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): April 24, 2012

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 April 24, 2012, we issued a press release reporting our financial results for the three months ended March 31, 2012 (the “Press Release”). We also hosted a conference call and webcast on April 24, 2012 during which we made a presentation on our financial results for the three months ended March 31, 2012 (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 comparable earnings from continuing operations, comparable earnings per share from continuing operations, comparable earnings before income tax and comparable tax rate for the first quarter of 2012, 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 earnings, earnings per share from continuing operations, earnings before income tax and tax rate, as applicable (1) a first quarter 2012 tax benefit, (2) first quarter 2012 acquisition-related restructuring charges and (3) first quarter 2011 restructuring charges, which are not representative of our ongoing business operations. The Presentation also includes information regarding comparable earnings per share excluding non-service pension costs, which is also a non-GAAP financial measure. We believe that this non-GAAP financial measure provides investors useful information to evaluate year over year operating performance as it also excludes from earnings per share from continuing operations, pension expense, which is a non-operational expense that can significantly change from year to year. 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 April 24, 2012, relating to Ryder System, Inc.’s financial results for the three months ended March 31, 2012.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on April 24, 2012, relating to Ryder System, Inc.’s financial results for the three months ended March 31, 2012.

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.

Date: April 24, 2012	RYDER SYSTEM, INC. (Registrant)
	By:	/s/    ART A. GARCIA
		Art A. Garcia, Executive Vice
		President and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

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

RYDER REPORTS FIRST QUARTER 2012 RESULTS

• Q1 EPS from Continuing Operations Up 36% to $0.68

• Q1 Comparable EPS from Continuing Operations Up 16% to $0.59

• Q1 Total Revenue Up 8%; Operating Revenue Grows 9%

• Full-Year 2012 Comparable EPS Forecast Raised to $4.02 to $4.12

MIAMI, April 24, 2012 – Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations for the three-month period ended March 31, 2012 were $0.68, compared with $0.50 in the year-earlier period. Earnings from continuing operations were $34.9 million, compared with $25.9 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations in the first quarter of 2012 included a net benefit of $0.09 and $4.3 million, respectively, related to a tax item, partially offset by acquisition-related restructuring costs. Earnings per diluted share and net earnings for the year-earlier period included a restructuring charge of $0.01 and $0.5 million, respectively. Excluding these items, comparable earnings per diluted share from continuing operations for the first quarter of 2012 were $0.59, up 16% from $0.51 in the same period of 2011. Comparable earnings from continuing operations of $30.6 million for the first quarter of 2012 were up 16% from $26.3 million in the year-earlier period. The increase in comparable earnings primarily reflects the benefit of a Fleet Management Solutions (FMS) acquisition, stronger used vehicle sales results and organic growth in commercial rental and in the Supply Chain Solutions (SCS) segment.

Total revenue for the first quarter of 2012 was $1.54 billion, up 8% from $1.43 billion in the same period last year, reflecting organic growth, the benefit of acquisitions, and fuel services. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation), was $1.23 billion, up 9% compared with $1.13 billion in the year-earlier period. FMS business segment total revenue increased 9% due primarily to higher operating revenue, and to a lesser extent

higher fuel services revenue. FMS operating revenue increased 10% due primarily to the Hill Hire acquisition, and stronger organic commercial rental and full service lease revenue. SCS business segment total and operating revenue both increased 7% due to improved freight volumes and new business.

Net earnings per diluted share (including discontinued operations) for the three-month period ended March 31, 2012 were $0.67 versus $0.48 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) totaled a loss of $0.01 in the first quarter of 2012, compared with a loss of $0.02 in the same period of the prior year. Net earnings for the first quarter of 2012 were $34.3 million versus $25.1 million in the year-earlier period.

Commenting on the Company’s first quarter 2012 performance, Ryder Chairman and CEO Greg Swienton said, “We delivered a solid quarter that was somewhat better than expected in an economy that is recovering only modestly. We are pleased that our largest product line, full service lease, showed organic fleet growth for the second consecutive quarter. Last year’s acquisition of Hill Hire in the United Kingdom also contributed significantly to our results for the quarter. Used vehicle sales performance improved due to stronger pricing. Supply Chain Solutions earnings showed better than expected performance due to higher volumes and new business, including especially strong performance from our dedicated contract carriage services. Commercial rental performance included a double-digit revenue increase driven by greater demand and better pricing, although utilization was lower than anticipated on a larger commercial rental fleet. Overall, our solid performance reflected effective execution by our team across the key areas of our business.”

First Quarter Business Segment Operating Results

Fleet Management Solutions (FMS)

In the FMS business segment, total revenue in the first quarter of 2012 was $1.07 billion, up 9% compared with the year-earlier period. Fuel services revenue in the first quarter of 2012 increased 7% compared with the same period in 2011 due to higher fuel prices. Operating revenue (revenue excluding fuel) in the first quarter of 2012 was $792.7 million, up 10% compared with the year-earlier period. Full service lease revenue increased 6% in the first quarter of 2012 due to acquisitions, higher prices on replacement vehicles, and organic fleet growth. Commercial rental revenue increased 26% reflecting higher pricing and improved global market demand, as well as acquisitions.

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The FMS business segment’s earnings before tax (EBT) were $50.7 million in the first quarter of 2012, up 20% compared with $42.4 million in the same period of 2011. Increased earnings reflect the benefit of the Hill Hire acquisition closed in June of 2011, organic growth of the contractual lease and maintenance fleets, improved used vehicle sales results, and better commercial rental performance. These items were partially offset by higher maintenance costs to service a slightly older lease fleet, including increased vehicle outservicing activity, and commission expense related to new sales. Used vehicle sales results benefited from higher pricing and volume, partially offset by higher carrying costs on a larger inventory. Commercial rental performance improved as a result of higher pricing and increased market demand on a 31% larger average fleet (13% excluding acquisitions). While total demand grew strongly, the increase was somewhat less than anticipated. This resulted in power fleet utilization that was 68.9% for the first quarter of 2012, down from 72.5% in the year-earlier period, on a larger fleet. Business segment earnings before tax as a percentage of operating revenue were 6.4% in the first quarter of 2012, up 50 basis points from 5.9% in the same quarter a year ago.

Supply Chain Solutions (SCS)

In the SCS business segment, which includes all activity related to the Company’s dedicated contract carriage services, first quarter 2012 total revenue was $571.9 million, up 7% from the comparable period in 2011. First quarter 2012 operating revenue (revenue excluding subcontracted transportation) was $484.6 million, up 7% compared with the comparable period a year ago. SCS total revenue and operating revenue comparisons benefited from higher fuel cost pass-throughs, increased volumes, and new business. Total and operating revenue also benefited from the Scully Companies acquisition, closed in January of 2011. Revenue growth was largely driven by higher volumes in the automotive, retail and consumer packaged goods industry sectors, including increased services related to dedicated contract carriage.

The SCS business segment’s earnings before tax of $21.9 million, rose 8% compared with $20.2 million in the same quarter of 2011, driven by higher volumes and new business. First quarter 2012 earnings before tax for the business segment as a percentage of operating revenue remained unchanged from the year-earlier period at 4.5%.

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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 first quarter of 2012, the unallocated portion of CSS costs was $9.5 million, up from $8.7 million in the year-earlier period, primarily driven by planned higher headcount.

