JACKSONVILLE, Fla.,
Nov. 10, 2015 /PRNewswire/
-- CSX (NYSE: CSX) Chief Financial Officer Frank Lonegro today reinforced the company's
2015 guidance and outlined expectations for key markets in 2016 at
the Baird Industrial Conference in Chicago.
"CSX has leveraged its diverse portfolio and network reach to
consistently deliver record earnings per share growth, despite
declines in coal revenue of more than $1
billion over the past four years," Lonegro said. "While we
expect the energy market headwinds to continue in 2016, we are
focused on capturing opportunities in intermodal and industrial
markets, and on delivering excellent service for customers to
support our pricing, growth and efficiency targets."
Facing continued headwinds in the energy markets, CSX expects
fourth quarter 2015 earnings per share to decline slightly compared
to the same period in 2014. The company continues to target
mid-single digit full-year earnings per share growth as intermodal
growth and efficiency initiatives offset about $450 million in coal revenue declines.
CSX also continues to expect meaningful margin expansion in 2015
and a mid-60s operating ratio longer term as the company leverages
longer trains, drives industrial development to leverage
merchandise growth, continues investing in intermodal, and matches
resources to business demand across its coal network.
Growth in 2016 will be led by intermodal, as CSX continues to
drive highway-to-rail conversions to capture a share of the
estimated 9 million loads in the East that are well-positioned for
intermodal service. At the same time, efficient service for
automotive customers will lead industrial market growth as North
American Light Vehicle production increases.
About CSX and its Disclosures
This announcement, as well as additional financial information,
is available on the company's website
at http://investors.csx.com. CSX also uses social media
channels to communicate information about the company. Although
social media channels are not intended to be the primary method of
disclosure for material information, it is possible that certain
information CSX posts on social media could be deemed to be
material.
Therefore, we encourage investors, the media, and others
interested in the company to review the information we post on
Twitter (http://twitter.com/CSX) and on Slideshare
(http://www.slideshare.net/HowTomorrowMoves). The social
media channels used by CSX may be updated from time to time.
More information about CSX Corporation and its
subsidiaries is available at www.csx.com and
on Facebook (http://www.facebook.com/OfficialCSX).
CSX, based in Jacksonville, Florida, is a premier transportation
company. It provides rail, intermodal and rail-to-truck
transload services and solutions to customers across a broad array
of markets, including energy, industrial, construction,
agricultural, and consumer products. For nearly 190 years,
CSX has played a critical role in the nation's economic expansion
and industrial development. Its network connects every major
metropolitan area in the eastern United States, where nearly
two-thirds of the nation's population resides. It also links
more than 240 short-line railroads and more than 70 ocean, river
and lake ports with major population centers and farming towns
alike.
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SOURCE CSX