CSX lowers FY15 EPS growth to +3% from mid single digits, citing coal (CSX) :
Chief Financial Officer Frank Lonegro today spoke with investors at the Credit Suisse Global Industrials Conf. in Palm Beach, Florida, updating the company's full-year guidance based on the transition in the energy markets.
• "While we continue to expect to move around 30 million tons of export coal for the full year, domestic coal movements have declined more significantly in the fourth quarter than expected," Lonegro told investors. "As a result, we now expect full-year EPS growth to be about three percent, which still includes an anticipated fourth quarter property sale worth about five cents per share."•Consensus calls for FY15 EPS +4.2% to $2.00.
•CSX continues to expect meaningful margin expansion in 2015 and a mid-60s operating ratio longer term. That performance is delivered in a dynamic environment in which low commodity prices and the strength of the U.S. dollar have impacted many of the markets served by CSX, especially coal. In this environment, the co continues to focus on driving operations that are ever safer and more efficient, to provide a strong service product for customers that supports pricing to the value of rail service.
•See notes from presentation in our earlier CSX comment -- did not hear the guidance cut.
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