Ryder Plunges on Lowered Guidance

Ryder System

lowered its second-quarter and full-year earnings outlook on Thursday after the closing bell. The company now expects Q2 EPS to be between $0.90 and $0.95 versus previous guidance of $1.07 to $1.12. Full-year 2012 EPS is now expected to be between $3.65 to $3.85 versus previous guidance of $4.02 to $4.12. The company cited reduced commercial rental demand and actions to reduce used vehicle inventories in revising its guidance lower. In Thursday's after hours trading session, Ryder shares were last trading down around 7% to $37.90 after the stock fell nearly 4% to $40.75 in the regular trading session. Ryder System, Inc. (Ryder) is engaged in transportation and supply chain management solutions. Ryder operates in three business segments: Fleet Management Solutions (FMS), which provides full service leasing, contract maintenance, contract-related maintenance and commercial rental of trucks, tractors and trailers to customers principally in the United States,