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Lackluster Q3 Outlook Weighs On Rail Names

CSX Corporation NYSE:CSX, Canadian National Railway Company NYSE:CNI - Lackluster Q3 Outlook Weighs On Rail Names

CSX Corporation CSX 2.45%'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.

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.

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