Ryder System’s R second-quarter 2019 earnings (excluding 3 cents from non-recurring items) of $1.4 per share came in line with the Zacks Consensus Estimate. However, the bottom line declined year over year due to below-par used vehicle sales.Total revenues amounted to $2,245 million, which lagged the Zacks Consensus Estimate of $2,255.5 million. The top line, however, increased 7.5% year over year.More than the revenue miss and the year-over-year earnings contraction, the company’s bearish bottom-line projections for third-quarter and full-year 2019 disappointed investors. Consequently, the stock declined 10% to $53.38 per share on Jul 30.For third-quarter 2019, the company anticipates adjusted earnings per share between $1.45 and $1.60 compared with $1.67 registered a year ago. The Zacks Consensus Estimate for third-quarter earnings is pegged higher at $1.74. For 2019, Ryder, carrying a Zacks Rank #3 (Hold), anticipates adjusted earnings per share between $5.50 and $5.80 (earlier view: $6.05 to $6.35). The Zacks Consensus Estimate for full-year earnings is pegged higher at $6.15. The company trimmed its 2019 earnings guidance as it expects weakness pertaining to used vehicle sales to persist during the current year.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Segmental ResultsFleet Management Solutions (FMS): Total revenues at this segment amounted to $1.39 billion, which rose 7% year over year. Operating revenues (excluding fuel) summed $1.18 billion, up 9% year over year. Segmental results were driven by larger average fleet size and favorable pricing of new vehicles. Notably, the lease fleet increased sequentially by 3,800 vehicles.Dedicated Transportation Solutions (DTS): At this segment, total revenues summed $362.2 million, up 10% from the year-ago quarter. Operating revenues (excluding fuel and subcontracted transportation) rose 16% to $248.1 million backed by the expansion of the customer base among other factors.Supply Chain Solutions (SCS): Total revenues at this segment were $649.3 million, which increased 7% year over year. Operating revenues (excluding fuel and subcontracted transportation) improved 12% year over year to $483 million. Segmental results were driven by volume growth, favorable pricing and other factors.Ryder System, Inc. Price, Consensus and EPS Surprise Ryder System, Inc. price-consensus-eps-surprise-chart | Ryder System, Inc. QuoteOther DetailsRyder exited the second quarter with cash and cash equivalents of $92.5 million compared with $68.1 million at the end of 2018. The company had total debt of $7,672.3 million compared with $6,649 million at 2018 end.As the company is investing substantially in its lease and rental fleets, capital expenditures (net) surged 53.9% year over year to $2 billion during the first half of 2019. Operating cash flow totaled $1.05 billion, up 21.4% year over year.OutlookCapital expenditures are expected to remain high in 2019 (anticipated to be $3.7 billion) due to increased investments by Ryder toward expanding its fleet. As a result, free cash flow is estimated to be at negative $1.12 billion in the current year.Upcoming ReleasesInvestors interested in the Zacks Transportation sector are keenly awaiting second-quarter 2019 earnings reports from key players such as GOL Linhas GOL, Hertz Global Holdings HTZ and Air Lease Corp. AL. While GOL Linhas will report second-quarter earnings on Aug 1, Hertz Global and Air Lease will announce the same on Aug 6 and Aug 8, respectively.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.Click here for the 6 trades >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Gol Linhas Aereas Inteligentes S.A. (GOL): Free Stock Analysis Report Ryder System, Inc. (R): Free Stock Analysis Report Air Lease Corporation (AL): Free Stock Analysis Report Hertz Global Holdings, Inc (HTZ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research