tractors, and trailers) primarily to support the full service lease product line and secondarily to support the commercial rental product line within Ryder’s FMS business segment. The level of capital required to support the full service lease product line varies directly with customer contract signings for replacement vehicles and growth. These contracts are long-term agreements that result in ongoing revenues and cash flows to Ryder, typically over a three- to ten-year term. 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.

For more information on Ryder System, Inc., visit 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, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases in market demand in the commercial rental market and the sale of used vehicles, competition from other service providers, customer retention levels, unexpected volatility or declines in automotive or high-tech volume, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in financial, tax or regulatory requirements or changes in customers’ business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs resulting from volatile financial markets, inability to achieve planned synergies and customer

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retention levels or anticipate costs and liabilities from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver shortages and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, a decline in pension plan returns, changes in obligations relating to multi-employer plans, sudden or unusual changes in fuel prices, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations, adverse impacts of recently enacted regulations regarding vehicle emissions, the inability to prevent a data privacy breach, unanticipated outcomes in legal proceedings and the risks described in our filings with the Securities and Exchange Commission. 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 our business. Accordingly, we undertake 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 includes certain non-GAAP financial measures as defined under SEC rules. 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 www.ryder.com.

Conference Call and Webcast Information:

Ryder’s earnings conference call and webcast is scheduled for Tuesday, October 25, 2011, 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 Art Garcia.

• 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 www.mymeetings.com/nc/join/ using the Conference Number: RH8128133 and Passcode: RYDER.

• To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-866-469-7807 (outside U.S. dial 1-203-369-1475), then view the presentation by visiting the Investors area of Ryder’s website at http://investors.ryder.com. A podcast of the call will also be available online within 24 hours after the end of the call at http://investors.ryder.com.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended September 30, 2011 and 2010

(In millions, except per share amounts)

	Three Months						Nine Months
	2011			2010			2011			2010
Revenue	$	1,570.7			1,316.9		$	4,509.4			3,823.0
Operating expense (exclusive of items shown separately)		758.7			624.5			2,191.6			1,813.6
Salaries and employee-related costs		383.9			314.7			1,119.7			929.7
Subcontracted transportation		88.7			67.0			255.0			192.0
Depreciation expense		224.5			209.9			645.3			627.7
Gains on vehicle sales, net		(18.3	)		(6.9	)		(46.3	)		(18.0	)
Equipment rental		14.5			16.5			43.4			49.5
Interest expense		32.7			31.9			100.1			96.4
Miscellaneous income, net		(1.7	)		(2.7	)		(6.5	)		(4.5	)
Restructuring and other charges, net		—			—			0.8			—
		1,483.1			1,255.0			4,303.2			3,686.3
Earnings from continuing operations before income taxes		87.7			62.0			206.3			136.7
Provision for income taxes		(30.7	)		(22.3	)		(82.6	)		(53.6	)
Earnings from continuing operations		56.9			39.7			123.7			83.1
Loss from discontinued operations, net of tax		(0.4	)		(0.8	)		(2.0	)		(2.1	)
Net earnings	$	56.5			38.8		$	121.7			81.0
Earnings (loss) per common share - Diluted
Continuing operations	$	1.10			0.76		$	2.39			1.57
Discontinued operations		—			(0.02	)		(0.04	)		(0.04	)
Net earnings	$	1.10			0.74		$	2.35			1.53
Weighted-average shares outstanding - Diluted		50.8			51.5			50.9			52.2
Memo:
Comparable earnings per share from continuing operations:
EPS from continuing operations	$	1.10			0.76		$	2.39			1.57
Tax law changes / benefits		(0.01	)		—			0.09			—
Acquisition related transaction costs		—			—			0.03			—
Restructuring charges		—			—			0.01			—
Comparable EPS from continuing operations	$	1.09			0.76		$	2.52			1.57

Note: Amounts may not be additive due to rounding.

Page 1

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED

(Dollars in millions)

	September 30, 2011			December 31, 2010
Assets:
Cash and cash equivalents	$	115.8			213.1
Other current assets		982.6			810.2
Revenue earning equipment, net		4,827.9			4,201.2
Operating property and equipment, net		627.3			606.8
Other assets		892.1			821.0
	$	7,445.8			6,652.4
Liabilities and shareholders’ equity:
Short-term debt and current portion of long-term debt	$	255.4			420.1
Other current liabilities		907.5			711.4
Long-term debt		2,943.2			2,326.9
Other non-current liabilities (including deferred income taxes)		1,888.2			1,789.7
Shareholders’ equity		1,451.4			1,404.3
	$	7,445.8			6,652.4
SELECTED KEY RATIOS AND METRICS
	September 30, 2011			December 31, 2010
Debt to equity		220	%		196	%
Total obligations to equity *		225	%		203	%
Effective interest rate (average cost of debt)		4.5	%		5.2	%
	Nine months ended September 30,
	2011			2010
Cash provided by operating activities from continuing operations	$	782.3			804.2
Free cash flow*		(112.8	)		153.0
Capital expenditures paid		1,165.1			860.9
Capital expenditures (accrual basis)		1,249.1			894.7
Less proceeds from sales (primarily revenue earning equipment)		(223.9	)		(161.8	)
Net capital expenditures	$	1,025.1			732.9
	Twelve months ended September 30,
	2011			2010
Return on average shareholders’ equity		11.1	%		6.3	%
Return on average assets		2.3	%		1.4	%
Adjusted return on capital *		5.5	%		4.5	%

* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED

Periods ended September 30, 2011 and 2010

(Dollars in millions)

