CSX Cuts Yearly Earnings Guidance on Coal Headwinds
03 12월 2015 - 3:38AM
Dow Jones News
By Anne Steele
CSX Corp. on Wednesday lowered its earnings outlook for the year
as coal volumes continue to slump amid cheap natural gas prices,
causing a shift in energy markets.
"While we continue to expect to move around 30 million tons of
export coal for the full year, domestic coal movements have
declined more significantly in the fourth quarter than expected,"
Chief Financial Officer Frank Lonegro told investors at a Credit
Suisse conference in Palm Beach, Fla.
The company now expects full-year, per-share earnings to grow
about 3%, which still includes an anticipated fourth-quarter
property sale worth about 5 cents a share, Mr. Lonegro said.
In October, the company had issued guidance for annual earnings
between $2 and $2.04 a share--or growth of at least 4%. At the
time, CSX said it expected rail volumes to decline through the end
of the year.
Shares of CSX, down 23% over the past year, fell 1.9% to $28.06
on Wednesday afternoon. Other railroad stocks--including Union
Pacific Corp., Norfolk Corp. and Canadian Pacific Railway
Ltd.--also were lower Wednesday.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 02, 2015 13:23 ET (18:23 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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