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CSX Corp. officials expect an 8-cent impact on earnings per share in the fourth quarter as a result of costs related to near-term debt refinancing, Executive Vice President and Chief Operating Officer Cindy Sanborn told investors and analysts yesterday. At the Baird 2016 Industrial Conference in Chicago, Sanborn provided an update of the Class I's expectations for the fourth-quarter and full-year performance, as well as progress on the company's long-term strategy."While we now expect fourth-quarter earnings per share to be down, absent the eight-cent impact, the company’s earnings remain consistent with its prior guidance of flat to slightly down from the prior year," she said, according to a CSX press release.Sanborn highlighted the ongoing dynamic business environment, including CSX's expectations that volume will be roughly flat on a reported basis, which includes an extra accounting week in the fourth quarter. Strong cost performance is helping to offset those challenges to deliver solid financial performance throughout the year. During the third quarter, CSX delivered $550 million in cost savings through gains in train length and crew savings, record fuel efficiency and improved locomotive productivity and asset reliability.Over the long term, CSX is focused on its "CSX of Tomorrow" strategy of transitioning the company away from coal and toward more service-sensitive merchandise and intermodal markets. The company intends to transform its network by redeploying investment from the coal network and other lower density lines to the higher-density outer triangle of the network to drive service efficiency and growth, with investments in longer sidings, technology and intermodal services to maximize new business opportunities. In addition, CSX is using technology to become a highly automated railroad and to improve safety, resource efficiency and service.To learn more about the Class I's CSX of Tomorrow strategy, read Progressive Railroading's November cover story.
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