	Three Months							Nine Months
	2011			2010			B(W)	2011			2010			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	509.9			487.5		5%	$	1,487.9			1,449.4			3	%
Contract maintenance		39.1			40.1		(2)%		116.4			119.8			(3	)%
Contractual revenue		549.0			527.6		4%		1,604.3			1,569.1			2	%
Contract-related maintenance		51.6			41.2		25%		143.7			121.2			18	%
Commercial rental		206.5			147.9		40%		522.2			379.5			38	%
Other		17.5			17.2		2%		52.4			50.4			4	%
Fuel		274.4			215.1		28%		821.1			643.8			28	%
Total Fleet Management Solutions		1,099.0			948.9		16%		3,143.7			2,764.1			14	%
Supply Chain Solutions		406.1			322.9		26%		1,196.7			927.2			29	%
Dedicated Contract Carriage		158.9			121.4		31%		444.0			360.8			23	%
Eliminations		(93.3	)		(76.3	)	(22)%		(275.0	)		(229.0	)		(20	)%
Total revenue	$	1,570.7			1,316.9		19%	$	4,509.4			3,823.0			18	%
Operating Revenue: *
Fleet Management Solutions	$	824.7			733.9		12%	$	2,322.5			2,120.3			10	%
Supply Chain Solutions		326.8			258.5		26%		966.2			746.7			29	%
Dedicated Contract Carriage		149.5			118.7		26%		419.5			349.3			20	%
Eliminations		(44.4	)		(39.5	)	(13)%		(130.7	)		(119.9	)		(9	)%
Total operating revenue	$	1,256.5			1,071.6		17%	$	3,577.6			3,096.3			16	%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	74.2			54.8		35%	$	180.2			122.7			47	%
Supply Chain Solutions		22.4			15.2		47%		51.7			34.8			49	%
Dedicated Contract Carriage		8.4			8.6		(3)%		25.5			24.4			4	%
Eliminations		(5.7	)		(4.6	)	(22)%		(17.1	)		(14.5	)		(18	)%
		99.2			74.0		34%		240.3			167.4			44	%
Unallocated Central Support Services		(11.6	)		(12.0	)	3%		(31.6	)		(30.7	)		(3	)%
Earnings from continuing operations before restructuring, other items and income taxes		87.7			62.0		41%		208.8			136.7			53	%
Restructuring and other charges, net and other items *		—			—		—		(2.5	)		—			NM
Earnings from continuing operations before income taxes		87.7			62.0		41%		206.3			136.7			51	%
Provision for income taxes		(30.7	)		(22.3	)	(38)%		(82.6	)		(53.6	)		(54	)%
Earnings from continuing operations	$	56.9			39.7		44%	$	123.7			83.1			49	%

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

Periods ended September 30, 2011 and 2010

(Dollars in millions)

	Three Months									Nine Months
	2011			2010			B(W)			2011			2010			B(W)
Fleet Management Solutions
Total revenue	$	1,099.0			948.9			16	%	$	3,143.7			2,764.1			14	%
Fuel revenue		(274.4	)		(215.1	)		28	%		(821.1	)		(643.8	)		28	%
Operating revenue *	$	824.7			733.9			12	%	$	2,322.5			2,120.3			10	%
Segment earnings before income taxes	$	74.2			54.8			35	%	$	180.2			122.7			47	%
Earnings before income taxes as % of total revenue		6.7	%		5.8	%					5.7	%		4.4	%
Earnings before income taxes as % of operating revenue *		9.0	%		7.5	%					7.8	%		5.8	%
Supply Chain Solutions
Total revenue	$	406.1			322.9			26	%	$	1,196.7			927.2			29	%
Subcontracted transportation		(79.3	)		(64.3	)		23	%		(230.5	)		(180.5	)		28	%
Operating revenue *	$	326.8			258.5			26	%	$	966.2			746.7			29	%
Segment earnings before income taxes	$	22.4			15.2			47	%	$	51.7			34.8			49	%
Earnings before income taxes as % of total revenue		5.5	%		4.7	%					4.3	%		3.8	%
Earnings before income taxes as % of operating revenue *		6.9	%		5.9	%					5.3	%		4.7	%
Memo: Fuel costs	$	21.5			19.4			(11	%)	$	70.2			57.8			(21	%)
Dedicated Contract Carriage
Total revenue	$	158.9			121.4			31	%	$	444.0			360.8			23	%
Subcontracted transportation		(9.5	)		(2.7	)		248	%		(24.5	)		(11.5	)		114	%
Operating revenue *	$	149.5			118.7			26	%	$	419.5			349.3			20	%
Segment earnings before income taxes	$	8.4			8.6			(3	%)	$	25.5			24.4			4	%
Earnings before income taxes as % of total revenue		5.3	%		7.1	%					5.7	%		6.8	%
Earnings before income taxes as % of operating revenue *		5.6	%		7.3	%					6.1	%		7.0	%
Memo: Fuel costs	$	33.4			21.1			(58	%)	$	93.6			61.6			(52	%)

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

Page 4

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

KEY PERFORMANCE INDICATORS

													Change 2011/2010
	Three months ended September 30,						Nine months ended September 30,						Three Months			Nine Months
	2011			2010			2011			2010
Full service lease
Average fleet count		119,700			111,900			114,800			112,900			7	%		2	%
End of period fleet count (a)		119,600			111,800			119,600			111,800			7	%		7	%
Miles/unit per day change - % (b)		(1.5	)%		3.0	%		0.5	%		2.7	%		(450	)bps		(220	)bps
Commercial rental
Average fleet count		40,400			31,100			35,600			29,600			30	%		20	%
End of period fleet count (a)		40,100			30,900			40,100			30,900			30	%		30	%
Rental utilization - power units		79.3	%		79.2	%		77.1	%		75.5	%		10	bps		160	bps
Rental rate change - % (c)		11.4	%		8.0	%		12.5	%		4.9	%		340	bps		760	bps
Used vehicle sales (UVS)
Average UVS inventory		4,900			5,100			5,000			6,100			(4	)%		(18	)%
End of period fleet count (a)		5,100			4,700			5,100			4,700			9	%		9	%
Used vehicles sold		4,100			4,400			12,600			13,800			(7	)%		(9	)%
UVS pricing change - % (d)
Tractors		39	%		24	%		39	%		11	%		1,500	bps		2,800	bps
Trucks		20	%		50	%		32	%		29	%		(3,000	)bps		300	bps

(a) Includes trailers acquired in Hill Hire acquisition (6,100 full-service lease and 3,400 commercial rental).

(b) Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units.

(c) Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.

(d) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

Page 5

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

OPERATING REVENUE RECONCILIATION	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
Total revenue	$	1,570.7			1,316.9		$	4,509.4			3,823.0
Fuel services and subcontracted transportation revenue		(363.1	)		(282.1	)		(1,076.1	)		(835.8	)
Fuel eliminations		48.9			36.8			144.3			109.1
Operating revenue *	$	1,256.5			1,071.6		$	3,577.6			3,096.3
DEBT TO EQUITY RECONCILIATION	September 30, 2011			% to Equity			December 31, 2010			% to Equity
On-balance sheet debt	$	3,198.6			220	%	$	2,747.0			196	%
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		64.5						99.8
Total obligations *	$	3,263.1			225	%		2,846.8			203	%

CASH FLOW RECONCILIATION	Nine months ended September 30,
	2011			2010
Net cash provided by operating activities from continuing operations	$	782.3			804.2
Proceeds from sales (primarily revenue earning equipment)		223.9			161.8
Collections on direct finance leases		46.1			45.9
Other, net		—			2.0
Total cash generated *		1,052.4			1,013.9
Capital expenditures		(1,165.1	)		(860.9	)
Free cash flow *	$	(112.8	)		153.0
RETURN ON CAPITAL RECONCILIATION	Twelve months ended September 30,
	2011			2010
Net earnings (12-month rolling period)	$	158.8			89.5
+ Restructuring and other items		8.8			15.8
+ Income taxes		89.7			61.9
Adjusted earnings before income taxes		257.2			167.2
+ Adjusted interest expense (b)		135.9			132.6
- Adjusted income taxes		(148.1	)		(117.8	)
= Adjusted net earnings for ROC (numerator)	$	245.0			182.0
Average total debt	$	2,915.5			2,480.4
Average off-balance sheet debt		86.3			119.5
Average shareholders’ equity		1,433.4			1,410.0
Adjustment to equity (c)		1.5			6.6
Adjusted average total capital (denominator)	$	4,436.8			4,016.5
Adjusted ROC *		5.5	%		4.5	%

* Non-GAAP financial measure.

