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CSX Corp. Reports Operating Results (10-Q)

October 26, 2011 | About:

CSX Corp. (NASDAQ:CSX) filed Quarterly Report for the period ended 2011-09-30.

Csx Corp. has a market cap of $23.94 billion; its shares were traded at around $21.86 with a P/E ratio of 13.5 and P/S ratio of 2.3. The dividend yield of Csx Corp. stocks is 2.2%. Csx Corp. had an annual average earning growth of 13.4% over the past 10 years. GuruFocus rated Csx Corp. the business predictability rank of 2.5-star.

Highlight of Business Operations:

Volume was flat as growth in domestic shipments was offset by weakness in international volume. Domestic shipments increased as higher fuel prices led to over-the-road conversions. International volume declined when compared to an early peak shipping season in 2010, versus a later, more moderate peak shipping season this year. The increase in revenue per unit largely reflects higher fuel recovery due to rising fuel prices as well as positive mix and improved yield.

The decrease in cash and cash equivalents of $712 million was $319 million lower for the nine months ended 2011 versus the same period in the prior year primarily due to:

As of the end of nine months 2011, CSX had $580 million of cash and cash equivalents. CSX also replaced its existing credit facility that was set to expire in May 2012 with a new $1 billion unsecured revolving credit facility backed by a diverse syndicate of banks. This facility expires in September 2016 and has not been drawn on as of the date of this filing. CSX uses current cash balances for general corporate purposes, which may include capital expenditures, working capital requirements, improvements in productivity, dividend payments to shareholders and repurchases of CSX common stock. Additionally, in May 2011, CSX issued $600 million of new long-term debt. See Note 7, Debt and Credit Agreements.

Overall, network reliability and service measures improved during the third quarter of 2011 compared to the first half of the year. However, key service measures in third quarter 2011 declined versus 2010. On-time train originations and arrivals declined to 72% and 61%, respectively. Dwell time increased to 25.5 hours from 24.8 hours in third quarter 2010. Average train velocity declined 2% to 20.6 miles per hour compared to last year's third quarter

Total assets and liabilities plus shareholders' equity increased $107 million from year end. Assets increased primarily due to the increase in net properties and accounts receivable of $619 million and $155 million, respectively. These increases were partially offset by the decrease in cash of $712 million as described below.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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