UPDATE 2-Ryder profit, outlook disappoint, shares tumble

* Q4 EPS ex-items 41 cents vs. Wall St view 47 cents

* Sees 2010 EPS range $1.80-$1.95 vs view $2.11

* Shares drop 11 pct

* C.H. Robinson also down after miss (Recasts with share drop, adds CEO comment, other details)

NEW YORK, Feb 3 (Reuters) - Trucking and logistics company Ryder System Inc (R.N) reported weaker-than-expected quarterly profit on Wednesday amid soft demand for freight shipments and forecast 2010 earnings below Wall Street forecasts, sending shares down 11 percent in early trading.

Ryder posted fourth-quarter net earnings of $8.2 million, or 15 cents per share, compared with $10.6 million, or 19 cents per share a year earlier.

Profit from continuing operations, excluding items, was 41 cents per share, missing Wall Street expectations by 6 cents, according to Thomson Reuters I/B/E/S.

Revenue from continuing operations fell 7 percent to $1.25 billion, matching Wall Street forecasts.

"Customers continued to cope with reduced freight activity by downsizing their fleets," Chief Executive Greg Swienton said in a statement. But he added pricing was in line with targets and the number of miles driven was stabilizing.

Ryder said it expected 2010 profit in a range of $1.80 to $1.95 per share on sales of $4.9 billion. Analysts were looking for 2010 profit of $2.11 per share.

The U.S. freight market has been in recession for about three years. Excess capacity has hurt pricing and dented profits at truckers and freight brokers. Late on Tuesday, logistics provider C.H. Robinson Worldwide (CHRW.O) posted a lower-than-expected quarterly profit and said margins will remain under pressure in 2010. [ID:nSGE6110JK]

Ryder shares fell $4.04 or almost 11 percent to $33.30 in early trading on the New York Stock Exchange while C.H. Robinson was down 9 percent at $52.15 on the Nasdaq.

(Reporting by Nick Zieminski, editing by Dave Zimmerman)