Ryder Lowers Earnings Forecast; Shares Tumble In Pre-Market Trading

Shares of Ryder System

dipped more than 8% in pre-market trading after the company cut its fiscal second-quarter and full-year earnings estimates. The company lowered its Q2 earnings to $0.90 to $0.95 per share, versus $1.07 to $1.12 per share. Ryder now projects FY12 earnings of $3.65 to $3.85 per share, versus its earlier forecast of $4.02 to $4.12 per share. Analysts were expecting Q2 earnings of $1.10 per share and $4.09 per share for the full year. Ryder shares tumbled 8.22% to $37.40 in pre-market trading.