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CSX

CSX

$34.80

0.13 (0.37%)

09:13
11/30/16
11/30
09:13
11/30/16
09:13

CSX now sees Q4 EPS on reported basis flat to slightly up

Previously forecast Q4 EPS down vs. prior year. "We now expect fourth-quarter earnings per share on a reported basis to be flat to slightly up, as macroeconomic headwinds impacting the company's volume are moderating," CFO Frank Lonegro said. "At the same time, a recent operating property sale will now offset the impact of a debt refinancing charge announced earlier in the quarter." Quarter-to-date volume has declined three percent overall, and many markets are showing more moderate declines than in previous quarters. Coal in particular is showing sequential volume stabilization and is essentially flat in the fourth quarter to date. With macroeconomic headwinds moderating, Lonegro indicated that total volume is now expected to decline in the low-to-mid single digit range on a comparable 13-week basis, and expected to be flat to slightly up including the extra week that is part of CSX's 2016 accounting year. Lonegro also highlighted the results of CSX's aggressive efficiency initiatives. Through the third quarter, CSX has delivered about $550 million of cost savings, which includes both efficiency initiatives and volume-related savings. He reinforced CSX's expectations for full-year 2016 efficiency savings of around $400 million, including about $100 million from structural changes in the coal network, $150 million from normal productivity initiatives, and the balance from key initiatives such as train length which has increased 20 percent over the past two years.

  • 30

    Nov

CSX CSX
$34.80

0.13 (0.37%)

11/02/16
DBAB
11/02/16
INITIATION
Target $36
DBAB
Buy
CSX initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Amit Mehrotra started CSX with a Buy rating and $36 price target.
11/10/16
BMOC
11/10/16
DOWNGRADE
BMOC
Market Perform
CSX downgraded to Market Perform from Outperform at BMO Capital
11/10/16
BMOC
11/10/16
DOWNGRADE
BMOC
Market Perform
CSX downgraded on negative catalysts at BMO Capital
As noted earlier, BMO Capital downgraded CSX to Market Perform from Outperform. Analyst Fadi Chamoun says that the company will be hurt in the near-term by "an over-supplied trucking market," while its cost savings are expected to decelerate next year and macro economic trends will become less favorable tothe company. Chamoun also cited valuation as a reason for the downgrade. Target to $35 from $34.
11/10/16
11/10/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Comerica (CMA) downgraded to Neutral from Outperform at Baird with analyst David George saying he sees a more balanced risk/reward as the company is already getting significant credit for earnings leverage from its efficiency program. 2. Qualcomm (QCOM) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst James Faucette saying Qualcomm's valuation adequately reflects incremental smartphone opportunities and NXP Semiconductor (NXPI) contribution. 3. CSX (CSX) downgraded to Market Perform from Outperform at BMO Capital with analyst Fadi Chamoun saying the company will be hurt in the near-term by "an over-supplied trucking market," while its cost savings are expected to decelerate next year and macro economic trends will become less favorable to the company. 4. SolarEdge (SEDG) downgraded to Market Perform from Outperform at JMP Securities, to Market Perform from Outperform at FBR Capital, and to Neutral from Buy at Roth Capital. 5. Capitala Finance (CPTA) downgraded to Perform from Outperform at Oppenheimer and to Neutral from Buy at Ladenburg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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ESGR

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TWI

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DPSGY

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