SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): November 21, 2001
RYDER SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Florida 1-4364 59-0739250
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
3600 NW 82/nd/ Avenue, Miami, Florida 33166
(Address of principal executive offices) (Zip Code)
(305) 500-3726
(Registrant's telephone number, including area code)
Page 1 of 6
This report consists of 6 consecutively numbered pages.
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ITEM 9. REGULATION FD DISCLOSURE
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On November 20, 2001, Ryder System, Inc. (the Company) furnished
earnings guidance for the fourth quarter of 2001 and announced
expected additions to restructuring and other charges during the
fourth quarter of 2001 ("Press Release").
The content of the Press Release is furnished below in accordance
with the requirements of Regulation FD.
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RYDER SYSTEM, INC. PROVIDES FOURTH
QUARTER 2001 GUIDANCE
MIAMI, Fla., November 20, 2001...Ryder System, Inc. (NYSE:R), a global
leader in transportation management and supply chain solutions, announced today,
as a follow-up to its October 24, 2001 third quarter conference call, that
earnings for the fourth quarter 2001 are anticipated to be in the range of $0.38
to $0.40 per diluted share, before restructuring and other charges. Ryder's
estimate coincides with the current range of analysts' estimates of $0.38 to
$0.42 per diluted share, with a consensus of $0.40. Ryder's fourth quarter ends
December 31.
Gregory T. Swienton, Ryder's President and Chief Executive Officer,
stated, "After reviewing October results, it is clear that the economic activity
post-September 11th has not substantially accelerated. Since October is Ryder's
strongest month historically, we are revising our estimates downward, as a
sluggish economy is causing reduced activities across most of our service
offerings and contracts."
-more-
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Ryder Provides Fourth Quarter 2001 Guidance
Page Two
C.J. Nelson, Ryder's Senior Executive Vice President and Chief
Financial Officer, said, "Like many companies, Ryder's results during the first
three quarters of 2001 were negatively impacted by the weak U.S. and
international economies. In the wake of September 11th and subsequent events,
those weakened economies have continued to decline, further impacting our
business and that of our clients."
The Company is also continuing its strategic restructuring initiatives
and expects to record charges in this regard. Based on current information,
restructuring and other charges during the fourth quarter could range from $28
million to $35 million, or $0.31 to $0.39 per diluted share. The charges
principally relate to exit costs associated with real estate consolidations in
Ryder's field operations, other contractual commitments and potential asset
impairments associated with certain international operations. The magnitude of
the charges is dependent upon the final resolution of: 1) ongoing contract-exit
negotiations; and 2) business plans, financial analyses and valuations integral
to the calculation of asset impairments. The charges do not include any
impairment of revenue-earning equipment associated with the Company's leasing
and rental business.
Swienton and Nelson will provide guidance on Ryder's 2002 earnings
during a conference call scheduled for Monday, December 17 at 11:00 a.m. Those
interested can access the call via the Company's website, www.ryder.com.
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FORWARD-LOOKING STATEMENTS
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Certain statements and information included in this release are "forward-looking
statements" under the Federal Private Securities Litigation Reform Act of 1995.
Accordingly, we advise that these forward-looking statements be evaluated with
consideration given to the many uncertainties inherent in our business that
could cause actual results and events to differ materially from those in the
forward-looking statements. Important factors that could cause such differences
include, among others, the competitive pricing environment applicable to the
Company's businesses, customer retention levels, changes in customers' business
environments, changes in market conditions affecting the sale of used vehicles,
greater than expected expenses associated with the Company's activities and
changes in general economic conditions. Information furnished is not necessarily
indicative of future results.
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SIGNATURE
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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.
RYDER SYSTEM, INC.
(Registrant)
Date: November 21, 2001 /s/ Corliss J. Nelson
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Corliss J. Nelson
Senior Executive Vice President
and Chief Financial Officer
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