Ryder System said Wednesday its fourth-quarter profit fell to $10.6 million, or 19 cents a share, from $71.9 million, or $1.24, a year ago.
The results included restructuring charges of $49.7 million, or 90 cents per share. Excluding those items, earnings fell 12% to $60.3 million and earnings per share fell 8% to $1.09.
Revenue tumbled 18% to $1.37 billion, the company said in a statement.
Ryder’s fleet management solutions’ revenue fell 10% to $976.3 million, while its supply chain solutions unit’s revenue fell 35% to $357.2 million. Its dedicated contract carriage unit’s revenue fell 13% to $126.2 million.
For the full year, Ryder earned $199.9 million, or $3.52 per share, down from $253.9 million, or $4.24, in 2007. Revenue fell 6% to $6.2 billion.
Ryder said it expects to earn 40 cents to 50 cents per share in the first quarter, compared with 96 cents a year ago, due primarily to lower pension expense and stronger market conditions in the prior year.
Ryder said its full-year 2009 earnings would be $2.60 to $3.30 per share, and that revenue would be about $5.4 billion, down from $6.2 billion last year.
Ryder System is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.