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CSX’s CSX proactive efforts to enhance safety in its operations are commendable. The shareholder-friendly approach bodes well for the company. However, CSX’s financial stability is challenged by the surge in operating expenses.
Factors Favoring CSX
CSX's proactive measures to enhance safety through a three-year initiative are commendable, focusing on cultural transformation that begins with leadership and extends throughout the organization. Building on the ONE CSX program, this effort emphasizes inclusivity, respect and proactive risk management. This approach demonstrates a strong commitment to both safety and a positive work environment.
The company has secured new five-year tentative collective bargaining agreements with the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers & Helpers and the Transportation Communications Union.
CSX’s commitment to rewarding its shareholders is commendable. In the second quarter of 2024, CSX repurchased shares worth $16 million. In February 2024, the company announced a 9.1% increase in its quarterly dividend to 12 cents per share. CSX has been consistently rewarding its shareholders through dividends and buybacks, returning more than $3.7 billion in 2021, $5.58 billion in 2022 and $4.36 billion in 2023.
CSX: Risks to Watch
CSX continues to grapple with the adverse impacts of the Baltimore Bridge collapse incident. The top line saw a significant decline in the second quarter of 2024, and the overall volume fell by 3% year over year, affecting domestic shipments. The bottom line decreased 9% year over year due to unfavorable pricing and utility mix.
The northward movement in operating expenses is hurting CSX’s bottom line, challenging its financial stability. The surge in operating expenses was primarily caused by an increase in labor expenses. In the second quarter of 2024, total labor expenses rose by 2% compared to the second-quarter 2023 actuals.
Shares of CSX have declined 3.5% year to date compared with its industry’s 1.5% fall.
Zacks Rank
CSX currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 10.6% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present andhas an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 55.3% in the past year.
Zacks Investment Research
CSX Corporation , headquartered in Jacksonville, Florida, is a leading transportation company specializing in rail-based freight solutions across the U.S. With a , CSX emphasizes innovation, operational efficiency, and customer service.
Companies valued at $10 billion or more are classified as "large-cap" stocks and CSX Corporation fits well into this category, underscoring its significant scale, stability, and impact within the North American transportation sector. With a diverse portfolio that includes rail transportation, intermodal services, and rail-to-truck transloading, CSX continues to drive growth and deliver value across various industries.
CSX shares are trading 16.5% below their 52-week high of $40.12, which they hit on Feb. 23. The stock has gained 1.8% over the past three months, underperforming the broader S&P 500 Index ($SPX), which has gained 2.5% over the same time frame.
In the longer term, CSX is down 3.4% on a YTD basis. However, the shares have gained 11.9% over the past 52 weeks. In comparison, the SPX has gained 23.3% in 2024 and rallied 35.1% over the past year.
To confirm its bearish trend, CSX has been trading below its 50-day moving average since early September. However, it is trading above the 200-day moving average since early July.
CSX Corporation's stock has dropped by 10.8% over the past six months, primarily due to supply chain disruptions and network-related issues, underperforming its industry, which saw a decline of 4.1%. In addition, CSX shares closed down more than 3% on Aug. 5 after reporting its Q2 results. Its adjusted EPS of $0.49 topped Wall Street’s expectations of $0.48, and its revenue was $3.70 billion, matching forecasts.
Highlighting the contrast in performance, CSX's competitor, UNP, has outperformed the stock. UNP has gained 2.8% on a YTD basis.
Despite the stock's weak recent price performance, analysts are optimistic about CSX's prospects. The stock has a consensus rating of "Strong Buy" from 22 analysts in coverage. The mean price target of $38.78 reflects a 15.7% premium over current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
JACKSONVILLE, Fla., Sept. 05, 2024 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) President and Chief Executive Officer, Joe Hinrichs, will address the 12th Annual Morgan Stanley Laguna Conference in California on Thursday, September 12, at 9:20 a.m. Pacific time.
This address will be broadcast live via webcast at http://investors.csx.com. A replay will be available following the conclusion of this event. This announcement, as well as additional financial information, is available on the company’s website at http://investors.csx.com.
About CSX
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 200 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. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX) and follow us on X, formerly known as Twitter (http://twitter.com/CSX).
Contact: Matthew Korn, CFA, Investor Relations904-366-4515
Bryan Tucker, Corporate Communications 855-955-6397
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