Ryder System Inc.’s stock R slid 2% in premarket trade Wednesday, after the supply chain transportation and fleet management company’s first-quarter earnings fell short of estimates in a continued weak freight market. Miami, Fla.-based Ryder posted net income of $139 million, or $2.94 a share, for the quarter, down from $176 million, or $3.35 a share, in the year-earlier period. Adjusted per-share earnings came to $2.81, below the $2.96 FactSet consensus. Revenue rose 3% to $2.
94 a share, for the quarter, down from $176 million, or $3.35 a share, in the year-earlier period. Adjusted per-share earnings came to $2.81, below the $2.96 FactSet consensus. Revenue rose 3% to $2.952 billion, but also missed the $2.985 billion FactSet consensus. “Pricing actions benefited all segments, while revenue growth benefited earnings in dedicated and supply chain,” CEO Robert Sanchez said in a statement.