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Railway giant CSX Corp delivered better than expected Q2 earnings. Coal volumes were 7% higher. Increases in fuel recovery, price rises and volume growth in most markets, helped $CSX. Railway companies Canadian Pacific $CP and Kansas City Southern $KSU report later this week.

CSX Railway 

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.”

CSX Earnings Q2 18

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

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