Non-Service Pension Costs

Beginning in 2012, the non-service components of pension costs have been excluded from segment earnings before tax in order to more accurately reflect the operating performance of the business segments. Prior year segment earnings before tax have been recast to conform to the current year presentation. Non-service pension costs totaled $8.0 million in the first quarter of 2012, up from $4.5 million in the year-earlier period. This reflected primarily lower than expected pension asset returns in 2011, and lower assumed returns for 2012.

Restructuring and Other Items

Pre-tax restructuring charges totaled $0.9 million ($0.6 million after tax) or $0.01 per diluted share in the first quarter of 2012, and $0.8 million ($0.5 million after tax) or $0.01 per diluted share in the first quarter of 2011. The 2012 charges reflect restructuring costs associated with the Hill Hire integration, which is expected to be completed in the second quarter of 2012. The 2011 charges reflect restructuring charges associated with the Scully Companies acquisition.

Income Taxes

The Company’s effective income tax rate from continuing operations for the first quarter of 2012 was 26.9% of earnings before tax compared with 40.7% in the year-earlier period. The current period income tax rate was positively impacted by $5.0 million (10.4% of earnings before tax) from the favorable resolution of a tax item related to prior years, and a higher proportionate amount of earnings in lower rate jurisdictions. The year-earlier period income tax rate was adversely impacted by a tax law change in Illinois of $1.2 million (2.8% of earnings before tax).

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Capital Expenditures

Capital expenditures from continuing operations were $787 million for the first quarter of 2012, compared with $448 million in the same period of 2011. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $693 million, compared with $377 million in the same period of 2011. The increase in capital expenditures reflects planned investments primarily to refresh and grow the full service lease fleet.

Cash Flow

Operating cash flow from continuing operations through March 31, 2012 was $186 million, down from $218 million in the same period of 2011, due to increased working capital needs. Total cash generated (including proceeds from used vehicle sales) from continuing operations through March 31, 2012, was $296 million, compared with $304 million in the same period of 2011. As expected, free cash flow from continuing operations through March 31, 2012 was negative $175 million, compared with negative $10 million for the same period of 2011, due primarily to refreshment and growth of the full service lease fleet.

Leverage

Balance sheet debt as of March 31, 2012 increased by $211 million compared with year-end 2011, due primarily to increased investments in vehicles. The leverage ratio for balance sheet debt as of March 31, 2012 was 262%, compared with 257% at year-end 2011. Total obligations to equity as of March 31, 2012 were 267%, compared with 261% at year-end 2011. Total obligations to equity remain within Ryder’s long-term target range of 250% to 300%.

2012 Outlook

Commenting on the Company’s outlook, Mr. Swienton said, “We are on track to reach our overall plans for the year, and we remain focused on leveraging secular trends that create long-term growth opportunities for the business. Looking ahead, we expect our full service lease

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fleet to continue growing, reflecting increased new and renewal sales activity. Commercial rental should also continue to demonstrate solid growth, although somewhat less robust than previously anticipated. We expect used vehicle sales results to be better than our original forecast, due to higher sales activity. In Supply Chain Solutions, increased new business and volume levels should contribute to higher than previously expected earnings. Based on our first quarter performance and current market factors, we are raising our full-year 2012 earnings forecast to a new range of $4.02 to $4.12 per share. We have also established a second quarter earnings forecast of $1.07 to $1.12 per share.”

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 two, 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. The segment now includes all activity related to the Company’s dedicated solution (dedicated contract carriage). 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.

Earnings Before Tax (EBT): Ryder’s primary measurement of business segment financial performance, earnings before tax (EBT), allocates Central Support Services to each business segment and excludes restructuring and other items, as well as non-service pension costs.

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.

###

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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 volume declines, 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 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, any unanticipated or unrealized effects of the recent Japan earthquake and tsunami on our operations, customers, and vehicle suppliers, 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, including comparable earnings from continuing operations, 2012 comparable EPS forecasts, operating revenue, total cash generated, free cash flow, total obligations, and the ratios based on these financial measures, as well as the other financial measures identified in the tables following this release. 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, April 24, 2012, 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: and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RH7706506 and Passcode: RYDER.

• To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-253-1051 (outside U.S. dial 1-402-220-9703), 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 March 31, 2012 and 2011

(In millions, except per share amounts)

	Three Months
	2012			2011
Lease and rental revenues	$	637.9			579.4
Services revenue		678.4			632.7
Fuel services revenue		220.1			213.2
Total revenues		1,536.3			1,425.4
Cost of lease and rental		455.6			408.5
Cost of services		577.9			537.9
Cost of fuel services		215.6			209.0
Other operating expenses		34.2			34.6
Selling, general and administrative expenses		196.0			173.1
Gains on vehicle sales, net		(22.0	)		(12.3	)
Interest expense		34.8			34.4
Miscellaneous income, net		(4.5	)		(4.1	)
Restructuring and other charges, net		0.9			0.8
		1,488.6			1,381.8
Earnings from continuing operations before income taxes		47.7			43.6
Provision for income taxes		(12.8	)		(17.8	)
Earnings from continuing operations		34.9			25.9
Loss from discontinued operations, net of tax		(0.6	)		(0.7	)
Net earnings	$	34.3			25.1
Earnings (loss) per common share - Diluted
Continuing operations	$	0.68			0.50
Discontinued operations		(0.01	)		(0.02	)
Net earnings	$	0.67			0.48
Earnings per share information - Diluted
Earnings from continuing operations	$	34.9			25.9
Less: Distributed and undistributed earnings allocated to nonvested stock		(0.5	)		(0.4	)
Earnings from continuing operations available to common stockholders	$	34.4			25.5
Weighted-average shares outstanding - Diluted		50.9			51.0
Memo:
Depreciation expense	$	226.6			205.9
Subcontracted transportation	$	87.3			83.1
Comparable earnings per share from continuing operations:
EPS from continuing operations	$	0.68			0.50
Tax benefit		(0.10	)		—
Restructuring and other charges		0.01			0.01
Comparable EPS from continuing operations	$	0.59			0.51

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED

(Dollars in millions)

	March 31, 2012		December 31, 2011
Assets:
Cash and cash equivalents	$	113.6		104.6
Other current assets		1,001.6		983.6
Revenue earning equipment, net		5,529.8		5,049.7
Operating property and equipment, net		625.5		624.2
Other assets		878.1		855.8
	$	8,148.6		7,617.8
Liabilities and shareholders’ equity:
Short-term debt and current portion of long-term debt	$	586.9		274.4
Other current liabilities		1,174.9		899.5
Long-term debt		3,006.3		3,107.8
Other non-current liabilities (including deferred income taxes)		2,009.2		2,018.1
Shareholders’ equity		1,371.4		1,318.2
	$	8,148.6		7,617.8

SELECTED KEY RATIOS AND METRICS

	March 31, 2012			December 31, 2011
Debt to equity		262	%		257	%
Total obligations to equity *		267	%		261	%
Effective interest rate (average cost of debt)		4.0	%		4.3	%
	Three months
	2012			2011
Cash provided by operating activities from continuing operations	$	186.3			217.6
Free cash flow*		(175.0	)		(9.6	)
Capital expenditures paid		471.0			313.2
Capital expenditures (accrual basis)	$	787.4			448.0
Less proceeds from sales (primarily revenue earning equipment)		(94.2	)		(71.2	)
Net capital expenditures	$	693.2			376.8

