"CSX Corp. (CSX) reported its fourth quarter financial results after the markets closed Tuesday.
The company had ...$2.78 billion in revenue compared to consensus estimates from Thomson Reuters that called for ...$2.86 billion in revenue. The same period from the previous year had ...$3.19 billion in revenue.
...The reaction to these earnings seemingly imply that despite mixed earnings not everything was priced in. Also the weakness in coal during 2015 was not good for CSX as the stock dropped roughly 30% over the course of the year.
Michael J. Ward, Chairman and CEO of CSX, commented on earnings:
"With negative global and industrial market trends projected for 2016, full-year earnings per share are expected to be down compared to 2015."
Question - : "I understand you guys are railroaders. You're not economists here, but just looking at the volume declines you're seeing today, both the depth of them and the breadth, I mean, have you ever seen an environment like this in your business or careers outside of a recession?"
Bascome Majors, Susquehanna Financial Group
Answer - "We've not seen these kind of pressures in so many different markets because you have multiple aspects working against you, the low gas prices, low commodity prices, the strength of the dollar.
All three of those together are really pushing, and in some ways I think you can almost think of it as a spring recession.
You're seeing pressure on most of the markets. So clearly outside of a recession, this is where we're seeing lots of pressure on lots of different markets."
Michael J. Ward, CEO CSX Corp