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RYDER SYSTEM, INC. AND SUBSIDIARIES

                     CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
                                   Periods ended March 31, 2008 and 2007
                                    (In millions, except per share amounts)



                                                                                                     Three Months
                                                                                                  2008        2007



Revenue                                                                                       $ 1,543.6        1,594.1


Operating expense                                                                                    763.8      667.2
Salaries and employee-related costs                                                                  358.4      354.2
Subcontracted transportation                                                                          75.3      247.2
Depreciation expense                                                                                 206.0      196.2
Gains on vehicle sales, net                                                                          (12.4)         (15.0)
Equipment rental                                                                                      21.5          20.5
Interest expense                                                                                      37.4          39.4
Miscellaneous expense (income), net                                                                    1.6           (0.9)
Restructuring and other (recoveries) charges, net                                                     (0.1)           0.5
                                                                                                  1,451.5      1,509.3


Earnings before income taxes                                                                          92.1          84.8
Provision for income taxes                                                                           (36.0)         (33.5)
Net earnings                                                                                  $       56.1          51.3



Earnings per common share - Diluted:                                                          $       0.96          0.84


Weighted-average shares outstanding - Diluted:                                                        58.2          61.2




Note: Certain prior period amounts have been reclassified to conform to current year presentation.
RYDER SYSTEM, INC. AND SUBSIDIARIES

                                     CONSOLIDATED CONDENSED BALANCE SHEETS
                                    PRELIMINARY AND SUBJECT TO RECLASSIFICATION
                                                  (Dollars in millions)



                                                                                         (unaudited)
                                                                                          March 31,       December 31,
                                                                                            2008             2007

Assets:

  Cash and cash equivalents                                                          $          114.6               116.5
  Other current assets                                                                        1,013.3             1,105.6
  Revenue earning equipment, net                                                              4,583.4             4,501.4
  Operating property and equipment, net                                                         534.7               518.7
  Other assets                                                                                  654.6               612.4
                                                                                     $        6,900.6             6,854.6

Liabilities and shareholders' equity:

  Short-term debt / current portion of long-term debt                                $          302.4               222.7
  Other current liabilities                                                                     811.7               796.7
  Long-term debt                                                                              2,494.1             2,553.4
  Other non-current liabilities (including deferred income taxes)                             1,418.5             1,394.2
  Shareholders' equity                                                                        1,873.9             1,887.6
                                                                                     $        6,900.6             6,854.6




                                                SELECTED KEY RATIOS

                                                                                         March 31,        December 31,
                                                                                          2008               2007

Debt to equity                                                                             149%               147%
Total obligations to equity (a) *                                                          159%               157%

                                                                                          Three months ended March 31,
                                                                                           2008               2007

Return on average shareholders' equity (b)                                                 14.2%              15.2%
Return on average assets (b)                                                               3.7%               3.8%
Return on capital*                                                                         7.5%               7.8%



(a) Total obligations represent debt plus off-balance sheet equipment obligations.
(b) Includes the effect of accounting changes.

* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this
release.
RYDER SYSTEM, INC. AND SUBSIDIARIES

                         BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
                                   Periods ended March 31, 2008 and 2007
                                             (Dollars in millions)

                                                                                  Three Months
                                                                     2008              2007       B(W)
Revenue:
   Fleet Management Solutions:
      Full service lease                                         $     504.2             475.9        6%
      Contract maintenance                                              40.6              37.2        9%
        Contractual revenue                                            544.8             513.1        6%
      Contract-related maintenance                                      51.7              52.1      (1%)
      Commercial rental                                                132.7             131.0        1%
      Other                                                             18.4              17.7        4%
      Fuel                                                             358.0             274.2       31%
        Total Fleet Management Solutions                             1,105.6             988.1       12%
   Supply Chain Solutions                                              414.2             566.4     (27%)
   Dedicated Contract Carriage                                         137.2             138.5      (1%)
   Eliminations                                                       (113.4)            (98.9)    (15%)
        Total revenue                                            $   1,543.6           1,594.1      (3%)



Operating Revenue: *
   Fleet Management Solutions                                    $     747.6             713.9        5%
   Supply Chain Solutions                                              342.0             322.1        6%
   Dedicated Contract Carriage                                         134.0             135.6      (1%)
   Eliminations                                                        (51.3)            (52.4)       2%
      Total operating revenue                                    $   1,172.3           1,119.2        5%



