UPDATE: Ryder Q4 Profit Surges 31%, Issues Downbeat Forecast

Ryder System Inc (NYSE: R) reported a 31% rise in its fourth-quarter earnings.

For the year, Ryder expects earnings of $4 to $4.10 per share on revenue of $6.3 billion. However, analysts were expecting earnings of $4.11 per share on revenue of $6.49 billion. For the current quarter, it expects earnings of $0.55 to $0.58 per share, versus analysts' estimates of $0.69 per share.

Ryder's quarterly profit climbed to $48.1 million, or $0.93 per share, from $37.1 million, or $0.72 per share, in the year-ago period. Excluding one-time items, Ryder's earnings from continuing operations came in at $0.97 per share. The company earlier expected earnings of $0.92 to $0.97 per share. Its revenue surged 17% to $1.54 billion.

Ryder's gross margin fell to 47.6% from 47.8%.

Ryder shares dropped 5.99% to $53.53 at 11:56 am.