CSX Corporation (NASDAQ: CSX)'s executive
vice president and chief financial officer, Frank Lonegro, warned investors that the volume is expected to drop by high single
digit on a year-over-year basis in the third quarter. However, the company indicated that its efficiency continued to gain momentum
exceeding its full target of $350 million.
As far as the stocks in the rail-based transportation services, most of the shares are trading in the positive territory.
During the 9th Annual Global Transportation Conference, CSX indicated that total coal tonnage for the current year is predicted
to drop 20–25 percent. That meant the company expects export of coal volume to be approximately 25 million tons for 2016. The
company pointed out that international market conditions have improved modestly.
Related Link: Airline
Stocks Are Strong Today: Here's What You Need To Know
Lonegro said, "Third quarter earnings per share are expected to decline slightly from second quarter levels, based on high
single digit volume reductions that are partially offset by improving efficiency benefits and strong pricing gains that reflect a
service product that meets and exceeds customer expectations."
After the outlook provided by CSX, the names in the rail segment is given below:
- CSX traded up by 2.06 percent to $28.70.
-
Norfolk Southern Corp. (NYSE: NSC) was at
$93.99, down 1.22 percent.
-
Union Pacific Corporation (NYSE: UNP)
traded at $96.26, up 0.3 percent.
-
Canadian Pacific Railway Limited (USA) (NYSE: CP) traded up 0.43 percent at $155.89.
-
Canadian National Railway (USA) (NYSE: CNI) was down 0.09 percent at $65.10.
Full ratings
data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win
a $20 Amazon gift card!
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.