Ryder System Expects Lower Used Vehicle Pricing In H2 - Quick Facts

(RTTNews) - While reporting its financial results for the first quarter on Wednesday, Ryder System, Inc. (R), a provider of transportation and supply chain management solutions, said it expects lower used vehicle pricing in the second half of 2020 due to lower demand compared to its prior expectation of a modest increase.

As a result, the company increased accelerated depreciation on vehicles expected to be sold through mid-2021. In addition, the value of used vehicles in inventory at quarter end was written down to reflect lower expected pricing.

Ryder said it took significant actions in early April to reduce discretionary spending and overhead costs by a total of $20 million in the second quarter, including employee furloughs.

Due to the uncertainty relating to the magnitude and duration of COVID-19 crisis, Ryder has suspended providing earnings guidance.