Business segment earnings:
  Earnings before income taxes:
    Fleet Management Solutions                                   $        91.4            80.8       13%
    Supply Chain Solutions                                                 8.3            11.4     (27%)
    Dedicated Contract Carriage                                           11.3            10.4        9%
    Eliminations                                                          (7.5)           (9.0)      16%
                                                                         103.5            93.6       11%
  Unallocated Central Support Services                                   (11.5)           (8.3)    (39%)
  Earnings before restructuring and
    other recoveries (charges), net and income taxes                      92.0            85.3        8%
  Restructuring and other recoveries (charges), net                        0.1            (0.5)      NM
  Earnings before income taxes                                            92.1            84.8        9%
  Provision for income taxes                                             (36.0)          (33.5)     (7%)
  Net earnings                                                   $        56.1            51.3        9%




* Non-GAAP financial measure
RYDER SYSTEM, INC. AND SUBSIDIARIES

                          BUSINESS SEGMENT INFORMATION - UNAUDITED
                               Periods ended March 31, 2008 and 2007
                                         (Dollars in Millions)
                                                                     Three Months
                                                               2008      2007        B(W)

Fleet Management Solutions

Total revenue                                              $   1,105.6      988.1      12%
Fuel revenue                                                    (358.0)    (274.2)     31%
Operating revenue *                                        $     747.6      713.9       5%

Segment earnings before income taxes                       $      91.4      80.8       13%

Earnings before income taxes as % of total revenue               8.3%       8.2%

Earnings before income taxes as % of operating revenue *        12.2%      11.3%



Supply Chain Solutions

Total revenue                                              $    414.2       566.4     (27%)
Subcontracted transportation                                    (72.2)     (244.3)    (70%)
Operating revenue *                                        $    342.0       322.1        6%

Segment earnings before income taxes                       $       8.3      11.4      (27%)

Earnings before income taxes as % of total revenue               2.0%       2.0%

Earnings before income taxes as % of operating revenue *         2.4%       3.6%

Memo: Fuel costs                                           $      40.4      27.9      (45%)

Dedicated Contract Carriage

Total revenue                                              $    137.2      138.5       (1%)
Subcontracted transportation                                     (3.2)      (2.9)        9%
Operating revenue *                                        $    134.0      135.6       (1%)

Segment earnings before income taxes                       $      11.3      10.4        9%

Earnings before income taxes as % of total revenue               8.2%       7.5%

Earnings before income taxes as % of operating revenue *         8.4%       7.6%

Memo: Fuel costs                                           $      30.8      24.7      (25%)

* Non-GAAP financial measure

Note: Amounts may not recalculate due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES

                                           NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - PRELIMINARY AND UNAUDITED
                                                                         (In millions)



OPERATING REVENUE RECONCILIATION                                                              Three months ended March 31,
                                                                                               2008                2007

Total revenue                                                                          $              1,543.6              1,594.1
Fuel services and subcontracted transportation revenue                                                 (433.4)              (521.4)
Fuel eliminations                                                                                        62.1                 46.5
Operating revenue *                                                                    $              1,172.3              1,119.2




CASH FLOW RECONCILIATION                                                                      Three months ended March 31,
                                                                                               2008                2007

Net cash provided by operating activities                                              $                300.3                 253.2
Proceeds from sales (primarily revenue earning equipment)                                                75.0                  94.3
Collections on direct finance leases                                                                     17.6                  15.7
Other, net                                                                                                0.4                   0.8
Total cash generated *                                                                                  393.3                 364.0
Capital expenditures                                                                                   (273.9)               (487.4)
Free cash flow *                                                                       $                119.4                (123.4)



SCS REVENUE RECONCILIATION                                                                                 Three Months ended March 31,
                                                                                               2008                   2007                     B(W)

Total SCS revenue                                                                      $               414.2                  566.4                     (27%)
Customer contract modification                                                                           -                   (174.8)                      NM
Adjusted total SCS revenue*                                                            $               414.2                  391.6                        6%




DEBT TO EQUITY RECONCILIATION                                                                March 31,                                      December 31,
                                                                                              2008                 % to Equity                                  % to Equity
                                                                                                                                               2007

On-balance sheet debt                                                                  $              2,796.5         149%              $             2,776.1     147%
Off-balance sheet debt - PV of minimum lease payments and
      guaranteed residual values under operating leases for vehicles (a
                                                                                                        176.3                                           178.0
Total obligations *                                                                    $              2,972.8         159%              $             2,954.1     157%




RETURN ON CAPITAL RECONCILIATION                                                             Twelve months ended March 31,
                                                                                              2008                 2007




Net earnings (12-month rolling period)                                                 $                258.7                 252.6
+ Restructuring and other items                                                                           1.5                   -
+ Income taxes                                                                                          154.0                 146.0
   Adjusted earnings before income taxes                                                                414.2                 398.6
+ Adjusted interest expense (b)                                                                         168.3                 154.1
- Adjusted income taxes (c)                                                                            (221.9)               (212.0)
= Adjusted net earnings for ROC (numerator)                                            $                360.6                 340.7