	Twelve months ended March 31,
	2012			2011
Return on average shareholders’ equity		12.7	%		9.3	%
Return on average assets		2.4	%		2.0	%
Adjusted return on capital *		5.6	%		5.1	%

* 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 March 31, 2012 and 2011

(Dollars in millions)

	Three Months
	2012			2011			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	510.6			483.3			6	%
Contract maintenance		39.9			38.1			5	%
Contractual revenue		550.5			521.4			6	%
Contract-related maintenance		53.6			44.7			20	%
Commercial rental		171.2			135.7			26	%
Other		17.4			17.3			1	%
Fuel		278.6			261.1			7	%
Total Fleet Management Solutions		1,071.4			980.1			9	%
Supply Chain Solutions		571.9			535.8			7	%
Eliminations		(107.0	)		(90.5	)		(18	)%
Total revenue	$	1,536.3			1,425.4			8	%
Operating Revenue: *
Fleet Management Solutions	$	792.7			719.0			10	%
Supply Chain Solutions		484.6			452.7			7	%
Eliminations		(48.4	)		(42.6	)		(14	)%
Total operating revenue	$	1,228.9			1,129.1			9	%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	50.7			42.4			20	%
Supply Chain Solutions		21.9			20.2			8	%
Eliminations		(6.5	)		(4.9	)		(32	)%
		66.1			57.6			15	%
Unallocated Central Support Services		(9.5	)		(8.7	)		(9	)%
Non-service pension costs		(8.0	)		(4.5	)		(77	)%
Restructuring and other charges, net		(0.9	)		(0.8	)		13	%
Earnings from continuing operations before income taxes		47.7			43.6			9	%
Provision for income taxes		(12.8	)		(17.8	)		28	%
Earnings from continuing operations	$	34.9			25.9			35	%

* 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 March 31, 2012 and 2011

(Dollars in millions)

	Three Months
	2012			2011			B(W)
Fleet Management Solutions
Total revenue	$	1,071.4			980.1			9	%
Fuel revenue		(278.6	)		(261.1	)		7	%
Operating revenue *	$	792.7			719.0			10	%
Segment earnings before income taxes	$	50.7			42.4			20	%
Earnings before income taxes as % of total revenue		4.7	%		4.3	%
Earnings before income taxes as % of operating revenue *		6.4	%		5.9	%
Supply Chain Solutions
Total revenue	$	571.9			535.8			7	%
Subcontracted transportation		(87.3	)		(83.1	)		5	%
Operating revenue *	$	484.6			452.7			7	%
Segment earnings before income taxes	$	21.9			20.2			8	%
Earnings before income taxes as % of total revenue		3.8	%		3.8	%
Earnings before income taxes as % of operating revenue *		4.5	%		4.5	%
Memo:
Dedicated services operating revenue	$	282.1			249.6			13	%
Dedicated services subcontracted transportation		46.2			38.3			21	%
Dedicated services total revenue		328.3			287.9			14	%
Fuel costs	$	66.8			53.8			(24	)%

* 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

KEY PERFORMANCE INDICATORS

	Three months ended March 31,						Change 2012/2011
	2012			2011			Three Months
Full service lease
Average fleet count		121,500			111,600			9	%
End of period fleet count (a)		121,700			111,800			9	%
Miles/unit per day change - % (b)		(0.4	)%		3.3	%		(370	)bps
Commercial rental
Average fleet count		40,500			30,900			31	%
End of period fleet count (a)		41,300			33,200			24	%
Rental utilization - power units		68.9	%		72.5	%		(360	)bps
Rental rate change - % (c)		5.3	%		12.1	%		(680	)bps
Customer vehicles under contract maintenance
Average fleet count		35,400			33,300			6	%
End of period fleet count		35,600			33,200			7	%
SCS
Average fleet count (d)		11,500			10,900			6	%
Used vehicle sales (UVS)
Average UVS inventory		7,400			5,200			42	%
End of period fleet count (a)		8,700			5,000			74	%
Used vehicles sold		5,000			4,100			22	%
UVS pricing change - % (e)
Tractors		20	%		42	%		(2,200	)bps
Trucks		3	%		44	%		(4,100	)bps

(a) Includes trailers acquired in Hill Hire acquisition (6,100 full-service lease and 3,300 commercial rental).

(b) Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units (restated to exclude vehicles not yet earning revenue and vehicles no longer earning revenue)

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

(d) These vehicle counts are also included within the average fleet counts for full service lease and commercial rental.

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

12

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

OPERATING REVENUE RECONCILIATION

	Three months ended March 31,
	2012			2011
Total revenue	$	1,536.3			1,425.4
Fuel services and subcontracted transportation revenue		(365.9	)		(344.1	)
Fuel eliminations		58.6			47.9
Operating revenue *	$	1,228.9			1,129.1

DEBT TO EQUITY RECONCILIATION

	March 31, 2012		% to Equity			December 31, 2011		% to Equity
On-balance sheet debt	$	3,593.2		262	%	$	3,382.1		257	%
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		63.2					64.0
Total obligations *	$	3,656.4		267	%		3,446.1		261	%

CASH FLOW RECONCILIATION

	Three months
	2012			2011
Net cash provided by operating activities from continuing operations	$	186.3			217.6
Proceeds from sales (primarily revenue earning equipment)		94.2			71.2
Collections on direct finance leases		15.5			14.8
Total cash generated *		296.0			303.6
Capital expenditures		(471.0	)		(313.2	)
Free cash flow *	$	(175.0	)		(9.6	)

RETURN ON CAPITAL RECONCILIATION

	Twelve months ended March 31,
	2012			2011
Net earnings (12-month rolling period)		179.0			130.9
+ Restructuring and other items		5.8			6.8
+ Income taxes		103.5			68.7
Adjusted earnings before income taxes		288.3			206.5
+ Adjusted interest expense (b)		135.4			134.0
- Adjusted income taxes		(156.1	)		(131.9	)
= Adjusted net earnings for ROC (numerator)		267.6			208.7
Average total debt		3,255.9			2,591.4
Average off-balance sheet debt		72.2			109.1
Average shareholders’ equity		1,408.7			1,402.9
Adjustment to equity (c)		5.4			(1.3	)
Adjusted average total capital (denominator)		4,742.1			4,102.1
Adjusted ROC *		5.6	%		5.1	%

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.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

13

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

	Three Months
	2012
	Reported Earnings			Adjustments			Comparable Earnings
Revenue	$	1,536.3			—			1,536.3
Cost of lease and rental		455.6						455.6
Cost of services		577.9						577.9
Cost of fuel services		215.6						215.6
Other operating expenses		34.2						34.2
Selling, general and administrative expenses		196.0						196.0
Gains on vehicle sales, net		(22.0	)					(22.0	)
Interest expense		34.8						34.8
Miscellaneous income, net		(4.5	)					(4.5	)
Restructuring and other charges, net(a)		0.9			(0.9	)		(0.0	)
		1,488.6			(0.9	)		1,487.7
Earnings from continuing operations before income taxes		47.7			0.9			48.6
Provision for income taxes (b)		(12.8	)		(5.2	)		(18.0	)
Earnings from continuing operations		34.9			(4.3	)		30.6
Tax rate on continuing operations		26.9	%					37.1	%
Earnings per common share - Diluted:
Continuing operations	$	0.68			(0.09	)	$	0.59

