Ryder Lowers Third-Quarter Outlook

Ryder System lowered its third-quarter and full-year earnings forecast Monday and said it would cut 300 jobs due to softness in the housing, construction and auto industries, the Associated Press reported.

Ryder said its third-quarter earnings would be $1.12 to $1.14 per share, down from a previous outlook of $1.20 to $1.23. Earnings a year ago were $1.12 per share.

Miami-based Ryder, which has about 28,600 employees worldwide, said the global job cuts are part of a restructuring plan that will result in charges of about $12 million in the third quarter, AP said.

The charges will offset a third-quarter gain of about $10 million from the sale of a property, the company said in a statement.

Ryder, which reports its earnings on Oct. 24, is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.