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CSX Q1 Earnings Surpass Estimates on Lower Costs, Rise Y/Y
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CSX Corporation (CSX - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of 66 cents. Moreover, the bottom line soared 52.9% year over year owing to lower costs.
Also, revenues of $2,876 million outpaced the Zacks Consensus Estimate of $2,826 million. This apart, the top line improved marginally year over year.
The earnings and revenues beat and the year-over-year improvements pleased investors. As a result, shares of the company were up 5% in after-hours trading on Apr 17.
First-quarter operating income (on a reported basis) improved 36% year over year to $1,044 million. As the operating ratio (operating expenses as a percentage of revenues) on a reported basis improved to 63.7% from 73.2% in the prior-year quarter, operating expenses decreased 13% (excluding prior-year restructuring charges) from the year-ago quarter. Operational efficiency and volume savings contributed to the decline in expenses.
Adjusted operating income in the first quarter was $879 million. On an adjusted basis, the operating ratio expanded 570 basis points.
Segmental Performance
Merchandise revenues slipped 3% year over year to $1,779 million in the quarter. Also, merchandise volumes contracted 8% year over year.
Coal revenues declined 4% year over year to $503 million in the quarter. While coal volumes slid 2% year over year.
However, intermodal revenues rose 3% year over year to $449 million. On a year-over-year basis, volumes remained flat.
Other revenues grossed $145 million, up 96% year over year.
The company exited the first quarter with cash and cash equivalents of $1,980 million compared with $401 million at the end of 2017. Long-term debt totaled $13,768 million compared with $11,790 million at 2017-end.
For the period ending Mar 31, 2018, net cash provided by operating activities was $966 million compared with $1,043 million in the year-ago period.
Shares of Cathay Pacific Airways, Ryanair Holdings and SkyWest have rallied more than 16%, 34% and 69%, respectively, in a year.
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Earlier this year, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
CSX Q1 Earnings Surpass Estimates on Lower Costs, Rise Y/Y
CSX Corporation (CSX - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of 66 cents. Moreover, the bottom line soared 52.9% year over year owing to lower costs.
Also, revenues of $2,876 million outpaced the Zacks Consensus Estimate of $2,826 million. This apart, the top line improved marginally year over year.
The earnings and revenues beat and the year-over-year improvements pleased investors. As a result, shares of the company were up 5% in after-hours trading on Apr 17.
First-quarter operating income (on a reported basis) improved 36% year over year to $1,044 million. As the operating ratio (operating expenses as a percentage of revenues) on a reported basis improved to 63.7% from 73.2% in the prior-year quarter, operating expenses decreased 13% (excluding prior-year restructuring charges) from the year-ago quarter. Operational efficiency and volume savings contributed to the decline in expenses.
Adjusted operating income in the first quarter was $879 million. On an adjusted basis, the operating ratio expanded 570 basis points.
Segmental Performance
Merchandise revenues slipped 3% year over year to $1,779 million in the quarter. Also, merchandise volumes contracted 8% year over year.
Coal revenues declined 4% year over year to $503 million in the quarter. While coal volumes slid 2% year over year.
However, intermodal revenues rose 3% year over year to $449 million. On a year-over-year basis, volumes remained flat.
Other revenues grossed $145 million, up 96% year over year.
CSX Corporation Price, Consensus and EPS Surprise
CSX Corporation Price, Consensus and EPS Surprise | CSX Corporation Quote
Liquidity
The company exited the first quarter with cash and cash equivalents of $1,980 million compared with $401 million at the end of 2017. Long-term debt totaled $13,768 million compared with $11,790 million at 2017-end.
For the period ending Mar 31, 2018, net cash provided by operating activities was $966 million compared with $1,043 million in the year-ago period.
Zacks Rank & Key Picks
CSX carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Cathay Pacific Airways Ltd. (CPCAY - Free Report) , Ryanair Holdings PLC (RYAAY - Free Report) and SkyWest, Inc. (SKYW - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Cathay Pacific Airways, Ryanair Holdings and SkyWest have rallied more than 16%, 34% and 69%, respectively, in a year.
Can Hackers Put Money INTO Your Portfolio?
Earlier this year, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>