CSX Corporation (CSX - Free Report) reported second-quarter 2019 earnings of $1.08 per share, missing the Zacks Consensus Estimate of $1.11. However, earnings increased 6.9% year over year. Meanwhile, total revenues of $3,061 million lagged the Zacks Consensus Estimate of $3,142.7 million and also dipped 1.3% year over year. Results were affected by disappointing performance of the intermodal segment.
The lower-than-expected results displeased investors. Consequently, the stock declined more than 6% in after-hours trading on Jul 16.
Second-quarter operating income inched up 2% year over year to $1,305 million. Operating ratio (operating expenses as a percentage of revenues) improved to 57.4% from 58.6% in the prior-year quarter with total expenses decreasing 3% from the year-ago period.
Segmental Performance
Merchandise revenues climbed 2% year over year to $1,944 million in the quarter under review. Also, merchandise volumes inched up 1% year over year.
Coal revenues slid 2% year over year to $557 million in the reported quarter. However, coal volumes grew 2% year over year.
Intermodal revenues declined 11% year over year to $436 million. Volumes also contracted 10% on a year-over-year basis.
Other revenues grossed $124 million, down 9% year over year.
Liquidity & Share Buyback
This Zacks Rank #4 (Sell) company exited the second quarter with cash and cash equivalents of $853 million compared with $858 million at the end of last December. Long-term debt totaled $15,522 million compared with $14,739 million at 2018 end. As of Jun 30, 2019, net cash provided by operating activities was $2,267 million compared with $2,009 million in the year-earlier period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Investors interested in the broader Transportation sector are keenly awaiting second-quarter 2019 earnings reports from key players like Union Pacific Corporation (UNP - Free Report) , Norfolk Southern Corporation (NSC - Free Report) and United Parcel Service (UPS - Free Report) . While Union Pacific will report second-quarter earnings on Jul 18, Norfolk Southern and UPS will announce the same on Jul 24.
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CSX Corporation (CSX - Free Report) reported second-quarter 2019 earnings of $1.08 per share, missing the Zacks Consensus Estimate of $1.11. However, earnings increased 6.9% year over year. Meanwhile, total revenues of $3,061 million lagged the Zacks Consensus Estimate of $3,142.7 million and also dipped 1.3% year over year. Results were affected by disappointing performance of the intermodal segment.
The lower-than-expected results displeased investors. Consequently, the stock declined more than 6% in after-hours trading on Jul 16.
Second-quarter operating income inched up 2% year over year to $1,305 million. Operating ratio (operating expenses as a percentage of revenues) improved to 57.4% from 58.6% in the prior-year quarter with total expenses decreasing 3% from the year-ago period.
Segmental Performance
Merchandise revenues climbed 2% year over year to $1,944 million in the quarter under review. Also, merchandise volumes inched up 1% year over year.
Coal revenues slid 2% year over year to $557 million in the reported quarter. However, coal volumes grew 2% year over year.
Intermodal revenues declined 11% year over year to $436 million. Volumes also contracted 10% on a year-over-year basis.
Other revenues grossed $124 million, down 9% year over year.
Liquidity & Share Buyback
This Zacks Rank #4 (Sell) company exited the second quarter with cash and cash equivalents of $853 million compared with $858 million at the end of last December. Long-term debt totaled $15,522 million compared with $14,739 million at 2018 end. As of Jun 30, 2019, net cash provided by operating activities was $2,267 million compared with $2,009 million in the year-earlier period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Investors interested in the broader Transportation sector are keenly awaiting second-quarter 2019 earnings reports from key players like Union Pacific Corporation (UNP - Free Report) , Norfolk Southern Corporation (NSC - Free Report) and United Parcel Service (UPS - Free Report) . While Union Pacific will report second-quarter earnings on Jul 18, Norfolk Southern and UPS will announce the same on Jul 24.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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