Operating results were below our expectations.

180

However, we continue to look for better growth trends in the core (fleet management solutions) business. Full service leasing growth remains the key to the story and we are waiting for accelerating organic growth before becoming more constructive on (Ryder).

134

While core trends were solid, weaker revenue trends, particularly in logistics, prevented an in-line quarter.

109

If you look over the long term, we expect global trade to grow about two to three times faster than the domestic U.S. economy. TAL will benefit from that because they have one of the longest tenures in this industry and they are one of the most highly respected companies out there.

80