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NEW YORK - Ryder System Inc. on Wednesday raised its earnings forecast for the full year, expecting cost cuts and efficiency improvements to counter weak market conditions.
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The trucking and supply chain management company now expects to earn between $4.55 per share and $4.75 per share for the year, compared with a previous forecast of $4.50 per share and $4.65 per share.
Analysts polled by Thomson Financial, on average, expect a profit of $4.59 per share.
Ryder also said it predicts second-quarter earnings between $1.10 and $1.20 per share. Analysts project $1.17 per share.
"We expect current difficult industry and market conditions to continue for the near term," Ryder Chairman and Chief Executive Greg Swienton said. "However, we have developed a more efficient and proactive business model that has delivered results in a variety of challenging conditions."
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