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CSX Q1 Earnings & Revenues Surpass Estimates, Down Y/Y
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CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3,681 million surpassed the Zacks Consensus Estimate of $3,646.6 million. The top line decreased 1% year over year due to lower fuel surcharge, decline in other revenues, lower trucking revenues, and reduced export coal prices. These factors offset the benefit from merchandise pricing and higher intermodal and coal volumes.
First-quarter operating income fell 8% to $1.35 billion. The operating ratio (operating expenses as a percentage of revenues) fell to 36.8% from 39.5% in the prior-year quarter, with total expenses decreasing 4% year over year.
Merchandise revenues improved 1% year over year to $2,185 million in the reported quarter. The metric has increased 0.7% (lower than reported) per our estimate. Merchandise volumes remained almost flat at $645 million. Segmental revenue per unit increased 1%.
Intermodal revenues grew 1% year over year to $506 million. The metric has increased 1.7% (wider than reported) per our estimate. Segmental revenue per unit decreased 5%.
Coal revenues were almost flat at $632 million in the reported quarter. Coal volumes increased 2%. Segmental revenue per unit fell 2%.
Trucking revenues totaled $215 million, down 8% year over year. Other revenues plunged 20% to $143 million in the reported quarter.
Liquidity and Buyback
CSX exited first-quarter 2024 with cash and cash equivalents of $1,483 million compared with $1,353 million at the end of prior quarter. Long-term debt totaled $17,944 million compared with $17,975 million at the end of prior quarter.
CSX generated $1,084 million of cash from operating activities in the reported quarter. Free cash flow came in at $560 million.
During the first quarter of 2024, CSX rewarded its shareholders through buybacks worth $247 million and paid $235 million in dividends.
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year.
United Airlines Holdings, Inc. (UAL - Free Report) reported first-quarter 2024 loss per share (excluding 23 cents from non-recurring items) of 15 cents, which was narrower than the Zacks Consensus Estimate loss of 53 cents. In the year-ago reported quarter, UAL reported loss of 63 cents per share.
Operating revenues of $12,539 million beat the Zacks Consensus Estimate of $12,428.4 million. The top line increased 9.7% year over year due to upbeat air-travel demand. This was driven by a 10.1% rise in passenger revenues (accounting for 90.2% of the top line) to $11,313 million. Almost 39,325 passengers traveled on UAL flights in the first quarter, up 6.8% year over year.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2024 earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.53 and declined 35.5% year over year.
JBHT’s total operating revenues of $2,944 million missed the Zacks Consensus Estimate of $3,117.1 million and fell 8.8% year over year. Total operating revenues, excluding fuel surcharge revenue, fell 7% year over year. The downfall was owing to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solution (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS). Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year.
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CSX Q1 Earnings & Revenues Surpass Estimates, Down Y/Y
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3,681 million surpassed the Zacks Consensus Estimate of $3,646.6 million. The top line decreased 1% year over year due to lower fuel surcharge, decline in other revenues, lower trucking revenues, and reduced export coal prices. These factors offset the benefit from merchandise pricing and higher intermodal and coal volumes.
First-quarter operating income fell 8% to $1.35 billion. The operating ratio (operating expenses as a percentage of revenues) fell to 36.8% from 39.5% in the prior-year quarter, with total expenses decreasing 4% year over year.
CSX Corporation Price, Consensus and EPS Surprise
CSX Corporation price-consensus-eps-surprise-chart | CSX Corporation Quote
Segmental Performances
Merchandise revenues improved 1% year over year to $2,185 million in the reported quarter. The metric has increased 0.7% (lower than reported) per our estimate. Merchandise volumes remained almost flat at $645 million. Segmental revenue per unit increased 1%.
Intermodal revenues grew 1% year over year to $506 million. The metric has increased 1.7% (wider than reported) per our estimate. Segmental revenue per unit decreased 5%.
Coal revenues were almost flat at $632 million in the reported quarter. Coal volumes increased 2%. Segmental revenue per unit fell 2%.
Trucking revenues totaled $215 million, down 8% year over year. Other revenues plunged 20% to $143 million in the reported quarter.
Liquidity and Buyback
CSX exited first-quarter 2024 with cash and cash equivalents of $1,483 million compared with $1,353 million at the end of prior quarter. Long-term debt totaled $17,944 million compared with $17,975 million at the end of prior quarter.
CSX generated $1,084 million of cash from operating activities in the reported quarter. Free cash flow came in at $560 million.
During the first quarter of 2024, CSX rewarded its shareholders through buybacks worth $247 million and paid $235 million in dividends.
Currently, CSX carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year.
United Airlines Holdings, Inc. (UAL - Free Report) reported first-quarter 2024 loss per share (excluding 23 cents from non-recurring items) of 15 cents, which was narrower than the Zacks Consensus Estimate loss of 53 cents. In the year-ago reported quarter, UAL reported loss of 63 cents per share.
Operating revenues of $12,539 million beat the Zacks Consensus Estimate of $12,428.4 million. The top line increased 9.7% year over year due to upbeat air-travel demand. This was driven by a 10.1% rise in passenger revenues (accounting for 90.2% of the top line) to $11,313 million. Almost 39,325 passengers traveled on UAL flights in the first quarter, up 6.8% year over year.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2024 earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.53 and declined 35.5% year over year.
JBHT’s total operating revenues of $2,944 million missed the Zacks Consensus Estimate of $3,117.1 million and fell 8.8% year over year. Total operating revenues, excluding fuel surcharge revenue, fell 7% year over year. The downfall was owing to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solution (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS). Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year.