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Ryder Tumbles on Updated Guidance

Ryder System, Inc. (NYSE: R) took a sharp downturn after the markets closed on Monday following the release of updated guidance. The company revised its earnings guidance for the third quarter and full-year 2015 due to lower than expected earnings growth in its Fleet Management Solutions (FMS) business segment.

This revision is the result of a temporary execution issue, related to record fleet growth, which the Ryder expects to resolve in the fourth quarter, and less robust demand conditions in used vehicle sales. Performance in Ryder’s Dedicated Transportation Solutions (DTS) and Supply Chain Solutions (SCS) business segments is expected to remain generally in line with the previous forecast.

While the company blamed the disappointing...