Ryder System Inc. paid out $19.45 million in restructuring costs, primarily in severance and other employee-related costs of laying off 700 workers, which dragged down second-quarter earnings.
The Miami-based transportation and logistics giant Wednesday said earnings for the quarter ended June 30 were also affected by slowing demand in its commercial vehicle rental, used-truck sale and supply chain solutions business segments.
Second-quarter profit fell 33 percent after the one-time charges for job cuts and plant closings amid the ongoing decline in demand. About 125 of 1,110 employees at the company’s suburban Miami headquarters were affected by the restructuring. The company employs 30,000 worldwide.
Net income was $19.9 million, or 33 cents a share, down from $29.6 million, or 50 cents, in the year-ago period. Revenue fell 2.9 percent to $1.29 billion from $1.33 billion, the company said.
Ryder President and CEO Gregory T. Swienton forecast revenue declines of 4 to 5 percent in the second half of the year.
“Similar to many other companies, Ryder’s revenues and profitability have been impacted by the economy,” said Swienton. “As a great number of our customers experience business downturns, Ryder has also been affected.”
Shares of Ryder slipped 6 cents to $19.44 Wednesday.
Joan Fleischer Tamen can be reached at or 305-810-5030.