Notes:

(a) Discounted at the incremental borrowing rate at lease inception.

(b) Interest expense includes implied interest on off-balance sheet vehicle obligations.

(c) Represents comparable earnings items for those periods.

Note: Amounts may not be additive due to rounding.

Page 6

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

	Three Months									Nine Months
	2011									2011
	Reported Earnings			Adjustments			Comparable Earnings			Reported Earnings			Adjustments			Comparable Earnings
Revenue	$	1,570.7			—			1,570.7		$	4,509.4			—			4,509.4
Operating expense (a)		758.7						758.7			2,191.6			(1.7	)		2,189.9
Salaries and employee-related costs		383.9						383.9			1,119.7						1,119.7
Subcontracted transportation		88.7						88.7			255.0						255.0
Depreciation expense		224.5						224.5			645.3						645.3
Gains on vehicle sales, net		(18.3	)					(18.3	)		(46.3	)					(46.3	)
Equipment rental		14.5						14.5			43.4						43.4
Interest expense		32.7						32.7			100.1						100.1
Miscellaneous income, net		(1.7	)					(1.7	)		(6.5	)					(6.5	)
Restructuring and other charges, net (b)		—						—			0.8			(0.8	)		—
		1,483.1			—			1,483.1			4,303.2			(2.5	)		4,300.7
Earnings from continuing operations before income taxes		87.7			—			87.7			206.3			2.5			208.8
Provision for income taxes (c)		(30.7	)		(0.6	)		(31.3	)		(82.6	)		4.3			(78.3	)
Earnings from continuing operations		56.9			(0.6	)		56.4			123.7			6.8			130.5
Tax rate on continuing operations		35.0	%					35.7	%		40.0	%					37.5	%
Earnings per common share - Diluted:
Continuing operations	$	1.10			(0.01	)	$	1.09		$	2.39			0.13		$	2.52

Notes regarding adjustments:

(a) Transaction costs related to Hill Hire

(b) Restructuring and other charges for acquisition-related severance and equipment contract termination costs.

(c) Tax law changes and tax impact of other items

Note: Amounts may not be additive due to rounding.

Page 7

EX-99.2

Third Quarter 2011

Earnings Conference Call

October 25, 2011

Exhibit 99.2

10/25/11

Proprietary and Confidential

2

Safe Harbor

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,

a

slowdown

of

the

economic

recovery

and

decreases

in

freight

demand,

our

ability

to

obtain

adequate

profit

margins

for

our

services,

our

inability

to

maintain

current

pricing

levels

due

to

soft

economic

conditions,

uncertainty

or

decline

in

economic

and

market

conditions

affecting

contractual

lease

demand,

decreases

in

market

demand

in

the

commercial

rental

market

and

the

sale

of

used

vehicles,

competition

from

other

service

providers,

customer

retention

levels,

unexpected

volatility

or

declines

in

automotive

or

high-tech

volume,

loss

of

key

customers

in

the

Supply

Chain

Solutions

(SCS)

business

segment,

unexpected

reserves

or

write-offs

due

to

the

deterioration

of

the

credit

worthiness

or

bankruptcy

of

customers,

changes

in

financial,

tax

or

regulatory

requirements

or

changes

in

customers’

business

environments

that

will

limit

their

ability

to

commit

to

long-term

vehicle

leases,

a

decrease

in

credit

ratings,

increased

debt

costs

resulting

from

volatile

financial

markets,

inability

to

achieve

planned

synergies

and

customer

retention

levels

or

anticipate

costs

and

liabilities

from

acquisitions,

labor

strikes

or

work

stoppages

affecting

our

or

our

customers’

business

operations,

driver

shortages

and

increasing

driver

costs,

adequacy

of

accounting

estimates,

reserves

and

accruals

particularly

with

respect

to

pension,

taxes,

insurance

and

revenue,

a

decline

in

pension

plan

returns,

changes

in

obligations

relating

to

multi-employer

plans,

sudden

or

unusual

changes

in

fuel

prices,

our

ability

to

manage

our

cost

structure,

new

accounting

pronouncements,

rules

or

interpretations,

changes

in

government

regulations,

adverse

impacts

of

recently

enacted

regulations

regarding

vehicle

emissions,

the

inability

to

prevent

a

data

privacy

breach,

unanticipated

outcomes

in

legal

proceedings

and

the

risks

described

in

our

filings

with

the

Securities

and

Exchange

Commission.

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

our

business.

Accordingly,

we

undertake

no

obligation

to

publicly

update

or

revise

any

forward-looking

statements,

whether

as

a

result

of

new

information,

future

events,

or

otherwise.

Contents

Third Quarter 2011 Results Overview

Asset Management Update

Earnings Outlook

Future Financial Reporting Enhancements

Q & A

10/25/11

3

Proprietary and Confidential

10/25/11

Proprietary and Confidential

4

3rd Quarter Results Overview

Earnings

per

diluted

share

from

continuing

operations

were

$1.10

in

3Q11

vs.

