Ryder cuts earnings outlook, shares tumble
6/21/12 5:05 PM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Ryder System Inc. lowered its fiscal second-quarter and full-year earnings outlooks Thursday, citing a slowdown in commercial vehicle rentals and efforts to downsize its fleet of cars and trucks. Pointing to disappointing May results, the company said it expects "a slower demand environment to continue through 2012." The company revised its second-quarter earnings expectations to 90 cents to 95 cents a share from $1.07 to $1.12 a share. For fiscal 2012, Ryder said it now expects to earn $3.65 to $3.85 a share, down from its previous estimate of $4.02 to $4.12. Analysts polled by FactSet Research had been looking for second-quarter earnings of $1.10 a share and $4.09 for the full year. Ryder shares fell as much as 9% to $37 in after-hours trade.