Trucking and logistics management company
entered a stall in the first quarter, suffering an 88% drop in first-quarter earnings on slower commercial vehicle rentals and used vehicle sales.
Despite the plunge in profits and a move by the company to suspend issuing earnings forecasts, Ryder shares grew 9% to $26.53 in afternoon trading, as the company exceeded analysts' expectations.
Revenue dropped 22% to $1.2 billion from $1.54 billion, while net profit fell to $6.8 million, or 12 cents a share. Excluding a restructuring charge of $6.9 million, or 13 cents a share, earnings were 25 cents a share, or 3 cents higher than the projections of analyst polled by Thomson Reuters.
While the company halted forecasts -- citing the uncertainties in the economy -- executives predicted the business will remain weak throughout the year.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.