Ryder System Inc., which provides transportation, logistics and supply chain management solutions worldwide, reported that net earnings were $56.1 million, up 9 percent from $51.3 million in the year-earlier period, driven by better operating performance, primarily in Fleet Management Solutions (FMS). Earnings per diluted share (EPS) growth exceeded earnings growth due to the impact of share repurchase programs. EPS were 96 cents for the three-month period ended March 31, 2008, up 14 percent from EPS of 84 cents in the year-earlier period.

Total revenue for the first quarter of 2008 was $1.54 billion, down 3 percent from $1.59 billion in the comparable period last year. Ryder said that the decline was due to a previously announced change from gross to net revenue reporting in a subcontracted transportation agreement, and has no impact on operating revenue or earnings.

Ryder Chairman and CEO Greg Swienton said the company’s Fleet Management Solutions segment drove stronger-than-expected results through continued contractual revenue growth, improved commercial rental operations and better-than-forecasted used vehicle sales results.

Ryder is increasing its full-year 2008 earnings forecast to a range of $4.55 to $4.75 per share. In addition, it is forecasting second quarter EPS to be in the range of $1.10 to $1.20.