Ryder’s 1Q Income Plunges 88%
Ryder System said Wednesday its first-quarter profit fell 88% and that it was suspending earnings forecasts for future quarters due to the uncertain economy.
Ryder earned $6.8 million, or 12 cents per share, down from $56.1 million, or 96 cents, a year ago.
Revenue fell 22% to $1.2 billion, the company said in a statement.
The results included a $6.9 million, or 13 cents per share, charge related to restructuring. Excluding that one-time charge, Ryder said its income was 25 cents per share.
Ryder had said earlier this month that excluding restructuring costs it would have a per-share profit of 22 cents to 24 cents per share.
Ryder’s fleet management solutions’ revenue fell 22% to $862.6 million, while its supply chain solutions unit’s revenue fell 28% to $297.5 million.
Its dedicated contract carriage unit’s revenue fell 16% to $115 million.
Despite suspending its forecasts, “based on the nature of our business model, we expect full-year free cash flow to remain strong and significantly improve versus our prior forecast,” chairman and chief executive officer Greg Swienton said in a statement.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
