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CSX’ Q4 Carload Volumes Show Additional Progress and Profitability Strong, but Shares Rich

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Eastern Class-I railroad CSX posted 2% lower fourth-quarter revenue (year over year); mostly in line with our expectations. Similar to peer Union Pacific, total carloads inflected upward, rising 4% (down 5% for all of 2020), while revenue per unit fell 6% on unfavorable mix (disproportionate intermodal growth) and falling fuel surcharges. Core pricing likely remained positive aside from lower export coal benchmark rates.

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Company Profile

Business Description

Operating in the eastern United States, Class I railroad CSX generated revenue of roughly $12 billion in 2019. On its approximate 21,000 miles of track, CSX hauls shipments of coal products (17% of consolidated revenue), chemicals (20%), intermodal containers (15%), automotive cargo (10%) and a diverse mix of other merchandise.

500 Water Street, 15th Floor
Jacksonville, FL, 32202
T +1 904 359-3200
Sector Industrials
Industry Railroads
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 21,000