CSX Corp. (CSX) Tops Q3 EPS by 3c; Revenue Fell 8%
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(Updated - October 12, 2016 4:05 PM EDT)
CSX Corp. (NASDAQ: CSX) reported Q3 EPS of $0.48, $0.03 better than the analyst estimate of $0.45. Revenue came in at $2.71 billion, versus the Street consensus of $2.69 billion.
“CSX continues to drive strong cost performance and efficiency in this dynamic market environment while meeting or exceeding customer expectations,” said Michael J. Ward, chairman and chief executive officer. “Our financial results demonstrate CSX’s ability to deliver value for shareholders and customers in the current business climate as we position the company to maximize opportunities in 2017 and beyond.”
Revenue for the quarter declined 8 percent, consistent with volume declines of 8 percent overall, including coal volume declines of 21 percent. At the same time, expenses improved 7 percent in the quarter, primarily driven by $112 million of efficiency gains and $53 million of volume-related cost reductions.
As these cost savings partially offset the impact of lower volume and changing business mix, operating income declined 10 percent to $841 million and the operating ratio increased 70 basis points year-over-year to 69.0 percent.
While the U.S. dollar strength and low global commodity prices persisted in the quarter, CSX is positioning itself to maximize shareholder value by leveraging network improvements, technology enhancements and superior service to capture growth opportunities and achieve a mid-60s operating ratio longer term.
For earnings history and earnings-related data on CSX Corp. (CSX) click here.
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