	Three Months
	2011
	Reported Earnings			Adjustments			Comparable Earnings
Revenue	$	1,425.4			—			1,425.4
Cost of lease and rental		408.5						408.5
Cost of services		537.9						537.9
Cost of fuel services		209.0						209.0
Other operating expenses		34.6						34.6
Selling, general and administrative expenses		173.1						173.1
Gains on vehicle sales, net		(12.3	)					(12.3	)
Interest expense		34.4						34.4
Miscellaneous income, net		(4.1	)					(4.1	)
Restructuring and other charges, net(c)		0.8			(0.8	)		—
		1,381.8			(0.8	)		1,381.0
Earnings from continuing operations before income taxes		43.6			0.8			44.4
Provision for income taxes		(17.8	)		(0.3	)		(18.1	)
Earnings from continuing operations		25.9			0.5			26.3
Tax rate on continuing operations		40.7	%					40.7	%
Earnings per common share - Diluted:
Continuing operations	$	0.50			0.01		$	0.51

Notes regarding adjustments:

(a) Restructuring charges for acquisition-related lease termination costs.

(b) Tax benefit related to favorable resolution of tax items from prior periods and tax impact of restructuring charges.

(c) Restructuring charges for acquisition-related severance and contract termination costs.

Note: Amounts may not be additive due to rounding.

14

EX-99.2

First Quarter 2012

Earnings Conference Call

April 24, 2012

Exhibit 99.2

04/24/2012

Safe Harbor and Non-GAAP Financial Measures

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

demand

for

our

services,

a

decline

in

the

market

for

used

vehicles

resulting

in

a

decline

in

residual

values

of

our

lease

or

rental

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

and

technician

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,

new

proposed

changes

in

lease

accounting

rules,

the

inability

to

comply

with

government

regulations

particularly

relating

to

various

state

and

federal

privacy,

employment

and

environmental

regulations,

new

legal

proceedings

or

unanticipated

outcomes

in

existing

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.

This

presentation

includes

certain

non-GAAP

financial

measures

as

defined

under

SEC

rules,

including

operating

revenue,

comparable

earnings,

comparable

EPS

excluding

non-service

pension

costs,

2012

comparable

EPS

forecasts,

comparable

earnings

before

income

tax,

comparable

tax

rate,

adjusted

return

on

capital,

adjusted

total

capital,

total

cash

generated,

free

cash

flow,

total

obligations

and

the

ratios

based

on

these

financial

measures.

Refer

to

Appendix

–

Non-GAAP

Financial

Measures

for

more

information

about

the

non-GAAP

financial

measures

contained

in

this

presentation.

Additional

information

regarding

non-

GAAP

financial

measures

can

also

be

found

in

our

reports

filed

with

the

SEC,

which

are

available

in

the

Investors

area

of

our

website

at

investors.ryder.com.

2

Proprietary and Confidential

Contents

First

Quarter

2012

Results

Overview

Asset Management Update

Earnings Outlook

Q & A

04/24/2012

3

Proprietary and Confidential

04/24/2012

1st Quarter Results Overview

Earnings

per

diluted

share

from

continuing

operations

were

$0.68

in

1Q12

vs.

$0.50

in

1Q11

–

1Q12

included

a

$0.09

net

benefit

related

to

the

resolution

of

a

tax

matter,

partially

offset

by

acquisition-related

restructuring

costs

–

1Q11 included a $0.01 charge for acquisition-related restructuring costs

Comparable earnings per share from continuing operations were $0.59 vs.

$0.51 in 1Q11

Total revenue increased 8% (and operating revenue increased 9%) vs. prior

year reflecting the impact of organic revenue growth and acquisitions

4

Proprietary and Confidential

Key Financial Statistics

First Quarter

($ Millions, Except Per Share Amounts)

Note:  Amounts throughout presentation may not be additive due to rounding.

2012

2011

% B/(W)

Operating Revenue

1,228.9

$      

1,129.1

$      

9%

Fuel Services and Subcontracted Transportation Revenue

307.4

296.3

4%

Total Revenue

1,536.3

$      

1,425.4

$      

8%

Earnings Per Share From Continuing Operations

0.68

$           

0.50

$           

36%

Comparable Earnings Per Share From Continuing Operations

0.59

$           

0.51

$           

16%

Net Earnings Per Share

0.67

$           

0.48

$           

40%

Memo:

50.9

51.0

Tax Rate From Continuing Operations

26.9%

40.7%

Comparable Tax Rate From Continuing Operations

37.1%

40.7%

5.6%

5.1%

Comparable EPS from Continuing Operations excluding  

    Non-Service Pension Costs

0.69

$           

0.56

$           

23%

04/24/2012

5

Proprietary and Confidential

Average Shares (Millions) -

Diluted

Adjusted Return on Capital (Trailing 12 month)

04/24/2012

1st Quarter Results Overview -

FMS

Fleet Management Solutions (FMS) total revenue up 9% (and operating revenue

up 10%) vs. prior year

–

Contractual revenue up 6%

–

Full service lease revenue up 6%

–

Contract maintenance revenue increased 5%   

–

Commercial rental revenue up 26%

–

Fuel revenue up 7% due primarily to increase in fuel pass-throughs

FMS earnings before tax (EBT) up 20%

–

FMS EBT percent of operating revenue up 50 basis points to 6.4%

FMS earnings positively impacted by the Hill Hire acquisition, organic lease

growth, improved used vehicle sales results and commercial rental performance

–

These

benefits

were

partially

offset

by

higher

maintenance

costs

to

service

a

slightly

older

lease

fleet,

including

higher

outservicing

costs,

and

new

sales

commissions

6

Proprietary and Confidential

04/24/2012

1st Quarter Results Overview –

SCS (including DCC)

Supply

Chain

Solutions

(SCS)

total

revenue

up

7%

(and

operating

revenue

up

7%)

vs.

prior

year

due

to

higher

overall

freight

volumes

and

new

business,

as

well

as

a

prior

year

acquisition

SCS earnings before tax (EBT) up 8%

–

SCS

EBT

percent

of

operating

revenue

remained

unchanged

at

4.5%

SCS

earnings

increased

due

to

higher

freight

volumes

and

new

business

7

Proprietary and Confidential

04/24/2012

Business Segments

2012

2011

% B/(W)

2012

2011

% B/(W)

Operating Revenue:

Fleet Management Solutions

792.7

$    

719.0

$   

10%

1,071.4

$

980.1

$   

9%

Supply Chain Solutions   

(1)

484.6

452.7

7%

571.9

535.8

7%

Eliminations

(48.4)

(42.6)

(14)%

(107.0)

(90.5)

(18)%

   Total

1,228.9

$

1,129.1

$

9%

1,536.3

$

1,425.4

$

8%

Segment Earnings Before Tax:

(2)

Fleet Management Solutions

50.7

$      

42.4

$      

20%

Supply Chain Solutions   

(1)

21.9

20.2

8%

Eliminations

(6.5)

(4.9)

32%

66.1

57.6

15%

Central Support Services (Unallocated Share)

(9.5)

(8.7)

(9)%

Non-Service Pension Costs

(8.0)

(4.5)

(77)%

Restructuring and Other Charges, Net and Other Items

(0.9)

(0.8)

(13)%

Earnings Before Income Taxes

47.7

43.6

9%

Provision for Income Taxes

(12.8)

(17.8)

28%

Earnings from Continuing Operations

34.9

$      

25.9

$      

35%

Comparable Earnings from Continuing Operations

30.6

$      

26.3

$      

16%

Net Earnings

34.3

$      

25.1

$      

37%

Memo: Total Revenue

First Quarter

(1)

Combined Supply Chain Solutions and Dedicated Contract Carriage.

