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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 27, 1995
RYDER SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Florida 1-4364 59-0739250
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3600 N.W. 82nd Avenue, Miami, Florida 33166
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 593-3726
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Item 5. Other Events
On September 27, 1995, management of Ryder System, Inc. (the "Company")
commented upon expectations for the Company's earnings for the three-month
period ending September 30, 1995. A copy of the Company's press release dated
September 27, 1995, follows:
RYDER MANAGEMENT COMMENTS ON THIRD-QUARTER EARNINGS EXPECTATIONS
MIAMI, FLORIDA, September 27, 1995 -- The management of Ryder System,
Inc. (NYSE:R) issued the following statement today concerning expectations
for third-quarter earnings:
Pretax earnings of Ryder's principal logistics, full service truck
leasing and truck rental operating units are expected to be about the same in
the third quarter of 1995 as they were in the third quarter of 1994, before
separation and relocation costs arising from the implementation of
reengineering initiatives. It is the company's expectation that the operating
performance of these business units will compare favorably with third-quarter
performance of other companies in the transportation sector.
Revenue for the company as a whole is expected to be higher in the
quarter, compared with the same period last year. Higher revenue in the
logistics and full service truck leasing businesses, however, will be offset by
lower margins resulting from lower vehicle utilization and continued high
levels of investment in the businesses.
The separation and relocation costs incurred by the company are
associated with organizational changes in its Consumer Truck Rental and
Commerical Leasing & Services business units. These changes are part of a
long-term program to reengineer the company in order to both enhance customer
service and reduce costs. Costs associated with the changes will total $10
million to $15 million, pretax, in the third quarter.
In addition, the current Teamster strike against Ryder Automotive
Operations, Inc. will significantly impact reported results for the Automotive
Carrier Division. The company now estimates that the division will report a
pretax loss in excess of $10 million for the third quarter.
Because of these negative impacts, Ryder expects to report third
quarter net earnings that will be lower than net earnings in the third quarter
last year. However, these negative impacts are expected to provide benefits in
the future. Distribution of currently stockpiled new vehicles after the
Teamster strike is settled should increase both revenue and earnings in Ryder's
Automotive Carrier Division. Furthermore, the strategic restructuring in the
Consumer Truck Rental and Commercial Leasing & Services business units should
result in lower costs, beginning in the fourth quarter of this year.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 27, 1995
RYDER SYSTEM, INC.
By: /s/ Edward R. Henderson
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Name: Edward R. Henderson
Title: Senior Division Counsel
and Assistant Secretary
