Tue, Oct. 13, 5:33 PM
- CSX +1.1% AH after beating Q3 earnings estimates as gains in price were offset by a combination of lower fuel recovery, a 3% volume decline and continued transition in its business mix.
- Every category of freight hauled by CSX fell during Q3, but coal accounted for nearly half of the company's 8.7% Y/Y revenue drop, as coal revenue fell 19% to $583M from $721M a year earlier.
- CSX says it expects coal revenue to fall by ~$450M in FY 2015, which would represent a nearly 16% drop from $2.85B in 2014.
- CSX reaffirms its full-year expectations for EPS growth in the mid-single digits as it progresses toward a longer-term goal of a full-year operating ratio in the mid-60s; targets remain intact despite expectations for 2015 coal revenue to drop ~$450M Y/Y, with domestic coal volume declining by more than 10%, but the company sees significant coal headwinds continuing in 2016.
- CSX has been facing the same coal-related difficulties as other rail companies, but it typically earns ~20% of revenues from coal vs. 15% for the sector.
Tue, Oct. 13, 4:05 PM
Mon, Oct. 12, 5:35 PM
Thu, Jul. 23, 5:58 PM
- Union Pacific (NYSE:UNP) fell 5.7% in today's trade, becoming the latest rail company to suffer from sharp declines in coal traffic when it announced a nearly 10% Y/Y drop in Q2 revenues, including a 31% slump in coal revenues to $679M.
- The volume of coal carried in the quarter fell 26%, pushing overall volumes down 6%, UNP said.
- Last week, CSX, the main railroad in the eastern U.S., reported an 11% drop in Q2 coal revenues and a 15% decline in traffic.
- UNP, which operates in the western two-thirds of the U.S., suffered particularly heavily because its main coal traffic is low-quality coal from the Powder River Basin, which is used mainly for electricity generation; much of the coal traffic for CSX and Norfolk Southern (NYSE:NSC), which operate east of the Mississippi, is high-quality metallurgical coal used in steel production.
- UNP said its crude oil traffic for Q2 fell 29% to 25.2K carloads.
Tue, Jul. 14, 4:08 PM
- CSX Corporation (NYSE:CSX) reports it struck an all-time high operating ratio of 66.8% in Q2.
- Volume was down 1% during the period.
- The company was able to lower expenses by 9% to help offset the 6% drop in revenue.
- Guidance: CSX expects domestic coal revenue to fall 10% this year. Margins are seen rising as a full-year mid-60s operating ratio is targeted.
- CSX +3.37% after hours.
Tue, Jul. 14, 4:07 PM
Mon, Jul. 13, 5:35 PM
Tue, Apr. 14, 4:13 PM
- CSX (NYSE:CSX) reports it grew operating income by 14% in Q1 as growth across markets offset the impact of a strong U.S. dollar and lower fuel recoveries.
- Total merchandise volume was up 2% during the quarter to 690K units.
- Coal volume -1% to 289K units.
- Intermodal volume +1% to 655K units.
- Operating ratio +330 bps to 72.2%.
- A new $2B share repurchase program has been approved.
- Previously: CSX beats by $0.01, misses on revenue
- CSX +4.3% after hours.
Tue, Apr. 14, 4:03 PM
Mon, Apr. 13, 5:35 PM
Tue, Jan. 13, 4:03 PM
Mon, Jan. 12, 5:35 PM
Oct. 14, 2014, 4:08 PM
Oct. 14, 2014, 4:04 PM
Oct. 13, 2014, 5:35 PM
Jul. 15, 2014, 5:11 PM
- CSX -0.3% AH after reporting slightly better than expected Q2 earnings on record quarterly revenue, rising 6.5% Y/Y to $3.24B, as total volume rose 7.5% while average revenue per unit slipped 1%.
- CSX affirms its 2014 outlook for modest earnings and expects double-digit earnings growth and margin expansion to resume next year, citing a positive economic environment and growth trends in the intermodal and oil and gas markets.
- Raises its 2014 spending plan by $100M to $2.4B to support sustainable growth.
- Coal volume rose 6.5% on higher shipments of domestic coal attributable to marketplace gains and utilities replenishing stockpiles.
- The results may help ease concerns that the U.S. economy’s Q1 contraction showed weakness beyond winter-weather disruptions; analysts also project Union Pacific (NYSE:UNP) and Norfolk Southern (NYSE:NSC) to announce sales records.
Other News & PR