$0.76 in 3Q10

–

3Q11 included a $0.01 tax benefit from acquisition-related transaction costs

Comparable earnings per share from continuing operations were $1.09 in 3Q11

vs. $0.76 in 3Q10

Total revenue increased 19% (and operating revenue increased 17%) vs. prior

year reflecting the impact of acquisitions and organic revenue growth

10/25/11

Proprietary and Confidential

5

Key Financial Statistics

Third Quarter

($ Millions, Except Per Share Amounts)

10/25/11

Proprietary and Confidential

6

Key Financial Statistics

Year-To-Date

($ Millions, Except Per Share Amounts)

10/25/11

Proprietary and Confidential

7

3rd Quarter Results Overview -

FMS

Fleet Management Solutions (FMS) total revenue up 16% (and operating revenue

up 12%) vs. prior year

–

Contractual revenue up 4%

–

Full service lease revenue up 5%

–

Contract maintenance revenue decreased 2%   

–

Commercial rental revenue up 40%

–

Fuel revenue up 28% due primarily to increase in fuel pass-throughs

FMS net before tax earnings (NBT) up 35%

–

FMS NBT percent of operating revenue up 150 basis points to 9.0%

FMS earnings positively impacted by better commercial rental performance,

improved used vehicle results and acquisitions

–

These benefits were partially offset by higher compensation-related expenses and

increased maintenance costs on an older lease fleet

10/25/11

Proprietary and Confidential

8

3rd Quarter Results Overview –

SCS / DCC

Supply Chain Solutions (SCS) total revenue up 26% (and operating

revenue up

26%) vs. prior year due to the TLC acquisition, higher volumes and new business

SCS net before tax earnings (NBT) up 47%

–

SCS NBT percent of operating revenue up 100 basis points to 6.9%

SCS earnings increased due to the TLC acquisition, higher volumes and new

business, partially offset by higher compensation costs

–

Earnings also benefited from favorable insurance developments, foreign exchange

gains and a facility sale

Dedicated Contract Carriage (DCC) total revenue up 31% (and operating revenue

up 26%) due to the Scully acquisition and higher fuel pass-throughs

DCC net before tax earnings (NBT) down 3%

–

DCC NBT percent of operating revenue down 170 basis points to 5.6%

DCC earnings increased due to the Scully acquisition and better operating

performance, but were more than offset by higher compensation-related costs

and legal claims

10/25/11

Proprietary and Confidential

9

Business Segments

2011

2010

% B/(W)

2011

2010

% B/(W)

Operating Revenue:

(1)

Fleet Management Solutions

824.7

$    

733.9

$   

12%

1,099.0

$

948.9

$   

16%

Supply Chain Solutions

326.8

258.5

26%

406.1

322.9

26%

Dedicated Contract Carriage

149.5

118.7

26%

158.9

121.4

31%

Eliminations

(44.4)

(39.5)

(13)%

(93.3)

(76.3)

(22)%

   Total

1,256.5

$

1,071.6

$

17%

1,570.7

$

1,316.9

$

19%

Segment Net Before Tax Earnings:

Fleet Management Solutions

74.2

$      

54.8

$      

35%

Supply Chain Solutions

22.4

15.2

47%

Dedicated Contract Carriage

8.4

8.6

(3)%

Eliminations

(5.7)

(4.6)

(22)%

99.2

74.0

34%

Central Support Services (Unallocated Share)

(11.6)

(12.0)

3%

Earnings Before Restructuring and Income Taxes 

(1)

87.7

62.0

41%

Restructuring and Other Charges, Net and Other Items    

-

-

-

Earnings Before Income Taxes

87.7

62.0

41%

Provision for Income Taxes

(30.7)

(22.3)

(38)%

Earnings from Continuing Operations

56.9

$      

39.7

$      

44%

Comparable Earnings from Continuing Operations  

(1)

56.4

$      

39.7

$      

42%

Net Earnings

56.5

$      

38.8

$      

46%

Memo: Total Revenue

Third Quarter

($ Millions)

10/25/11

Proprietary and Confidential

10

Business Segments

2011

2010

% B/(W)

2011

2010

% B/(W)

Operating Revenue: 

(1)

Fleet Management Solutions

2,322.5

$

2,120.3

$

10%

3,143.7

$

2,764.1

$

14%

Supply Chain Solutions

966.2

746.7

29%

1,196.7

927.2

29%

Dedicated Contract Carriage

419.5

349.3

20%

444.0

360.8

23%

Eliminations

(130.7)

(119.9)

(9)%

(275.0)

(229.0)

(20)%

   Total

3,577.6

$

3,096.3

$

16%

4,509.4

$

3,823.0

$

18%

Segment Net Before Tax Earnings:

Fleet Management Solutions

180.2

$    

122.7

$   

47%

Supply Chain Solutions

51.7

34.8

49%

Dedicated Contract Carriage

25.5

24.4

4%

Eliminations

(17.1)

(14.5)

(18)%

240.3

167.4

44%

Central Support Services (Unallocated Share)

(31.6)

(30.7)

(3)%

Earnings Before Restructuring and Income Taxes  

(1)

208.8

136.7

53%

Restructuring and Other Charges, Net and Other Items  

(2)     

(2.5)

-

NM

Earnings Before Income Taxes

206.3

136.7

51%

Provision for Income Taxes

(82.6)

(53.6)

(54)%

Earnings from Continuing Operations

123.7

$    

83.1

$      

49%

Comparable Earnings from Continuing Operations 

(1)

130.5

$    

83.1

$      

57%

Net Earnings

121.7

$    

81.0

$      

50%

Memo: Total Revenue

Year-To-Date

($ Millions)

10/25/11

Proprietary and Confidential

11

Capital Expenditures

2011 $

2011

2010

O/(U) 2010

Full Service Lease

614

$     

488

$     

127

$        

Commercial Rental

580

358

222

Operating Property and Equipment

55

49

6

Gross Capital Expenditures

1,249

895

354

Less: Proceeds from Sales (Primarily Revenue Earning Equipment)

224

162

62

Net Capital Expenditures

1,025

$  

733

$     

292

$        

Memo: Acquisitions

362

$     

7

$         

355

$        

Year-To-Date

($ Millions)

10/25/11

Proprietary and Confidential

12

Cash Flow from Continuing Operations

Year-To-Date

($ Millions)

2011

2010

Earnings from Continuing Operations

124

$             

83

$                

Depreciation

645

628

Gains on Vehicle Sales, Net

(46)

(18)

Amortization and Other Non-Cash Charges, Net

41

40

Pension Contributions

(12)

(11)

Changes in Working Capital and Deferred Taxes

31

83

Cash Provided by Operating Activities

782

804

Proceeds from Sales (Primarily Revenue Earning Equipment)

224

162

Collections of Direct Finance Leases

46

46

Other, Net

-

2

Total Cash Generated 

(1)

1,052

1,014

Capital Expenditures 

(2)

(1,165)

(861)

     Free Cash Flow

 (1)(3)

(113)

$            

153

$             

183%

203%

225%

275%

275%

234%

201%

146%

129%

151%

168%

157%

225%

0%

50%

100%

150%

200%

250%

300%

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

12/31/07

12/31/08

12/31/09

12/31/10

09/30/11

Long

Term

Target

Midpoint

Total Obligations

to Equity

Balance Sheet

Debt to Equity

10/25/11

Proprietary and Confidential

13

Debt to Equity Ratio

($ Millions)

(1)

(2)

9/30/11

12/31/10

9/30/10

Balance Sheet Debt

3,199

$             

2,747

$             

2,530

$         

    Percent To Equity

220%

196%

180%

Total Obligations

(1)

