Ryder sees flat year ahead

"Economic forecasts call for continued weakness in the U.S. and global economies for at least the first half of 2002, with hope of marginal improvement during the second half of the year. Therefore, we project that Ryder's overall revenue growth will be essentially unchanged from 2001," said Gregory T. Swienton, Ryder president & CEO.

He added that Miami-based Ryder expects its 2002 earnings to be in the range of $1.51 to $1.58 per diluted share and does not forecast any more restructuring charges for 2002. "Ryder's earnings growth in 2002 will be driven by additional cost and productivity improvements and continued prudent use of capital,” Sweinton noted. “The strategic initiatives we began in 2000 and expanded in 2001 will continue and appropriate new ones will be launched."