Exhibit 99.1

News Release

RYDER REPORTS FIRST QUARTER 2012 RESULTS

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:

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.

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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)

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)

SELECTED KEY RATIOS AND METRICS

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)

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)

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

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

OPERATING REVENUE RECONCILIATION

DEBT TO EQUITY RECONCILIATION

CASH FLOW RECONCILIATION

RETURN ON CAPITAL RECONCILIATION

Notes:

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

Notes regarding adjustments:

Note: Amounts may not be additive due to rounding.

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