Shares of Ryder System Inc. R, -10.10% tumbled 10% in afternoon trading Thursday, to pace the Dow Jones Transportation Average DJT, -0.14% losers, after the truck rental company reported a surprise fourth-quarter loss, and provided 2020 guidance that was well below expectations. The company said earlier that it swung to a net loss of $53.5 million, or $1.02 a share, from net income of $112.0 million, or $2.12 a share, in the year-ago period. Excluding non-recurring items, such as pension and restructuring costs, the adjusted loss per share was 1 cent, compared with the FactSet consensus for per-share earnings of 3 cents. Ryder said results were impacted by vehicle residual value estimate changes. Revenue grew 1% to $2.28 billion, above the FactSet consensus of $2.26 billion. Looking ahead, Ryder expects a first-quarter adjusted per-share loss of 65 cents to 80 cents, compared with the FactSet consensus for EPS of 6 cents, and expects 2020 adjusted EPS of $1.10 to $1.50 versus expectations of $2.56. Factors weighing on the outlook include lower rental demand, strategic investments and costs related to drive future growth, which will include “strategic initiatives” in sales and marketing. The stock has dropped 25% over the past 12 months, while the Dow transports has gained 4.7% and the Dow Jones Industrial Average DJIA, -0.23% has advanced 15%.