Ryder System Q2 Profit Down, Yet Tops View; Cuts FY16 Earnings Forecast

(RTTNews) - Ryder System, Inc. (R), a commercial fleet management, dedicated transportation, and supply chain solutions, reported Wednesday that its second-quarter net earnings declined to $73.8 million from last year's $85.2 million. Earnings per share declined 14 percent to $1.38 from $1.59 last year.

Comparable earnings per share from Continuing Operations were $1.56, compared to $1.65 a year ago.

On average, 12 analysts polled by Thomson Reuters expected earnings of $1.54 per share for the quarter. Analysts' estimates typically exclude special items

Total revenues increased 2 percent to $1.70 billion from $1.66 billion last year. Analysts expected revenues of $1.69 billion. Operating revenue increased 4 percent to $1.45 billion from $1.39 billion a year ago.

Looking ahead, the company established a third quarter earnings per share forecast range of $1.57 to $1.64, and a comparable earnings per share forecast range of $1.65 to $1.72.

The company expects earnings of $1.75 per share for the quarter.

Ryder revised its full-year 2016 reported earnings per share forecast to a range of $5.49 to $5.64 from a prior forecast of $5.79 to $5.99.

Additionally, the Company's full-year 2016 comparable earnings per share forecast has been revised to a range of $5.90 to $6.05 from a prior range of $6.10 to $6.30.

The company expects earnings of $6.13 per share for the year.