3,263

$             

2,847

$             

2,644

$         

    Percent To Equity

(1)

225%

203%

188%

Total Equity

1,451

$             

1,404

$             

1,408

$         

Contents

Third Quarter 2011 Results Overview

Asset Management Update

Earnings Outlook

Future Financial Reporting Enhancements

Q & A

10/25/11

14

Proprietary and Confidential

10/25/11

Proprietary and Confidential

15

Units held for sale were 5,100 at quarter end; up 9% from 4,700 units held for sale in the

prior year

–

Used vehicle inventory remains below target levels

The number of used vehicles sold in the third quarter were 4,100, down 7% compared with

prior year due to lower average inventory levels

Proceeds

per

unit

were

up

39%

for

tractors

and

up

20%

for

trucks

in

the

third

quarter

compared with prior year (excluding the impact of exchange rates)

–

Proceeds per unit were up 6% for tractors and 5% for trucks vs. the prior quarter

Vehicles

no

longer

earning

revenue

were

7,600

at

quarter

end;

up

700

or

10%

from

the

prior year

Average third quarter total commercial rental fleet was up 30% year-over-year (12%

excluding acquisitions)

Global Asset Management Update

(1)

(1)

Units rounded to nearest hundred.

Contents

Third Quarter 2011 Results Overview

Asset Management Update

Earnings Outlook

Future Financial Reporting Enhancements

Q & A

10/25/11

16

Proprietary and Confidential

10/25/11

17

EPS Forecast –

Continuing Operations

Fourth Quarter

Full Year

2011 Comparable EPS Forecast

(1)

$ 0.92 - 0.97

$ 3.44 - 3.49

2010 Comparable EPS

(1)

$0.65

$2.22

($ Earnings Per Share)

Proprietary and Confidential

(1)

Non-GAAP financial measure. (Comparable EPS in FY10 excludes a gain on sale of an international asset of $0.02, tax benefits of $0.21 and acquisition costs of $0.08.

Comparable EPS in 4Q11 excludes $0.06 of acquisition-related severance and other restructuring costs. Comparable EPS in FY11 excludes a $0.09 charge related to tax

law changes and benefits and $0.08 of acquisition-related severance and other restructuring costs as well as transaction costs.)

Increasing full year 2011 EPS forecast from $3.33 –

3.43 to $3.44 –

3.49

Current forecast is as follows:

Contents

Third Quarter 2011 Results Overview

Asset Management Update

Earnings Outlook

Future Financial Reporting Enhancements

Q & A

10/25/11

18

Proprietary and Confidential

Future Financial Reporting Enhancements

10/25/11

19

Proprietary and Confidential

Reporting Change

Effective Date

Merits of Change

New income statement

presentation

4Q2011

Increased visibility to types of

revenue

Aligns direct costs with revenues

Combined financial

reporting for SCS and

DCC segments

1Q2012

Industry vertical revenue

presentation for SCS and DCC

combined

Visibility into total DCC operating

revenue, including portion

traditionally within SCS

Exclude non-service

pension costs from

segment NBT

1Q2012

Provides better transparency to

segment operating results

Improves visibility into pension

plan performance

Ryder will make the following changes to the company’s

financial statement reporting:

Historical information will be provided for comparative purposes

Future Financial Reporting Enhancements

10/25/11

20

Proprietary and Confidential

Revenues:

Lease and rentals

XXX

A

Services

XXX

A

Fuel services

XXX

A

Revenue

XXX

A

   Total Revenues

XXX

A

Costs and Expenses:

Operating expense

XXX

B

Cost of lease and rentals

XXX

B, C, E, G

Salaries and employee related costs

XXX

C

Cost of services

XXX

B, C, D, E

Subcontracted transportation

XXX

D

Cost of fuel services

XXX

B, C, E

Depreciation expense

XXX

E

Other operating expenses

XXX

B, E

Gains on vehicle sales, net

XXX

F

Selling, general and administrative expenses

XXX

B, C, E

Equipment rental

XXX

G

Gains on vehicles sales, net

XXX

F

Interest expense

XXX

H

Interest expense

XXX

H

Miscellaneous (income) expense, net

XXX

I

Miscellaneous (income) expense, net

XXX

I

Restructuring and other charges, net

XXX

J

Restructuring and other charges, net

XXX

J

XXX

K

   Total Costs and Expenses

XXX

K

Earnings from continuing operations before

income taxes

XXX

L

Earnings from continuing operations before

income taxes

XXX

L

Memo:   Depreciation Expense

XXX

E

                Equipment Rental

XXX

G

Current Presentation

Future Presentation

Revised format for the consolidated RSI income statement

Future Financial Reporting Enhancements

10/25/11

21

Proprietary and Confidential

Automotive

xxx

High-Tech

xxx

Retail & CPG

xxx

Industrial & Other

xxx

Operating Revenue

xxx

Subcontracted Transportation

xxx

Total Revenue

xxx

Segment Net Before Tax Earnings (NBT)

xxx

Segment NBT as % of Total Revenue

xxx

Segment NBT as % of Operating Revenue

xxx

Memo:  DCC Operating Revenue

xxx

               Fuel Costs

xxx

Combined financial reporting for SCS and DCC segments

NEW –

WILL INCLUDE DCC ACTIVITY PREVIOUSLY

REPORTED IN SCS BUSINESS SEGMENT

CURRENT DCC SEGMENT REVENUE WILL BE REPORTED

IN THEIR RESPECTIVE INDUSTRY VERTICALS

Future Financial Reporting Enhancements

10/25/11

22

Proprietary and Confidential

Exclusion of non-service cost components of pension from segment NBT

-

Non-service cost components consist primarily of interest cost, expected

return on plan assets and recognized net actuarial gains/losses

Segment Net Before Tax Earnings:

Segment Net Before Tax Earnings:

Fleet Management Solutions

Fleet Management Solutions

Supply Chain Solutions

Supply Chain Solutions (incl. Dedicated Contract Carriage)

Dedicated Contract Carriage

Eliminations

Eliminations

Central Support Services (Unallocated Share)

Central Support Services (Unallocated Share)

Earnings Before Restructuring and Income Taxes

Non-Service Pension Costs

Restructuring and Other Charges, Net and Other Items    

Restructuring and Other Charges, Net and Other Items    

Earnings Before Income Taxes

Earnings Before Income Taxes

Current Presentation

Future Presentation

NEW

RESTATED

Contents

Third Quarter 2011 Results Overview

Asset Management Update

Earnings Outlook

Future Financial Reporting Enhancements

Q & A

10/25/11

23

Proprietary and Confidential

Q&A

10/25/11

24

Proprietary and Confidential

Appendix

Business Segment Detail

Central Support Services

Balance Sheet

Asset Management

Financial Indicators Forecast

Non-GAAP Financial Measures & Reconciliations

10/25/11

25

Proprietary and Confidential

10/25/11

Proprietary and Confidential

26

Fleet Management Solutions (FMS)

