4:12 pm CSX reports EPS in-line, misses on revs; reaffirms FY16 earnings guidance -- down YoY (CSX) :
•Reports Q1 (Mar) earnings of $0.37 per share, in-line with the Capital IQ Consensus of $0.37 (and $0.45 last year -- called for significant YoY decline in February); revenues fell 13.5% year/year to $2.62 bln vs the $2.68 bln Capital IQ Consensus, reflecting lower fuel recovery, a 5% volume decline (vs. mid-high single digit decline and a $95 million year-over-year decline in other revenue related to payments received in 2015 from customers that did not meet their minimum volume commitments. These impacts more than offset pricing gains across nearly all markets from an improving service product and volume growth in automotive, intermodal, minerals and waste and equipment.
•Volume by segment: Merchandise -3% (Ag -9%, Phosphates and Fertilizers -3%, Food consumer -4%, chemicals -3%, auto +12%, metals -18%, forest products -7%, Minerals +3%, waste +6%); Coal -31%, Intermodal +4%.
•Pricing -9%.
•"While CSX delivered strong efficiency gains in the first quarter, we continue to expect full-year earnings per share to decline in 2016 as a result of ongoing coal headwinds combined with other market fundamentals," said Ward. "At the same time, CSX remains focused on meeting and exceeding customer expectations while driving further efficiency savings to maximize shareholder value and achieve a mid-60s operating ratio longer term."
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