Ryder System Inc. fourth-quarter profit falls more than 22 pct to $8.2M as sales decline

Ryder 4Q profit falls more than 22 pct

MIAMI — Trucking and logistics management company Ryder System Inc. reported Wednesday that its fourth-quarter profit dropped more than 22 percent to $8.2 million as sales fell nearly 7 percent.

The earnings for the three-month period were 15 cents a share, compared to a profit of $10.6 million, or 19 cents a share, a year earlier.

Revenue fell to $1.25 billion from $1.34 billion a year earlier.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, expected earnings of 47 cents a share on revenue of $1.25 billion.

Full-year earnings were $61.9 million, or $1.11 a share, compared to profit of $199.9 million, or $3.50 a share, in 2008. Twelve-month revenue fell to $4.89 billion from $6 billion in 2008.

Looking ahead, Ryder expects 2010 earnings of $1.80 to $1.95 on revenue of $4.9 billion. Analysts forecast full-year 2010 adjusted earnings of $2.11 a share on revenue of $4.87 billion.

Ryder shares lost $3.14, or 8.4 percent, at $34.20 in morning trading.