met analysts' estimates for the latest fourth quarter and projected slightly higher earnings in 2001.
Earnings totaled $27.4 million, or 46 cents a share, including a restructuring charge of 5 cents a share. In the year-ago quarter, the company reported earnings from continuing operations, excluding charges, of 59 cents a share. Nine analysts polled by
First Call/Thomson Financial
estimated that the Miami-based Ryder would earn 46 cents a share.
Revenue for the truck rental and leasing company rose to $1.36 billion from $1.32 billion in the year-ago period.
Production cutbacks in the automotive and other industries will makes things tough for Ryder in 2001, the company said in a press release. Revenue growth will be modest, but profit margins and earnings should be slightly higher in 2001 than in 2000.
New York Stock Exchange
trading, Ryder gained 40 cents, or 2.1%, to $19.65.