Ryder (R) Announces Strategic Initiatives; to Cut Workforce by 700 Positions; Sees Q4 EPS at Low End of Prior Guidance

Ryder System, Inc. (NYSE: R) today announced several strategic and tactical initiatives to address current global economic conditions and drive long- term profitable growth. Steps to the plan include:

• increasing emphasis on US, Canada, Mexico, UK markets
  
• discontinuing operations in Brazil, Argentina and Chile
  
• transistioning out of current supply chain customer contracts in Europe
  
• reducing US headcount by about 700 positions, resulting in cost savings of about $36 million next year.

Ryder sees Q4 non-GAAP EPS at the low end of its previously issued guidance.

Ryder System, Inc. provides transportation and supply chain management solutions.

You May Also Be Interested In

• UPDATE: Bristow Group (BRS) Reports Better-Than-Expected Q4 Results; Offers FY13 Outlook
• Toro Co. (TTC) Tops Q1 EPS by 13c; Guides FY12 EPS Above Views; to Split Stock
• Tiffany & Co. (TIF) Misses Q1 EPS Views; Lowers FY12 EPS, Revs Growth Outlook

Create E-mail Alert Related Categories

Corporate News, Guidance

Related Entities

Layoffs

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?

Follow StreetInsider.com On Twitter