Ryder to Cut 2,100 Jobs; Loss Predicted

Ryder System Inc. said it will cut about 2,100 jobs and bring its facilities closures to about 200, resulting in a $215-million pretax charge against fourth-quarter profit. The job cuts include about 700 employees who had already accepted the company’s voluntary early-retirement package. Most of the facility closings are already completed, Ryder said, although some will occur this year. The charge is expected to result in a net loss for the fourth quarter and year, the Miami-based transportation planning and truck leasing company said. Before the charge, Ryder said, it expects to earn between 35 cents and 40 cents a share in the quarter, below analysts’ expectations of 49 cents. In the year-ago quarter, Ryder reported net income of $56.4 million, or 71 cents a share, on revenue of $1.35 billion. Its shares rose 37.5 cents to close at $29.875 on the New York Stock Exchange.