CSX Corp
CSX: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$58.00 | Cdkw | Qfhxpdzl |
CSX Earnings: Intermodal Under Pressure, but Margins Exceed Our Expectations
Eastern Class I railroad CSX’s first-quarter top line grew 9% year over year driven by core-pricing gains, higher fuel surcharges and the addition of Pan Am. Revenue exceeded our expectations on strong yield growth (up 9.5%). Volume, which fell 1%, was mostly in line with our forecast as merchandise activity came in ahead but intermodal underperformed—sluggish retail end market demand (high inventory levels) is proving more potent than service improvement.