2011

2010

% B/(W)

Full Service Lease

509.9

$         

487.5

$         

5%

Contract Maintenance

39.1

40.1

(2)%

Contractual Revenue

549.0

527.6

4%

Contract-related Maintenance

51.6

41.2

25%

Commercial Rental

206.5

147.9

40%

Other

17.5

17.2

2%

Operating Revenue

824.7

733.9

12%

Fuel Services Revenue

274.4

215.1

28%

Total Revenue

1,099.0

$      

948.9

$         

16%

Segment Net Before Tax Earnings (NBT)

74.2

$            

54.8

$            

35%

Segment NBT as % of Total Revenue

6.7%

5.8%

Segment NBT as % of Operating Revenue

9.0%

7.5%

Third Quarter

($ Millions)

10/25/11

Proprietary and Confidential

27

Fleet Management Solutions (FMS)

2011

2010

% B/(W)

Full Service Lease

1,487.9

$      

1,449.4

$      

3%

Contract Maintenance

116.4

119.8

(3)%

Contractual Revenue

1,604.3

1,569.1

2%

Contract-related Maintenance

143.7

121.2

18%

Commercial Rental

522.2

379.5

38%

Other

52.4

50.4

4%

Operating Revenue

2,322.5

2,120.3

10%

Fuel Services Revenue

821.1

643.8

28%

Total Revenue

3,143.7

$      

2,764.1

$      

14%

Segment Net Before Tax Earnings (NBT)

180.2

$         

122.7

$         

47%

Segment NBT as % of Total Revenue

5.7%

4.4%

Segment NBT as % of Operating Revenue

7.8%

5.8%

Year-To-Date

($ Millions)

10/25/11

Proprietary and Confidential

28

Supply Chain Solutions (SCS)

Third Quarter

($ Millions)

2011

2010

% B/(W)

Automotive

115.3

$        

114.7

$        

1%

High-Tech

59.2

57.2

4%

Retail & CPG

109.6

45.7

140%

Industrial & Other

42.6

40.8

4%

Operating Revenue

326.8

258.5

26%

Subcontracted Transportation

79.3

64.3

23%

Total Revenue

406.1

$        

322.9

$        

26%

Segment Net Before Tax Earnings (NBT)

22.4

$           

15.2

$           

47%

Segment NBT as % of Total Revenue

5.5%

4.7%

Segment NBT as % of Operating Revenue

6.9%

5.9%

Memo: Fuel Costs

21.5

$           

19.4

$           

(11)%

10/25/11

Proprietary and Confidential

29

Supply Chain Solutions (SCS)

Year-To-Date

($ Millions)

2011

2010

% B/(W)

Automotive

345.9

$        

334.4

$        

3%

High-Tech

176.8

161.8

9%

Retail & CPG

317.3

131.7

141%

Industrial & Other

126.3

118.7

6%

Operating Revenue

966.2

746.7

29%

Subcontracted Transportation

230.5

180.5

28%

Total Revenue

1,196.7

$     

927.2

$        

29%

Segment Net Before Tax Earnings (NBT)

51.7

$           

34.8

$           

49%

Segment NBT as % of Total Revenue

4.3%

3.8%

Segment NBT as % of Operating Revenue

5.3%

4.7%

Memo: Fuel Costs

70.2

$           

57.8

$           

(21)%

10/25/11

Proprietary and Confidential

30

Dedicated Contract Carriage (DCC)

2011

2010

% B/(W)

Operating Revenue

149.5

$    

118.7

$    

26%

Subcontracted Transportation

9.5

2.7

248%

Total Revenue

158.9

$    

121.4

$    

31%

Segment Net Before Tax Earnings (NBT)

8.4

$        

8.6

$        

(3)%

Segment NBT as % of Total Revenue

5.3%

7.1%

Segment NBT as % of Operating Revenue

5.6%

7.3%

Memo: Fuel Costs

33.4

$      

21.1

$      

(58)%

Third Quarter

($ Millions)

10/25/11

Proprietary and Confidential

31

Dedicated Contract Carriage (DCC)

2011

2010

% B/(W)

Operating Revenue

419.5

$    

349.3

$    

20%

Subcontracted Transportation

24.5

11.5

114%

Total Revenue

444.0

$    

360.8

$    

23%

Segment Net Before Tax Earnings (NBT)

25.5

$      

24.4

$      

4%

Segment NBT as % of Total Revenue

5.7%

6.8%

Segment NBT as % of Operating Revenue

6.1%

7.0%

Memo: Fuel Costs

93.6

$      

61.6

$      

(52)%

Year-To-Date

($ Millions)

10/25/11

Proprietary and Confidential

32

Central Support Services (CSS)

2011

2010

% B/(W)

Allocated CSS Costs

43.0

$       

35.8

$        

(20)%

Unallocated CSS Costs

11.6

12.0

3%

Total CSS Costs

54.6

$       

47.7

$        

(14)%

Third Quarter

($ Millions)

10/25/11

Proprietary and Confidential

33

Central Support Services (CSS)

2011

2010

% B/(W)

Allocated CSS Costs

120.3

$     

105.0

$      

(15)%

Unallocated CSS Costs

31.6

30.7

(3)%

Total CSS Costs

151.9

$     

135.7

$      

(12)%

Year-To-Date

($ Millions)

10/25/11

Proprietary and Confidential

34

Balance Sheet

September 30,

December 31,

2011

2010

Cash and Cash Equivalents

116

$               

213

$               

Other Current Assets

983

810

Revenue Earning Equipment, Net

4,828

4,201

Operating Property and Equipment, Net

627

607

Other Assets

892

821

Total Assets

7,446

$            

6,652

$            

Short-Term Debt / Current Portion Long-Term Debt

255

$               

420

$               

Other Current Liabilities

908

711

Long-Term Debt

2,943

2,327

Other Non-Current Liabilities (including Deferred Income Taxes)

1,888

1,790

Shareholders' Equity

1,451

1,404

Total Liabilities and Shareholders' Equity

7,446

$            

6,652

$            

($ Millions)

10/25/11

Proprietary and Confidential

35

U.S. Asset Management Update

(a)

(a)

U.S. only

(b)

Excludes early terminations where customer purchases vehicle

(c)

Current year statistics may exclude some units due to a lag in reporting

(b)

Number of

Units

2,734

3,052

2,981

3,138

2,910

3,756

3,023

3,959

3,670

3,138

5,255

4,899

4,033

6,752

3,005

3,348

5,119

2,352

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Redeployments

Extensions

Early Terminations 

YTD 06

YTD 07

YTD 08

YTD 09

YTD 10

YTD 11

(c)

Redeployments

–

vehicles

coming off-lease with useful

life remaining are redeployed

in the Ryder fleet (Commercial

Rental, DCC, SCS, or with

another Lease customer).