(2)

Our primary measure of segment financial performance excludes unallocated CSS, non-service pension costs, restructuring and other charges, net and other items.

($ Millions)

8

Proprietary and Confidential

04/24/2012

Capital Expenditures

2012 $

2012

2011

O/(U) 2011

Full Service Lease

436

$     

112

$     

324

$        

Commercial Rental

335

317

18

Operating Property and Equipment

16

18

(2)

Gross Capital Expenditures

787

448

339

Less: Proceeds from Sales (Primarily Revenue Earning Equipment)

94

71

23

Net Capital Expenditures

693

$     

377

$     

316

$        

Memo: Acquisitions

2

$         

84

$       

(82)

$         

First Quarter

($ Millions)

9

Proprietary and Confidential

04/24/2012

Cash Flow from Continuing Operations

First Quarter

($ Millions)

2012

2011

Earnings from Continuing Operations

35

$                

26

$                

Depreciation

227

206

Gains on Vehicle Sales, Net

(22)

(12)

Amortization and Other Non-Cash Charges, Net

14

12

Pension Contributions

(4)

(4)

Changes in Working Capital and Deferred Taxes

(63)

(10)

Cash Provided by Operating Activities

186

218

Proceeds from Sales (Primarily Revenue Earning Equipment)

94

71

Collections of Direct Finance Leases

15

15

Total Cash Generated

296

304

Capital Expenditures

(1)

(471)

(313)

     Free Cash Flow

(2)

(175)

$            

(10)

$              

(1)

Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

(2)

Free Cash Flow excludes acquisitions and changes in restricted cash.

10

Proprietary and Confidential

275%

234%

201%

146%

129%

151%

168%

157%

225%

183%

203%

261%

267%

275%

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

12/31/11

3/31/12

Long Term

Target

Midpoint

Total Obligations to Equity

Balance Sheet Debt to Equity

04/24/2012

Debt to Equity Ratio

(1)

Represents

long

term

total

obligations

to

equity

target

of

250

-

300%

while

maintaining

a

strong

investment

grade

rating.

(2)

Total Equity includes impact of accumulated net pension related equity charge of $591 million as of 3/31/12, $595 million as of 12/31/11 and $420 million as of 3/31/11.

($ Millions)

(1)

11

Proprietary and Confidential

Contents

First Quarter 2012 Results Overview

Asset Management Update

Earnings Outlook

Q & A

04/24/2012

12

Proprietary and Confidential

04/24/2012

Units held for sale were 8,700 at quarter end, up from 5,000 units held for sale in the prior

year

–

Average units held for sale were 7,400 during the quarter, up from 5,200 in the prior year

The number of used vehicles sold in the first quarter were 5,000, up 22% from the prior

year

Proceeds per unit were up 20% for tractors and were up 3% for trucks in the first quarter

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

–

Proceeds per unit were up 1% for tractors and up 1% for trucks vs. the prior quarter

Vehicles no longer earning revenue (including units held for sale) were 12,200 at quarter-

end, up 4,800 from the prior year

Average first quarter total commercial rental fleet was up 31% year-over-year (13%

excluding acquisitions)

Global Asset Management Update

(1)

(1)

Units rounded to nearest hundred.

13

Proprietary and Confidential

Contents

First Quarter 2012 Results Overview

Asset Management Update

Earnings Forecast

Q & A

04/24/2012

14

Proprietary and Confidential

04/24/2012

EPS Forecast –

Continuing Operations

($ Earnings Per Share)

(1)

Full Year 2012 Comparable EPS Forecast excludes a $0.10 tax benefit and a $0.02 restructuring charge.  Second Quarter 2012 Comparable EPS Forecast excludes $0.01

in restructuring charges. Full year 2011 excludes $0.09 in net tax charges, $0.05 in restructuring charges and $0.04 in acquisition transaction costs.

Raising full year EPS forecast from $4.00 -

$4.10 to $4.02 -

$4.12

Current forecast is as follows:

15

Proprietary and Confidential

Q&A

04/24/2012

16

Proprietary and Confidential

Appendix

Business Segment Detail

Central Support Services

Balance Sheet

Asset Management

Financial Indicators Forecast

New

Business

Segment

Presentation

(2009

–

2011)

New

SCS

Segment

Presentation

(2009

–

2011)

Revenue and EBT (10 year history)

Non-GAAP Financial Measures & Reconciliations

04/24/2012

17

Proprietary and Confidential

04/24/2012

Fleet Management Solutions (FMS)

2012

2011

% B/(W)

Full Service Lease

510.6

$         

483.3

$         

6%

Contract Maintenance

39.9

38.1

5%

Contractual Revenue

550.5

521.4

6%

Contract-related Maintenance

53.6

44.7

20%

Commercial Rental

171.2

135.7

26%

Other

17.4

17.3

1%

Operating Revenue

792.7

719.0

10%

Fuel Services Revenue

278.6

261.1

7%

Total Revenue

1,071.4

$      

980.1

$         

9%

Segment Earnings Before Tax (EBT)

50.7

$            

42.4

$            

20%

Segment EBT as % of Total Revenue

4.7%

4.3%

Segment EBT as % of Operating Revenue

6.4%

5.9%

First Quarter

($ Millions)

18

Proprietary and Confidential

04/24/2012

Supply Chain Solutions (SCS)

(1)

First Quarter

($ Millions)

2012

2011

% B/(W)

Automotive

139.7

$        

122.7

$        

14%

High-Tech

80.3

80.4

-

Retail & CPG

178.8

167.1

7%

Industrial & Other

85.8

82.5

4%

Operating Revenue

484.6

452.7

7%

Subcontracted Transportation

87.3

83.1

5%

Total Revenue

571.9

$        

535.8

$        

7%

Segment Earnings Before Tax (EBT)

21.9

$           

20.2

$           

8%

Segment EBT as % of Total Revenue

3.8%

3.8%

Segment EBT as % of Operating Revenue

4.5%

4.5%

Memo:

      Dedicated Services - Operating Revenue

282.1

$        

249.6

$        

13%

      Dedicated Services - Total Revenue

328.3

$        

287.9

$        

14%

      Fuel Costs

66.8

$           

53.8

$           

24%

(1)

Combined Supply Chain Solutions and Dedicated Contract Carriage.

(2)

Excludes Dedicated Services Subcontracted Transportation.

