54.20 -0.03 (-0.06%)
After hours: 7:59PM EDT
|Bid||54.03 x 200|
|Ask||55.03 x 100|
|Day's range||52.10 - 54.28|
|52-week range||30.01 - 55.48|
|PE ratio (TTM)||28.36|
|Dividend & yield||0.80 (1.51%)|
|1y target est||N/A|
CSX matched Q3 earnings views early Tuesday though revenue narrowly missed, as shipping volumes in key industrial categories fell. Meanwhile, Canadian Pacific shares rose late after reporting quarterly results.
CSX Corp. Chief Executive Hunter Harrison said the railway expects to win back any market share lost during this summer and sought to reassure investors that service problems were resolved.
CSX Corp. reported third-quarter earnings that met expectations, but its revenue took a hit as the company suffered service delays while overhauling its operations. The freight railroad company acknowledged ...
CSX's results in the third quarter are hurt by lower merchandise revenues. Operating ratio in the quarter, however, improved. The company is looking to drive its bottom line by cutting costs.
Last week (ended October 7), CSX’s YoY railcar volume loss was 0.4%. CSX hauled ~68,000 railcars, compared with ~69,000 units in the same week last year.
High fuel costs, sluggish automotive revenues and recent service disruptions are likely to hurt CSX's third-quarter results. The company's high debt levels are another challenge.
CSX’s chief executive and shippers clashed over CSX service issues during a hearing called by the Surface Transportation Board amid complaints about widespread shipping delays over the summer.
Chief Executive Officer Hunter Harrison, who implemented cuts when he was appointed to the job in March, defended his strategy of "precision scheduled railroading" at a hearing at the U.S. Surface Transportation Board (STB) in Washington. The session marked the first public forum for shippers and trade groups to air grievances and give Harrison the chance to defend his strategy. The STB has been reviewing the railroad's performance weekly and acting as intermediary between CSX and disgruntled customers.
The third-quarter earnings of railroads are likely to benefit from improved coal volumes. However, the recent hurricanes may limit bottom-line growth.
Last week (ended September 30, 2017), Norfolk Southern (NSC), an Eastern US major rail carrier, posted a 1.8% gain in railcar traffic.
Norfolk Southern arch-rival CSX operates ~21,000 route miles in the Eastern US. The company posted a 3.9% decline in railcar volumes in last week.
CSX executives this week will be facing shippers who were criticizing the railroad recently for widespread congestion and disruptions as CSX’s new CEO put his operational strategy in place.
2017 started on a good note for CSX Corporation, with the appointment of Hunter Harrison as the Chief Executive Officer and a 25% jump in the company’s stock price. However, the market's enthusiasm appears to be fading, primarily due to soft operational performance,
CSX (CSX) registered a 9% fall in railcar volumes last week (ended September 23), hauling ~66,500 railcars, compared with ~73,000 in the same week last year.
Investors should note that normally, railroads won’t indulge in stock buybacks if they are confident in future business growth.
Manufacturers are burning through plastics and chemicals inventories as petrochemical plants and rail companies restore service in the wake of Harvey.
The major U.S. stock indexes closed at record highs on Wednesday helped partly by technology stocks, which surpassed a long-standing mark, despite gains on the Dow being capped by a sharp drop in IBM (NYSE: IBM - news) shares. The S&P 500 tech sector broke its previous record closing high that had held since March 2000 in the midst of the dot-com and Y2K tech stocks bubble.