Ryder System falls on slashed profit outlook

Shares of Ryder System Inc (R.N) fell as much as 12 percent on Friday after the logistics company cut its quarterly earnings forecast, citing lower demand at its main commercial rental business.

Commercial rental is part of Ryder's fleet management segment that accounted for almost 64 percent of the company's total revenue in 2011. Ryder does leasing, contract maintenance and commercial rental of trucks, tractors and trailers.

The company plans to cut costs and reduce its commercial rental fleet as it expects the weakness to continue through the year, it said on Thursday.

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- Posted: 2012-06-22 11:18:39

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