Average total debt                                                                     $              2,832.4              2,631.7
+ Average off-balance sheet debt                                                                        174.8                 89.1
+ Average adjusted total shareholders' equity (d)                                                     1,825.6              1,660.7
= Adjusted average total capital (denominator)                                         $              4,832.8              4,381.5


Adjusted ROC *                                                                                           7.5%                    7.8%

Notes:
  (a) Discounted at the incremental borrowing rate at lease inception.
  (b) Interest expense includes implied interest on off-balance sheet vehicle obligations.
  (c) Income taxes were calculated using the effective income tax rate for the period exclusive of
      benefits from tax law changes recognized in 2006.
  (d) Represents shareholders' equity adjusted for accounting changes and tax
      benefits in those periods.

    * Non-GAAP financial measure

      Certain prior period amounts have been reclassified to conform to current year presentation.

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NewnewFINALPRTABLESQ108

  • 1. RYDER SYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED Periods ended March 31, 2008 and 2007 (In millions, except per share amounts) Three Months 2008 2007 Revenue $ 1,543.6 1,594.1 Operating expense 763.8 667.2 Salaries and employee-related costs 358.4 354.2 Subcontracted transportation 75.3 247.2 Depreciation expense 206.0 196.2 Gains on vehicle sales, net (12.4) (15.0) Equipment rental 21.5 20.5 Interest expense 37.4 39.4 Miscellaneous expense (income), net 1.6 (0.9) Restructuring and other (recoveries) charges, net (0.1) 0.5 1,451.5 1,509.3 Earnings before income taxes 92.1 84.8 Provision for income taxes (36.0) (33.5) Net earnings $ 56.1 51.3 Earnings per common share - Diluted: $ 0.96 0.84 Weighted-average shares outstanding - Diluted: 58.2 61.2 Note: Certain prior period amounts have been reclassified to conform to current year presentation.
  • 2. RYDER SYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS PRELIMINARY AND SUBJECT TO RECLASSIFICATION (Dollars in millions) (unaudited) March 31, December 31, 2008 2007 Assets: Cash and cash equivalents $ 114.6 116.5 Other current assets 1,013.3 1,105.6 Revenue earning equipment, net 4,583.4 4,501.4 Operating property and equipment, net 534.7 518.7 Other assets 654.6 612.4 $ 6,900.6 6,854.6 Liabilities and shareholders' equity: Short-term debt / current portion of long-term debt $ 302.4 222.7 Other current liabilities 811.7 796.7 Long-term debt 2,494.1 2,553.4 Other non-current liabilities (including deferred income taxes) 1,418.5 1,394.2 Shareholders' equity 1,873.9 1,887.6 $ 6,900.6 6,854.6 SELECTED KEY RATIOS March 31, December 31, 2008 2007 Debt to equity 149% 147% Total obligations to equity (a) * 159% 157% Three months ended March 31, 2008 2007 Return on average shareholders' equity (b) 14.2% 15.2% Return on average assets (b) 3.7% 3.8% Return on capital* 7.5% 7.8% (a) Total obligations represent debt plus off-balance sheet equipment obligations. (b) Includes the effect of accounting changes. * Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.
  • 3. RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED Periods ended March 31, 2008 and 2007 (Dollars in millions) Three Months 2008 2007 B(W) Revenue: Fleet Management Solutions: Full service lease $ 504.2 475.9 6% Contract maintenance 40.6 37.2 9% Contractual revenue 544.8 513.1 6% Contract-related maintenance 51.7 52.1 (1%) Commercial rental 132.7 131.0 1% Other 18.4 17.7 4% Fuel 358.0 274.2 31% Total Fleet Management Solutions 1,105.6 988.1 12% Supply Chain Solutions 414.2 566.4 (27%) Dedicated Contract Carriage 137.2 138.5 (1%) Eliminations (113.4) (98.9) (15%) Total revenue $ 1,543.6 1,594.1 (3%) Operating Revenue: * Fleet Management Solutions $ 747.6 713.9 5% Supply Chain Solutions 342.0 322.1 6% Dedicated Contract Carriage 134.0 135.6 (1%) Eliminations (51.3) (52.4) 2% Total operating revenue $ 1,172.3 1,119.2 5% Business segment earnings: Earnings before income taxes: Fleet Management Solutions $ 91.4 80.8 13% Supply Chain Solutions 8.3 11.4 (27%) Dedicated Contract Carriage 11.3 10.4 9% Eliminations (7.5) (9.0) 16% 103.5 93.6 11% Unallocated Central Support Services (11.5) (8.3) (39%) Earnings before restructuring and other recoveries (charges), net and income taxes 92.0 85.3 8% Restructuring and other recoveries (charges), net 0.1 (0.5) NM Earnings before income taxes 92.1 84.8 9% Provision for income taxes (36.0) (33.5) (7%) Net earnings $ 56.1 51.3 9% * Non-GAAP financial measure
