Railway giant CSX Corp delivered better than expected Q3 earnings. $CSX achieved a record operating rartio with increases in fuel recovery, price rises and volume growth in most markets. Railway companies Canadian Pacific $CP and Kansas City Southern $KSU report later this week.
Railway giant CSX Corp delivered better than expected Q3 earnings. $CSX achieved a record operating rartio with increases in fuel recovery, price rises and volume growth in most markets. Railway companies Canadian Pacific $CP and Kansas City Southern $KSU report later this week.
CSX Corporation NASDAQ: CSX Earnings Beat After Close Tuesday
$1.05 Beat $0.94 EPS AND $3.13 Billion Beat $3.039 Billion Forecast in Revenue
Earnings
CSX earnings jumped 106% to $1.05 a share, the fourth straight quarter of accelerating growth. Revenue rose 14% to $3.13 billion. Analysts had expected 94 cents on revenue of $3.039 billion.
CSX Corporation NASDAQ: CSX
Market Reaction > After hours $74.00 +1.80 (+2.49%)
Highlights
- Expenses declined 2% year over year to $1.84 billion
- CSX continues to improve operational efficiency.
- CSX operating ratio was a record 58.7% vs. 68.4% a year earlier.
Outlook
Looking ahead, the company expects revenue to grow 6% to 8% in 2018. The company plans to reposition Intermodal towards sustainable and profitable growth.
CSX Corporation NASDAQ: CSX Q2 Earnings Recap
Earnings
CSX In the second quarter saw operating income rise 34% to $1.28 billion. The profit equated to $1.01 earnings per share on revenue of $3.10 billion, beating estimates of $0.84 per share on revenue of $2.95 billion, 0.68% higher than $2.93 billion a year ago. Last year in the second quarter CSX posted profits of $0.55 a share and $0.64 per share on an adjusted basis.
CSX Corporation NASDAQ: $CSX
Market Reaction > After hours 66.52 +2.08 (3.23%)
Note: Closed $64.44 USD +0.44 (+0.69%) Jul 17, 2018
Highlights:
- Total volumes were 2% higher at 1.65 million units
- Total Merchandise volumes almost flat at 0.69 million units.
- Coal volumes grew 7% to 222 thousand units,
- Intermodal volumes were 2% higher at 735 thousand units.
- Domestic Intermodal volume fell slightly due to tightening truck capacity adding to the rationalization of low-density lanes in late 2017
- From an operational perspective, total revenue ton-miles rose 7% to 52.3 billion
- Train velocity and car dwell improved seven and eleven percent respectively.
CEO James M. Foote said, “While we remain in the early stages of the transformation I am more confident this exceptional team can deliver on our longer-term outlook.”
In Q4 CSX named James Foote as the new president and CEO in December following the death of former chief and legendary railroader Hunter Harrison. The company has been restructuring its operations in that time.
Source: CSX, Aphastreet
Live From The Pit