Ryder System Down 13% After Cutting Earnings Outlook

Ryder System R is trading lower on the session after the company lowered its earnings outlook yesterday. Ryder Systems now sees a Q2 EPS of $0.90-0.95 vs $1.07-1.12 prior guidance. The FY EPS guidance was lowered from $4.02-4.12 to $3.65-3.85. The company said that "although commercial rental revenue has improved both year-over-year and seasonally, May results reflected lower rental growth than previously discussed in Ryder's most recent forecast. This was caused by lower than expected demand and, to a lesser extent, pricing." Ryder System is currently trading at $35.41, a loss of $5.34 or 13.10%.