Ryder System, Inc. Provides 2002 Earnings Guidance

    MIAMI--Dec. 17, 2001--Ryder System, Inc. , a global leader in transportation management and supply chain solutions, announced today that it expects 2002 earnings to be in the range of $1.51 to $1.58 per diluted share. This compares with the Company's forecast for 2001 of $1.46 to $1.48 per diluted share (excluding restructuring and other charges as well as $0.11 for a one-time gain due to changes in Canada's tax laws). The full-year 2001 forecast also reaffirms management's earlier fourth quarter guidance of $0.38 - $0.40 per diluted share (excluding restructuring and other charges) and meets current external analysts' consensus.
    "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," stated Gregory T. Swienton, Ryder's President and Chief Executive Officer.
    Swienton further commented, "Ryder's earnings growth in 2002 will be driven by additional cost and productivity improvements and continued prudent use of capital. The strategic initiatives we began in 2000 and expanded in 2001 will continue and appropriate new ones will be launched. These initiatives will help us deliver forecasted earnings in a difficult economy, as well as effectively serve Ryder's valued customers, employees and shareholders."
    Also commenting on the guidance, Ryder's Senior Executive Vice President and Chief Financial Officer, C.J. Nelson, said, "Our financial goals for 2002 include: strengthening our balance sheet, including continuing to improve debt-to-equity ratios; generating additional free cash flow; maintaining our emphasis on effective capital spending; and sustaining our focus on cost and process improvements. Additionally, we anticipate the completion of our restructuring activities in the fourth quarter 2001 and therefore are not forecasting additional restructuring charges in 2002."

    About Ryder

    Ryder provides a continuum of leading-edge logistics, supply chain and transportation management solutions worldwide. Ryder's product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers' entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.
    For the fifth consecutive year, Ryder was featured in the 2001 Fortune Most Admired Companies survey of corporate reputations and has ranked among the top five in its industry category since 1997. Forbes named Ryder to its "Magnetic 40" as "Best in Transportation and Logistics" for creating a "network of partnerships that can spur growth, innovation and most important, serve customers better." InternetWeek named Ryder as one of the top 100 U.S. companies for effectiveness in using the Internet to achieve tangible business benefits. For the fourth consecutive year, Inbound Logistics recognized Ryder in 2001 as the top third-party logistics provider. The National Safety Council has selected Ryder to receive its highest honor -- the 2002 Green Cross for Safety Medal -- for exemplary commitment to workplace safety and corporate citizenship.
    Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. With 2000 revenue of $5.3 billion, Ryder was ranked 333rd on the Fortune 500 list and 319th on the Forbes 500 in 2001.
    For more information on Ryder System, Inc., visit http://www.ryder.com.

    Note: 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.