Extensions –

Ryder re-prices

lease contract and extends

maturity date.

Early terminations –

customer elects to terminate

lease prior to maturity.

Depending on the remaining

useful life, the vehicle may be

redeployed in the Ryder fleet

(Commercial Rental, DCC,

SCS, other Lease customer) or

sold by Ryder.

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Forecast

Long

Term

Target

Mispoint

10/25/11

Proprietary and Confidential

36

$1,054

$1,091

$1,381

$1,179

$835

$949

$1,252

$1,266

$1,684

$1,571

$1,328

$1,500

2000

2001

2002

2003

2004

2005

2006

2007

2008

Financial Indicators Forecast

(1)

Gross Capital Expenditures

(3)

($ Millions)

Total Cash Generated

(2) (3)

Total Obligations to Equity Ratio

(2)

$1,289

$600

$725

$1,165

$657

$1,399

$1,182

2000

2001

2002

2003

2004

2005

Memo: Free Cash Flow

(2) (3)

$1,757

2006

2007

2008

$1,265

2009

2010

2010

2009

$611

131

367

357

289

(208)

(4)

380

(242)

(439)

341

614

$1,088

Total Obligations to Equity

Balance Sheet Debt to Equity

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

275%

146%

129%

234%

151%

157%

168%

225%

183%

203%

201%

Significant and predictable cash generation

Invest in growth (organic, acquisitions)

Over time appropriately move financial

leverage towards long term target of

250-300% Total Obligations to Equity

275%

Long

Term

Target

Midpoint

2011

Forecast

(215)

(5)

2011

Forecast

2011

220%

Forecast

258

$1,755

Full Service Lease

PP&E/Other

Commercial Rental

Adjusted Return on Capital

(1)

History

Proprietary and Confidential

37

Adjusted

Return on

Capital (ROC)

6.9%

6.8%

6.7%

6.6%

6.5%

6.3%

6.1%

5.6%

5.5%

7.7%

7.8%

7.9%

7.4%

7.3%

4.1%

4.8%

5.6%

5.7%

2004

2005

2006

2007

2008

2009

2010

Prior

2011

Current

2011

Cost of

Capital (COC)

Return on Equity

15.3%

14.6%

15.5%     

14.2%

11.2%

4.4%

8.4%

11.2%

11.6%

Total Capital

(2)

$3,359

$3,846

$4,184

$4,789

$4,841

$4,244

$4,030

$4,641

$4,579

ROC O/(U) COC

0.8%

1.0%

1.2%     

0.8%

0.8%

(2.2)%

(1.3)%

-%

0.2%

10/25/11

Forecast

Forecast

(3)

10/25/11

Proprietary and Confidential

38

Non-GAAP Financial Measures

This presentation includes “non-GAAP financial measures”

as defined by SEC rules. As required by SEC

rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP

measure and an explanation why management believes that presentation of the non-GAAP financial

measure provides useful information to investors.  Non-GAAP financial measures should be considered in

addition to, but not as a substitute for or superior to, other measures of financial performance prepared in

accordance with GAAP.

Specifically, the following non-GAAP financial measures are included in this presentation:

Non-GAAP Financial Measure

Comparable GAAP Measure

Reconciliation & Additional Information

Presented on Slide Titled

Page

Operating Revenue

Total Revenue

Key Financial Statistics

5-6

Earnings Before Restructuring and Income Taxes

Earnings before Income Taxes from Continuing

Operations

Business Segments

9-10

Comparable Earnings / EPS from Continuing

Operations

Earnings / EPS from Continuing Operations

Earnings and EPS from Continuing Operations

Reconciliation

17

Comparable NBT / Tax Rate

NBT / Tax Rate

NBT and Tax Rate from Continuing Operations

Reconciliation

40

Adjusted Return on Capital

Net Earnings

Adjusted Return on Capital Reconciliation

41-42

Total Cash Generated / Free Cash Flow

Cash Provided by Operating Activities

Cash Flow Reconciliation

45-46

Total Obligations / Total Obligations to Equity

Balance Sheet Debt / Debt to Equity

Debt to Equity Ratio

Debt to Equity Reconciliation

13   

43-44

FMS / SCS / DCC Operating Revenue and Segment

NBT as % of Operating Revenue

FMS / SCS / DCC Total Revenue and Segment

NBT as % of Total Revenue

Fleet Management Solutions / Supply Chain

Solutions / Dedicated Contract Carriage

26-31

Earnings and EPS from Continuing Operations Reconciliation

($ Millions or $ Earnings Per Share)

3Q11 -

3Q11 -

Earnings

EPS

Reported

56.9

$    

1.10

$    

Tax Benefits

(0.6)

(0.01)

Comparable

56.4

$    

1.09

$    

Proprietary and Confidential

39

39

10/25/11

YTD 11 -

YTD 11 -

Earnings

EPS

Reported

123.7

$  

2.39

$    

Tax Law Changes / Benefits

4.8

0.09

Acquisition Related Transaction Costs

1.5

0.03

Restructuring Charges

0.5

0.01

Comparable

130.5

$  

2.52

$    

Proprietary and Confidential

40

NBT and Tax Rate from Continuing Operations Reconciliation

($ Millions or $ Earnings Per Share)

3Q11 -

3Q11 -

3Q11 -

NBT

Tax

Tax Rate

Reported

87.7

$     

30.7

$    

35.0%

Tax Benefit

-

0.6

Comparable

87.7

$     

31.3

$    

35.7%

10/25/11

40

YTD 11 -

YTD 11 -

YTD 11 -

NBT

Tax

Tax Rate

Reported

206.3

$   

82.6

$    

40.0%

Tax Law Changes / Benefits

-

(4.8)

Acquisition Related Transaction Costs

1.7

0.2

Restructuring Charges

0.8

0.3

Comparable

208.8

$   

78.3

$    

37.5%

10/25/11

Proprietary and Confidential

41

Adjusted Return on Capital Reconciliation

9/30/11

9/30/10

Net Earnings

(1)

159

$            

89

$              

Restructuring and Other Charges, Net and Other Items

9

16

Income Taxes

90

62

Adjusted Earnings Before Income Taxes

257

167

Adjusted Interest Expense

(2)

136

133

Adjusted Income Taxes

(3)

(148)

(118)

Adjusted Net Earnings

245

$            

182

$            

Average Total Debt

2,916

$         

2,480

$         

Average Off-Balance Sheet Debt

86

120

Average Adjusted Total Shareholders' Equity

1,433

1,410

Average Adjustments to Shareholders' Equity

(4)

1

7

Adjusted Average Total Capital

4,437

$         

4,017

$         

Adjusted Return on Capital

(5)

5.5%

4.5%

(1)

Earnings calculated based on a 12-month rolling period.