19

Proprietary and Confidential

(2)

04/24/2012

Central Support Services (CSS)

2012

2011

% B/(W)

Allocated CSS Costs

38.7

$       

36.6

$        

(6)%

Unallocated CSS Costs

9.5

8.7

(9)%

Total CSS Costs

48.2

$       

45.3

$        

(6)%

First Quarter

($ Millions)

20

Proprietary and Confidential

04/24/2012

Balance Sheet

March 31,

December 31,

2012

2011

Cash and Cash Equivalents

114

$               

105

$               

Other Current Assets

1,002

984

Revenue Earning Equipment, Net

5,530

5,050

Operating Property and Equipment, Net

626

624

Other Assets

878

856

Total Assets

8,149

$            

7,618

$            

Short-Term Debt / Current Portion Long-Term Debt

587

$               

274

$               

Other Current Liabilities

1,175

900

Long-Term Debt

3,006

3,108

Other Non-Current Liabilities (including Deferred Income Taxes)

2,009

2,018

Shareholders' Equity

1,371

1,318

Total Liabilities and Shareholders' Equity

8,149

$            

7,618

$            

($ Millions)

21

Proprietary and Confidential

04/24/2012

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

765

569

905

1,061

1,210

1,269

896

1,521

1,684

1,485

2,088

1,334

1,147

1,701

889

742

1,855

572

0

500

1,000

1,500

2,000

2,500

Redeployments

Extensions

Early Terminations 

1Q 07

1Q 08

1Q 09

1Q 10

1Q 11

1Q 12

(c)

Redeployments

–

vehicles

coming off-lease with useful

life remaining are redeployed

in the Ryder fleet (Commercial

Rental, 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, SCS,

other Lease customer) or sold

by Ryder.

22

Proprietary and Confidential

04/24/2012

Financial Indicators Forecast

(1)

(1)

Total

Obligations

to

Equity

includes

acquisitions.

Free

Cash

Flow

and

Gross

Capital

Expenditures

exclude

acquisitions.

(2)

2000-2004

not

restated

for

operations

discontinued

in

2009.

(3)

Includes

$176

million

payment

to

the

IRS

related

to

full

resolution

of

1998

-

2000

tax

period

matters.

23

Proprietary and Confidential

New Business Segment Presentation

(1)

($ Millions)

04/24/2012

1Q 2011

2Q 2011

3Q 2011

4Q 2011

FY 2011

Operating Revenue:

Fleet Management Solutions

719.0

$    

778.9

$    

824.7

$    

813.3

$    

3,135.9

$

Supply Chain Solutions

452.7

456.8

476.3

471.8

1,857.5

Eliminations

(42.6)

(43.7)

(44.4)

(48.1)

(178.8)

   Total

1,129.1

$

1,192.0

$

1,256.5

$

1,237.0

$

4,814.6

$

Segment Earnings Before Tax:

Fleet Management Solutions

42.4

$      

71.5

$      

78.0

$      

73.8

$      

265.7

$    

Supply Chain Solutions

20.2

27.8

31.4

25.5

104.9

Eliminations

(4.9)

(6.5)

(5.7)

(7.1)

(24.2)

57.6

92.7

103.8

92.2

346.4

Central Support Services (Unallocated Share)

(8.7)

(11.2)

(11.5)

(11.1)

(42.5)

Non-service Pension Costs

(4.5)

(4.8)

(4.6)

(4.7)

(18.7)

Restructuring and Other Charges, Net and Other Items    

(0.8)

(1.7)

-

(3.3)

(5.8)

Earnings Before Income Taxes

43.6

75.0

87.7

73.1

279.4

Provision for Income Taxes

(17.8)

(34.1)

(30.7)

(25.4)

(108.0)

Earnings from Continuing Operations

25.9

$      

40.9

$      

56.9

$      

47.7

$      

171.4

$    

Comparable Earnings from Continuing Operations

26.3

$      

47.8

$      

56.4

$      

50.1

$      

180.6

$    

Net Earnings

25.1

$      

40.0

$      

56.5

$      

48.1

$      

169.8

$    

(1) Supply Chain Solutions and Dedicated Contract Carriage have been combined. Non-service pension costs have been excluded from segment earnings.

Note: Amounts may not recalculate due to rounding.

24

Proprietary and Confidential

New Business Segment Presentation

(1)

($ Millions)

Proprietary and Confidential

1Q 2010

2Q 2010

3Q 2010

4Q 2010

FY 2010

Operating Revenue:

Fleet Management Solutions

677.4

$    

709.0

$    

733.9

$    

726.3

$    

2,846.5

$

Supply Chain Solutions

350.2

368.5

377.2

377.6

1,473.5

Eliminations

(40.0)

(40.4)

(39.5)

(41.9)

(161.8)

   Total

987.6

$    

1,037.1

$

1,071.6

$

1,061.9

$

4,158.2

$

Segment Earnings Before Tax:

Fleet Management Solutions

27.3

$      

51.6

$      

60.3

$      

55.7

$      

194.9

$    

Supply Chain Solutions

15.2

21.6

24.5

20.4

81.7

Eliminations

(4.7)

(5.1)

(4.6)

(4.8)

(19.3)

37.8

68.1

80.2

71.3

257.3

Central Support Services (Unallocated Share)

(8.8)

(9.8)

(11.9)

(10.7)

(41.2)

Non-service Pension Costs

(6.5)

(6.1)

(6.3)

(7.8)

(26.6)

Restructuring and Other Charges, Net and Other Items    

-

-

-

(3.2)

(3.2)

Earnings Before Income Taxes

22.5

52.2

62.0

49.6

186.3

Provision for Income Taxes

(9.6)

(21.6)

(22.3)

(8.1)

(61.7)

Earnings from Continuing Operations

12.9

$      

30.6

$      

39.7

$      

41.5

$      

124.6

$    

Comparable Earnings from Continuing Operations

12.9

$      

30.6

$      

39.7

$      

33.8

$      

117.0

$    

Net Earnings

12.4

$      

29.8

$      

38.8

$      

37.1

$      

118.2

$    

04/24/2012

25

(1) Supply Chain Solutions and Dedicated Contract Carriage have been combined. Non-service pension costs have been excluded from segment earnings.

Note: Amounts may not recalculate due to rounding.

New Business Segment Presentation

(1)

($ Millions)

1Q 2009

2Q 2009

3Q 2009

4Q 2009

FY 2009

Operating Revenue:

Fleet Management Solutions

693.2

$    

712.6

$    

712.5

$    

699.5

$    

2,817.7

$

Supply Chain Solutions

341.1

347.0

362.8

361.0

1,412.0

Eliminations

(43.5)

(41.8)

(41.2)

(40.7)

(167.2)

   Total

990.8

$    

1,017.8

$

1,034.0

$

1,019.8

$

4,062.5

$

Segment Earnings Before Tax:

Fleet Management Solutions

40.7

$      

51.5

$      

47.6

$      

42.4

$      

182.2

$    

Supply Chain Solutions

12.7

17.7

26.8

19.5

76.6

Eliminations

(5.6)

(4.8)

(5.7)

(4.9)

(21.1)

47.8

64.4

68.7

57.0

237.8

Central Support Services (Unallocated Share)

(6.9)

(8.2)

(9.1)

(11.1)

(35.3)

Non-service Pension Costs

(11.8)

(11.0)

(11.5)

(11.4)

(45.6)

Restructuring and Other Charges, Net and Other Items    

(6.7)

0.2

(3.9)

(2.7)

(13.1)

Earnings Before Income Taxes

22.4

45.3

44.2

31.8

143.8

Provision for Income Taxes

(11.5)

(18.3)

(15.8)

(8.1)

(53.7)

Earnings from Continuing Operations

10.9

$      

27.1

$      

28.4

$      

23.7

$      

90.1

$      

Comparable Earnings from Continuing Operations

16.7

$      

27.0

$      

28.7

$      

22.2

$      

94.6

$      

Net Earnings

6.8

$        

22.9

$      

24.0

$      

8.2

$        

61.9

$      

04/24/2012

26

Proprietary and Confidential

(1) Supply Chain Solutions and Dedicated Contract Carriage have been combined. Non-service pension costs have been excluded from segment earnings.

