The Jacksonville, FL-based railroad operator reported Q4 EPS of $0.49, matching Wall Street’s $0.49 estimate. Revenues rose 2.8% from last year to $2.86 billion, which also equaled analysts’ view of $2.86 billion.
Comparable shipping volume fell 1% in the latest period, hampered by intermodal (-2%) and merchandise (-2%), but helped by coal shipments (+3%).
Revenue per unit rose 4%, led by pricing gains and a better product mix in the fourth quarter. Same-store sales saw price increases among all of CSX’s major markets (coal, merchandise, and intermodal), up 2.8% overall. When excluding coal, same-store sales were up +3.2%.
The company commented via press release:
“In an environment where the company lost almost $470 million of coal revenue and experienced weakness across most of its markets, CSX delivered nearly $430 million of productivity savings in 2016, while improving customer service.”
CSX Corporation shares were trading at $38.02 per share on Tuesday afternoon, down $0.78 (-2.01%). Year-to-date, CSX has gained 5.82%, versus a 1.20% rise in the benchmark S&P 500 index during the same period.
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