(2)

Interest expense includes implied interest on off-balance sheet vehicle obligations.

(3)

Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.

(4)

Represents comparable earnings items for those periods.

(5)

The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity

should be included in evaluating how effectively capital is utilized across the business.

($ Millions)

10/25/11

Proprietary and Confidential

42

Adjusted Return on Capital Reconciliation

($ Millions)

2004

2005

2006

2007

2008

2009

2010

Net earnings

(1)

216

$       

227

$       

249

$       

254

$       

200

$       

62

$         

118

$    

Cumulative effect of change in

accounting principle

-

2

-

-

-

-

-

Restructuring and other charges,

net and other items

(24)

(2)

-

1

70

30

6

Income taxes

115

129

144

152

150

54

61

Adjusted earnings before income

taxes

307

357

393

407

420

146

185

Adjusted interest expense

(2)

106

127

149

169

165

150

133

Adjusted income taxes

(3)

(156)

(186)

(207)

(220)

(230)

(122)

(124)

Adjusted net earnings

257

$       

298

$       

332

$       

356

$       

355

$       

174

$       

194

$    

Average total debt

1,811

$    

2,148

$    

2,480

$    

2,848

$    

2,882

$    

2,692

$    

2,512

$ 

Average off-balance sheet debt

152

148

99

150

171

142

114

Average adjusted total

shareholders' equity

1,412

1,555

1,610

1,791

1,778

1,396

1,402

Average adjustments to

shareholders' equity

(4)

(16)

(5)

(5)

1

10

16

2

Adjusted average total capital

3,359

$    

3,846

$    

4,184

$    

4,789

$    

4,841

$    

4,245

$    

4,030

$ 

Adjusted return on capital

(5)

7.7%

7.8%

7.9%

7.4%

7.3%

4.1%

4.8%

(1)

Earnings calculated based on a 12-month rolling period.

(2)

Interest expense includes interest on off-balance sheet vehicle obligations.

(3)

Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.

(4)

Represents comparable earnings items for those periods.

(5)

The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (includes off-balance

sheet debt) and equity should be included in evaluated how effectively capital is utilized  across the business.

10/25/11

Proprietary and Confidential

43

Debt to Equity Reconciliation

% to

% to

% to

% to

% to

% to

% to

% to

12/31/00

Equity

12/31/01

Equity

12/31/02

Equity

12/31/03

Equity

12/31/04

Equity

12/31/05

Equity

12/31/06

Equity

12/31/07

Equity

Balance Sheet Debt

$2,017

161%

$1,709

139%

$1,552

140%

$1,816

135%

$1,783

118%

$2,185

143%

$2,817

164%

$2,776

147%

Receivables Sold

345

110

-

-

-

-

-

-

PV of minimum

lease payments

and guaranteed

residual values

under operating

leases for

vehicles

879

625

370

153

161

117

78

178

PV of contingent

rentals under

securitizations

209

441

311

-

-

-

-

-

Total Obligations

$3,450

275%

$2,885

234%

$2,233

201%

$1,969

146%

$1,944

129%

$2,302

151%

$2,895

168%

$2,954

157%

($ Millions)

10/25/11

Proprietary and Confidential

44

Debt to Equity Reconciliation

($ Millions)

% to

% to

% to

% to

% to

12/31/08

Equity

12/31/09

Equity

12/31/10

Equity

9/30/10

Equity

9/30/11

Equity

Balance Sheet Debt

$2,863

213%

$2,498

175%

$2,747

196%

$2,530

180%

$3,199

220%

Receivables Sold

-

-

-

-

-

PV of minimum

lease payments and

guaranteed residual

values under

operating leases for

vehicles

163

119

100

114

65

Total Obligations

$3,026

225%

$2,617

183%

$2,847

203%

$2,644

188%

$3,263

225%

10/25/11

Proprietary and Confidential

45

($ Millions)

Cash Flow Reconciliation

12/31/00

(4)

12/31/01

(4)

12/31/02

(4)

12/31/03

(4)

12/31/04

(4)

12/31/05

12/31/06

12/31/07

12/31/08

12/31/09

Cash Provided by Operating Activities

1,023

$   

365

$      

617

$      

803

$      

867

$      

776

$      

852

$      

1,097

$   

1,248

$   

985

$      

Less: Changes in Bal. of Trade Rec. Sold

(270)

235

110

-

-

-

-

-

-

-

Collections of Direct Finance Leases

67

66

66

61

64

69

65

62

61

65

Proceeds from Sale (Prim. Rev. Earn. Equip.)

230

173

152

210

331

333

332

373

262

216

Proceeds from Sale & Leaseback of Assets

-

-

-

13

118

-

-

150

-

-

Other Investing, Net

4

(4)

4

4

1

-

2

2

-

-

Total Cash Generated 

(1)

1,054

835

949

1,091

1,381

1,179

1,252

1,684

1,571

1,266

Capital Expenditures 

(2)

(1,296)

(704)

(582)

(734)

(1,092)

(1,387)

(1,691)

(1,304)

(1,230)

(652)

Free Cash Flow 

(3)(5)

(242)

$     

131

$      

367

$      

357

$      

289

$      

(208)

$     

(439)

$     

380

$      

341

$      

614

$      

Memo:

Depreciation Expense

580

$      

545

$      

552

$      

625

$      

706

$      

735

$      

739

$      

811

$      

836

$      

881

$      

Gains on Vehicle Sales, Net

19

$        

12

$        

14

$        

16

$        

35

$        

47

$        

51

$        

44

$        

39

$        

12

$        

10/25/11

Proprietary and Confidential

46

($ Millions)

Cash Flow Reconciliation

12/31/10

9/30/10

9/30/11

Cash Provided by Operating Activities from Continuing Operations

1,028

$     

804

$       

782

$       

Proceeds from Sales (Primarily Revenue Earning Equipment)

235

162

224

Collections of Direct Finance Leases

62

46

46

Other, Net

3

2

-

Total Cash Generated

(1)

1,328

1,014

1,052

Capital Expenditures

(2)

(1,070)

(861)

(1,165)

Free Cash Flow

(3)(4)

258

$       

153

$       

(113)

$      

Memo:

Depreciation Expense

834

$       

628

$       

645

$       

Gains on Vehicle Sales, Net

29

$         

(18)

$        

(46)

$        

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