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Ryder System (NYSE: R) today announced it is dropping its forecast for third-quarter earnings per share from $1.20-$1.23 to $1.12-$1.14. The company also revealed that third-quarter results will be impacted by a $10 million sale of property, more than offset by a $12 million charge for restructuring, the benefits of which won't be realized until 2008. Its end-of-year projections are now for EPS of $4.10-$4.15, down from previous expectations of $4.30-$4.35, but still above 2006 figures.

Ryder blames general softening of demand beyond the housing sector for declining revenue in its Fleet Management Solutions segment, which accounts for about 60% of its revenue. The company has a fleet of more than 140,000 vehicles and employs almost 30,000 people.

One area to keep an eye on with Ryder is its Supply Chain Solutions sector, which accounts for 32% of revenue. This sector is closely tied to the automobile industry -- in fact, GM (NYSE: GM) accounted for 40% of Ryder's SCS revenue in 2006. Slack times at GM could show up on Ryder's bottom line.

Ryder System (R) puts earnings forecast in reverse originally appeared on BloggingStocks on Mon, 08 Oct 2007 14:15:00 EST. Please see our terms for use of feeds.

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