Ryder System Inc. (R: Quote) Thursday lowered its earnings guidance for the second-quarter and full-year 2012, citing lower-than-expected results in its Fleet Management Solutions business. Following the news, shares of Ryder fell about seven percent in after-hours trade.
Fleet Management Solutions segment was negatively impacted by a reduced demand environment primarily for the commercial rental product line, and actions taken to reduce used vehicle inventories.
Miami-based Ryder currently expects second-quarter earnings in a range of $0.90 to $0.95 per share, down from prior estimate of $1.07 to $1.12 per share. Analysts polled by Thomson Reuters currently estimate earnings of $1.10 per share for the second quarter. Analysts' estimates typically exclude one-time items.
For the full-year 2012, the company lowered its earnings forecast to a range of $3.65 to $3.85 per share, from a prior estimate of $4.02 to $4.12 per share. Analysts currently estimate earnings of $4.09 per share for the year.
R closed Thursday's trading on the NYSE at $40.75, down $1.66 or 3.91%, on a volume of 0.5 million shares. The stock further lost $2.85 or 6.99% in after hours trade.
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by RTT Staff Writer
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