Note: Amounts may not recalculate due to rounding.

04/24/2012

27

Proprietary and Confidential

New SCS Segment Presentation

(1)

1Q 2011

2Q 2011

3Q 2011

4Q 2011

FY 2011

Automotive

122.7

$    

107.8

$    

115.3

$    

123.3

$    

469.2

$    

High-Tech

80.4

85.4

84.0

83.8

333.6

Retail & CPG

167.1

176.1

187.6

180.3

711.0

Industrial & Other

82.5

87.6

89.3

84.3

343.7

Operating Revenue

452.7

456.8

476.3

471.7

1,857.5

Subcontracted Transportation

83.1

83.2

88.7

93.5

348.5

Total Revenue

535.8

$    

540.0

$    

565.0

$    

565.3

$    

2,206.0

$

Segment Earnings Before Tax (EBT)

20.2

$      

27.8

31.4

25.5

104.9

Segment EBT as % of Total Revenue

3.8%

5.1%

5.6%

4.5%

4.8%

Segment EBT as % of Operating Revenue

4.5%

6.1%

6.6%

5.4%

5.6%

Memo:

Dedicated Services - Operating Revenue

(2)

249.6

$    

249.4

$    

261.2

$    

267.0

$    

1,027.2

$

Dedicated Services - Total Revenue

287.9

$    

286.0

$    

303.9

$    

315.2

$    

1,193.0

$

Fuel Costs

53.8

$      

55.1

$      

54.9

$      

59.9

$      

223.7

$    

(1)

Combined Supply Chain Solutions and Dedicated Contract Carriage.

(2)

Excludes Dedicated Services Subcontracted Transportation.

Note: Amounts may not recalculate due to rounding.

04/24/2012

28

Proprietary and Confidential

New SCS Segment Presentation

(1)

1Q 2010

2Q 2010

3Q 2010

4Q 2010

FY 2010

Automotive

106.6

$    

113.1

$    

114.7

$    

114.2

$    

448.7

$    

High-Tech

72.3

74.7

79.3

82.5

308.8

Retail & CPG

95.6

98.6

100.2

100.3

394.7

Industrial & Other

75.8

82.1

83.0

80.5

321.3

Operating Revenue

350.2

368.5

377.2

377.6

1,473.5

Subcontracted Transportation

60.3

64.6

67.0

69.4

261.3

Total Revenue

410.5

$    

433.1

$    

444.3

$    

446.9

$    

1,734.8

$

Segment Earnings Before Tax (EBT)

15.2

$      

21.6

24.5

20.4

81.7

Segment EBT as % of Total Revenue

3.7%

5.0%

5.5%

4.6%

4.7%

Segment EBT as % of Operating Revenue

4.3%

5.9%

6.5%

5.4%

5.5%

Memo:

Dedicated Services - Operating Revenue

(2)

218.9

$    

231.6

$    

231.4

$    

230.8

$    

912.7

$    

Dedicated Services - Total Revenue

247.7

$    

260.8

$    

260.7

$    

261.7

$    

1,030.9

$

Fuel Costs

37.9

$      

41.1

$      

40.4

$      

43.3

$      

162.7

$    

(1)

Combined Supply Chain Solutions and Dedicated Contract Carriage.

(2)

Excludes Dedicated Services Subcontracted Transportation.

Note: Amounts may not recalculate due to rounding.

04/24/2012

29

Proprietary and Confidential

New SCS Segment Presentation

(1)

1Q 2009

2Q 2009

3Q 2009

4Q 2009

FY 2009

Automotive

94.9

$      

98.0

$      

107.3

$    

109.2

$    

409.3

$    

High-Tech

75.0

75.8

75.6

74.0

300.4

Retail & CPG

91.7

91.6

96.8

99.3

379.4

Industrial & Other

79.5

81.7

83.0

78.6

322.8

Operating Revenue

341.1

347.1

362.8

361.0

1,412.0

Subcontracted Transportation

41.2

44.8

52.5

60.3

198.9

Total Revenue

382.3

$    

391.9

$    

415.3

$    

421.4

$    

1,610.9

$

Segment Earnings Before Tax (EBT)

12.7

$      

17.7

26.8

19.5

76.6

Segment EBT as % of Total Revenue

3.3%

4.5%

6.5%

4.6%

4.8%

Segment EBT as % of Operating Revenue

3.7%

5.1%

7.4%

5.4%

5.4%

Memo:

Dedicated Services - Operating Revenue

(2)

213.5

$    

219.8

$    

229.3

$    

225.8

$    

888.4

$    

Dedicated Services - Total Revenue

227.1

$    

239.7

$    

253.8

$    

253.9

$    

974.5

$    

Fuel Costs

30.3

$      

31.7

$      

35.7

$      

37.0

$      

134.7

$    

(1)

Combined Supply Chain Solutions and Dedicated Contract Carriage.

(2)

Excludes Dedicated Services Subcontracted Transportation.

Note: Amounts may not recalculate due to rounding.

Segment –

Revenue

(1)

Total Revenue

Operating Revenue

(1)

2001-2003 not restated for discontinued operations.

(2)

FMS Operating Revenue excludes fuel services revenue.

(3)

SCS Operating Revenue excludes subcontracted transportation.

04/24/2012

($ Billions)

30

Proprietary and Confidential

Segment –

Earnings Before Tax (EBT)

(1)

EBT as % of Total Revenue

EBT as % of Operating Revenue

(1)

2001-2003 not restated for discontinued operations.

(2)

Excludes non-service pension costs.

04/24/2012

31

Proprietary and Confidential

04/24/2012

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.  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 / Total Revenue Forecast

Key Financial Statistics

5

Comparable Earnings / Comparable EPS

Earnings / EPS from Continuing Operations

Earnings and EPS from Continuing Operations

Reconciliation / Earnings from Continuing

Operations Reconciliation 2009 / Earnings from

Continuing Operations Reconciliation 2010 /

Earnings from Continuing Operations

Reconciliation 2011

33, 42-

44

Comparable EPS Excluding Non-Service Pension

Costs

EPS from Continuing Operations

Earnings and EPS from Continuing Operations

Reconciliation

33

Comparable Earnings Before Income Tax /

Comparable Tax Rate

Earnings Before Income Tax / Tax Rate

EBT and Tax Rate from Continuing Operations

Reconciliation

34

Comparable EPS Forecast

EPS Forecast

EPS Forecast –

Continuing Operations

15

Adjusted Return on Capital / Adjusted Total Capital

Net Earnings / Total Capital

Adjusted Return on Capital Reconciliation  /

Segment Adjusted Return on Capital

Reconciliation

36-37

Total Cash Generated / Free Cash Flow

Cash Provided by Operating Activities

Cash Flow Reconciliation

39-40

Total Obligations / Total Obligations to Equity

Balance Sheet Debt / Debt to Equity

Debt to Equity Reconciliation

37-38

FMS and SCS  Operating Revenue

FMS and SCS  Total Revenue

Fleet Management Solutions / Supply Chain

Solutions / New SCS Segment Presentation ,

FMS Operating Results 2009-2011

18,19,

27-29,

41

32

Proprietary and Confidential

Earnings and EPS from Continuing Operations Reconciliation

($ Millions or $ Earnings Per Share)