  • 4. RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT INFORMATION - UNAUDITED Periods ended March 31, 2008 and 2007 (Dollars in Millions) Three Months 2008 2007 B(W) Fleet Management Solutions Total revenue $ 1,105.6 988.1 12% Fuel revenue (358.0) (274.2) 31% Operating revenue * $ 747.6 713.9 5% Segment earnings before income taxes $ 91.4 80.8 13% Earnings before income taxes as % of total revenue 8.3% 8.2% Earnings before income taxes as % of operating revenue * 12.2% 11.3% Supply Chain Solutions Total revenue $ 414.2 566.4 (27%) Subcontracted transportation (72.2) (244.3) (70%) Operating revenue * $ 342.0 322.1 6% Segment earnings before income taxes $ 8.3 11.4 (27%) Earnings before income taxes as % of total revenue 2.0% 2.0% Earnings before income taxes as % of operating revenue * 2.4% 3.6% Memo: Fuel costs $ 40.4 27.9 (45%) Dedicated Contract Carriage Total revenue $ 137.2 138.5 (1%) Subcontracted transportation (3.2) (2.9) 9% Operating revenue * $ 134.0 135.6 (1%) Segment earnings before income taxes $ 11.3 10.4 9% Earnings before income taxes as % of total revenue 8.2% 7.5% Earnings before income taxes as % of operating revenue * 8.4% 7.6% Memo: Fuel costs $ 30.8 24.7 (25%) * Non-GAAP financial measure Note: Amounts may not recalculate due to rounding.
  • 5. RYDER SYSTEM, INC. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - PRELIMINARY AND UNAUDITED (In millions) OPERATING REVENUE RECONCILIATION Three months ended March 31, 2008 2007 Total revenue $ 1,543.6 1,594.1 Fuel services and subcontracted transportation revenue (433.4) (521.4) Fuel eliminations 62.1 46.5 Operating revenue * $ 1,172.3 1,119.2 CASH FLOW RECONCILIATION Three months ended March 31, 2008 2007 Net cash provided by operating activities $ 300.3 253.2 Proceeds from sales (primarily revenue earning equipment) 75.0 94.3 Collections on direct finance leases 17.6 15.7 Other, net 0.4 0.8 Total cash generated * 393.3 364.0 Capital expenditures (273.9) (487.4) Free cash flow * $ 119.4 (123.4) SCS REVENUE RECONCILIATION Three Months ended March 31, 2008 2007 B(W) Total SCS revenue $ 414.2 566.4 (27%) Customer contract modification - (174.8) NM Adjusted total SCS revenue* $ 414.2 391.6 6% DEBT TO EQUITY RECONCILIATION March 31, December 31, 2008 % to Equity % to Equity 2007 On-balance sheet debt $ 2,796.5 149% $ 2,776.1 147% Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a 176.3 178.0 Total obligations * $ 2,972.8 159% $ 2,954.1 157% RETURN ON CAPITAL RECONCILIATION Twelve months ended March 31, 2008 2007 Net earnings (12-month rolling period) $ 258.7 252.6 + Restructuring and other items 1.5 - + Income taxes 154.0 146.0 Adjusted earnings before income taxes 414.2 398.6 + Adjusted interest expense (b) 168.3 154.1 - Adjusted income taxes (c) (221.9) (212.0) = Adjusted net earnings for ROC (numerator) $ 360.6 340.7 Average total debt $ 2,832.4 2,631.7 + Average off-balance sheet debt 174.8 89.1 + Average adjusted total shareholders' equity (d) 1,825.6 1,660.7 = Adjusted average total capital (denominator) $ 4,832.8 4,381.5 Adjusted ROC * 7.5% 7.8% Notes: (a) Discounted at the incremental borrowing rate at lease inception. (b) Interest expense includes implied interest on off-balance sheet vehicle obligations. (c) Income taxes were calculated using the effective income tax rate for the period exclusive of benefits from tax law changes recognized in 2006. (d) Represents shareholders' equity adjusted for accounting changes and tax benefits in those periods. * Non-GAAP financial measure Certain prior period amounts have been reclassified to conform to current year presentation.