Just caught Ryder's Q1 guidance and it's pretty rough compared to what analysts were expecting. The company is looking at $1.95-$2.20 per share while the Street was penciling in $2.68 - that's a meaningful miss right out of the gate.

For the full year, Ryder is projecting $12.80-$13.80 per share versus analyst expectations around $14.63. Revenue growth looking at just 1% total and 3% operating growth, which is way softer than the 13.5% analysts had in their models. Management is banking on $70M in incremental benefits from their strategic initiatives to help offset some headwinds.

Stock is already down 2% in pre-market on the news. Ryder's betting that cost-cutting initiatives will drive growth next year, but the guidance miss is pretty hard to ignore. The market clearly wasn't expecting this kind of pullback in their outlook.