1Q12 -

1Q12 -

1Q11 -

1Q11 -

Earnings

EPS

Earnings

EPS

Reported

34.9

$    

0.68

$    

25.9

$    

0.50

$    

Tax Benefits

(5.0)

(0.10)

-

-

Restructuring Charges

0.6

0.01

0.5

0.01

Comparable

30.6

0.59

26.3

0.51

Non-Service Pension Costs

4.9

0.10

2.7

0.05

Comparable EPS excluding Non-Service Pension Costs

35.5

$    

0.69

$    

30.8

$    

0.56

$    

Proprietary and Confidential

33

04/24/2012

EBT and Tax Rate from Continuing Operations Reconciliation

($ Millions or $ Earnings Per Share)

1Q12 -

1Q12 -

1Q12 -

EBT

Tax

Tax Rate

Reported

47.7

$     

12.8

$    

26.9%

Tax Benefits

-

5.0

Restructuring Charges

0.9

0.2

Comparable

48.6

$     

18.0

$    

37.1%

04/24/2012

34

Proprietary and Confidential

04/24/2012

Adjusted Return on Capital Reconciliation

($ Millions)

(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)

The average is calculated based on the average GAAP balances.

(5)

Represents comparable earnings items for those periods.

3/31/12

3/31/11

Net Earnings

(1)

179

$     

131

$     

Restructuring and Other Charges, Net and Other Items

6

7

Income Taxes

103

69

Adjusted Earnings Before Income Taxes

288

207

Adjusted Interest Expense

(2)

135

134

Adjusted Income Taxes

(3)

(156)

(132)

Adjusted Net Earnings

268

$     

209

$     

Average Total Debt

(4)

3,256

$  

2,591

$  

Average Off-Balance Sheet Debt

(4)

72

109

Average Total Shareholders' Equity

(4)

1,409

1,403

Average Adjustments to Shareholders' Equity

(5)

5

(1)

Adjusted Average Total Capital

4,742

$  

4,102

$  

Adjusted Return on Capital

5.6%

5.1%

35

Proprietary and Confidential

04/24/2012

Segment Adjusted Return on Capital Reconciliation

($ Millions)

36

Proprietary and Confidential

04/24/2012

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%

Note:

In

connection

with

adopting

FIN

46

effective

July

1,

2003,

the

Company

consolidated

the

vehicle

securitization

trusts

previously

disclosed

as

off-balance

sheet

debt.

($ Millions)

37

Proprietary and Confidential

04/24/2012

Debt to Equity Reconciliation

($ Millions)

Note: Amounts may not recalculate due to rounding.

% to

% to

% to

% to

% to

12/31/08

Equity

12/31/09

Equity

12/31/10

Equity

12/31/11

Equity

3/31/12

Equity

3/31/11

Balance Sheet Debt

$2,863

213%

$2,498

175%

$2,747

196%

$3,382

257%

$3,593

262%

$2,809

Receivables Sold

-

-

-

-

-

-

PV of minimum

lease payments and

guaranteed residual

values under

operating leases for

vehicles

163

119

100

64

63

99

Total Obligations

$3,026

225%

$2,617

183%

$2,847

203%

$3,446

261%

$3,656

267%

$2,908

38

Proprietary and Confidential

04/24/2012

($ Millions)

Cash Flow Reconciliation 

39

Proprietary and Confidential

(1)

Amounts have not been recasted for discontinued operations

(2)

Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

(3)

Free Cash Flow excludes acquisitions and changes in restricted cash.

04/24/2012

($ Millions)

(1)

Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

(2)

Free Cash Flow excludes acquisitions and changes in restricted cash.

Cash Flow Reconciliation 

40

Proprietary and Confidential

FMS Operating Results 2009 -

2011

($ Millions)

1Q 2009

2Q 2009

3Q 2009

4Q 2009

FY 2009

Fleet Management Solutions

Operating Revenue

693.2

$    

712.6

$    

712.5

$    

699.5

$    

2,817.7

$

Fuel Services Revenue

170.3

178.7

200.3

200.8

750.1

   Total

863.5

891.3

912.8

900.2

3,567.8

1Q 2010

2Q 2010

3Q 2010

4Q 2010

FY 2010

Fleet Management Solutions

Operating Revenue

677.4

$    

709.0

$    

733.9

$    

726.3

$    

2,846.5

$

Fuel Services Revenue

206.6

222.2

215.1

221.8

865.6

   Total

884.0

931.2

948.9

948.1

3,712.2

1Q 2011

2Q 2011

3Q 2011

4Q 2011

FY 2011

Fleet Management Solutions

Operating Revenue

719.0

$    

778.9

$    

824.7

$    

813.3

$    

3,135.9

$

Fuel Services Revenue

261.1

285.6

274.4

261.3

1,082.5

   Total

980.1

1,064.5

1,099.0

1,074.7

4,218.3

04/24/2012

41

Proprietary and Confidential

Earnings from Continuing Operations Reconciliation 2009

($ Millions or $ Earnings Per Share)

1Q09 -

2Q09 -

3Q09 -

4Q09 -

FY09 -

Earnings

Earnings

Earnings

Earnings

Earnings

Reported

10.9

$    

27.1

$    

28.4

$    

23.7

$    

90.1

$  

International Asset Impairment

3.9

-

0.2

2.4

6.7

Reversal of Tax Reserves

-

-

(2.2)

-

(2.2)

Tax law changes

-

-

-

(4.1)

(4.1)

Restructuring Charges (Recovery)

1.9

(0.1)

2.3

0.2

4.2

Comparable

16.7

$    

27.0

$    

28.7

$    

22.2

$    

94.6

$  

Proprietary and Confidential

42

04/24/2012

Earnings from Continuing Operations Reconciliation 2010

($ Millions or $ Earnings Per Share)

1Q10 -

2Q10 -

3Q10 -

4Q10 -

FY10 -

Earnings

Earnings

Earnings

Earnings

Earnings

Reported

22.5

$    

52.2

$    

62.0

$    

41.4

$    

124.6

$   

Int'l Asset Gain on Sale

-

-

-

(0.9)

(0.9)

Tax Benefits

-

-

-

(10.8)

(10.8)

Acquisition Related Transaction Costs

-

-

-

4.1

4.1

Comparable

22.5

$    

52.2

$    

62.0

$    

33.8

$    

117.0

$   

Proprietary and Confidential

43

04/24/2012

Earnings from Continuing Operations Reconciliation 2011

($ Millions or $ Earnings Per Share)

1Q11 -

2Q11 -

3Q11 -

4Q11 -

FY11 -

Earnings

Earnings

Earnings

Earnings

Earnings

Reported

25.9

$    

40.9

$    

56.9

$    

47.7

$    

171.4

$      

Tax Law Changes/Benefits

-

5.4

(0.6)

-

4.8

Acquisition Transaction Costs

-

1.5

-

0.4

1.9

Restructuring Charges

0.5

-

-

2.0

2.5

Comparable

26.3

$    

47.8

$    

56.4

$    

50.1

$    

180.6

$      

Proprietary and Confidential

44

04/24/2012

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