Ryder posts higher profit, raises outlook

Oct 23 (Reuters) - Trucking and logistics company Ryder System Inc reported higher quarterly profit on Tuesday, helped by cost cuts, a reduced fleet, and sales of used vehicles, and raised its forecast for the balance of the year.

The Miami-based company on Tuesday said third-quarter net profit rose to $75.1 million, or $1.47 per share, from $56.5 million, or $1.10 a share, a year earlier.

Earnings from continuing operations, excluding a tax benefit and other items, were $1.28 a share, compared with $1.09 per share a year earlier.

Revenue was flat at $1.57 billion.