RYDER ANTICIPATES LOWER-THAN-EXPECTED EARNINGS
Ryder Systems Inc. said Thursday its first-quarter earnings will be below current estimates.
The Miami-based provider of supply chain and transportation management services anticipates diluted earnings per share, before restructuring charges, to be in the range of 13 to 17 cents per share, compared with consensus estimates of 20 cents per diluted share.
Ryder blamed the shortfall on the economic slowdown, which affected vehicle rental and truck sales, as well as 'contract execution impacts in three Supply Chain Solutions business groups — automotive, aerospace and industrial; electronics, high tech and telecommunications; and consumer packaged goods.' Ryder also said first-quarter Supply Chain Solutions results in Latin America are below forecasts, due to softening economies in Brazil and Argentina.