July 19, 2018 - 7:20 AM EDT
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Free Research Report as CSX's EPS Rocketed 84%; Achieved Record Operating Ratio

LONDON, UK / ACCESSWIRE / July 19, 2018 / If you want access to our free earnings report on CSX Corp. (NASDAQ: CSX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CSX. The Company reported its second quarter fiscal 2018 operating and financial results on July 17, 2018. The railroad Company outpaced sales and earnings expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CSX most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=CSX

Earnings Highlights and Summary

For the second quarter ended June 30, 2018, CSX’s revenues increased 6% to $3.10 billion compared to $2.93 billion in Q2 2017. The Company’s revenue numbers beat analysts’ estimates of $4.0 billion.

During Q2 2018, CSX’s expenses decreased 8% to $1.8 billion compared to $1.98 billion in Q2 2017. Excluding a restructuring charge of $115 million in the year ago same period, the Company’s expenses fell 2% on a y-o-y basis, primarily driven by reductions in workforce, crew starts, and the active locomotive fleet as a result of implementing scheduled railroading, partially offset by fuel price increases of $69 million.

For Q2 2018, CSX’s operating income surged 34% to $1.28 billion compared to $957 million in Q2 2017, or 20% when compared to the adjusted operating income of $1.07 billion reported in Q2 2017.

CSX’s operating ratio set an all-time Company quarterly record of 58.6% in Q2 2018 compared to 67.4% in Q2 2017, or 63.5% on an adjusted basis, excluding restructuring charges. The Company’s adjusted operating results represented an operating ratio improvement of 490 basis points versus the year ago comparable period.

CSX reported net earnings of $877 million, or $1.01 per share, in Q2 2018 compared to $510 million, or $0.55 per share, in Q2 2017. The Company’s adjusted earnings surged 58% compared to $0.64 per share in the year ago corresponding period, and were ahead of Wall Street’s estimates of $0.86 per share.

Segment Results

During Q2 2018, CSX’s Merchandise segment’s volume fell 1% to 689,000 on a y-o-y basis. The segment’s Total Revenue Ton-Miles (RTM) advanced 7% to 52.3 on a y-o-y basis. Within the Merchandise segment, the Chemicals unit’s volume remained flat at 169,000 units on a y-o-y basis, as stronger municipal waste, industrial chemicals, and energy shipments were offset by reduced fly ash shipments.

For Q2 2018, the Merchandise segment’s Automotive unit’s volume increased 2% to 118,000 units on a y-o-y basis, due to a stronger demand for trucks and SUVs, which drove higher North American vehicle production for this segment. The segment’s Agricultural and Food Products unit’s volume declined 2% to 112,000 units on a y-o-y basis, due to losses in the ethanol market.

For Q2 2018, CSX’s Coal segment’s volume jumped 7% to 222,000 units on a y-o-y basis. The segment’s domestic utility coal volume declined, reflecting a strong competition from natural gas, while coke, iron ore, and other volume increased, primarily driven by stronger river shipments for domestic steel production. The Coal segment’s export volume increased as global supply levels and elevated global benchmark prices supported continued demand for US coal. The segment’s total coal tonnage was 25.1 million tons in the reported quarter, up 6% compared to the year ago same period.

During Q2 2018, CSX’s Intermodal segment’s volume rose 2% to 735,000 units. Within the Intermodal segment, the Domestic unit’s volume declined slightly as rationalization of low-density lanes in late 2017 more than offset growth with existing customers, due to tightening truck capacity. The segment’s International unit’s volume increased, driven by new customers and a strong performance with existing customers.

From an operating perspective, train velocity and car dwell improved 7% and 11%, respectively, to record levels of 17.4 and 9.7 respectively. From a safety perspective, the FRA reportable personal injury frequency index improved 23% to 0.91 on a y-o-y basis in the reported quarter, driven by a reduction in the number of personal injuries. The FRA train accident frequency rate was 3.72 in the reported quarter, and was unfavorable by 60% y-o-y; driven by an increase in train accidents as well as fewer train miles due to implementing scheduled railroading and more direct routing across the network.

Cash Matters

As of June 30, 2018, CSX’s cash and cash equivalents totaled $1.32 billion, as compared to $401 million as on December 31, 2017. The Company’s net cash provided by operating activities was $1.57 billion in the six months ended June 30, 2018, compared to $872 million in the year ago corresponding period.

Stock Performance Snapshot

July 18, 2018 - At Wednesday’s closing bell, CSX’s stock rose 7.08%, ending the trading session at $69.00.

Volume traded for the day: 16.57 million shares, which was above the 3-month average volume of 4.98 million shares.

Stock performance in the last month – up 4.37%; previous three-month period – up 13.10%; past twelve-month period – up 26.28%; and year-to-date – up 25.43%

After yesterday’s close, CSX’s market cap was at $60.49 billion.

Price to Earnings (P/E) ratio was at 27.10.

The stock has a dividend yield of 1.28%.

The stock is part of the Services sector, categorized under the Railroads industry. This sector was up 0.3% at the end of the session.

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Source: ACCESSWIRE Investor Awareness (July 19, 2018 - 7:20 AM EDT)

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