Reuters reported Ryder Systems Inc. cut its quarterly earnings forecast, citing lower demand for its commercial rental services.  The report also states the company also plans to cut costs and reduce its commercial rental fleet as it expects the weakness to continue through the year.

According to the report, Ryder said, "Although commercial rental revenue has improved both year-over-year and seasonally, May results reflected lower rental growth than previously discussed."

Commercial rental services is part of Ryder's fleet management segment, which accounted for almost 64% of the company's total revenue in 2011.