Ryder System 1st-qtr Profit Tumbles 88 Percent

MIAMI (AP) — Trucking and logistics management company Ryder System Inc. said Wednesday its first-quarter earnings plunged 88 percent as its fleet management business was hit by slowing commercial rental and used vehicle sales.

The company earned $6.8 million, or 12 cents per share, compared with $56.1 million, or 96 cents per share, in the same quarter a year ago.

Results from the latest quarter include a charge of $6.9 million, or 13 cents per share, related to restructuring. The charge mainly reflects an increase in cost estimates for actions taken in the fourth quarter of 2008, Ryder said. ...