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CSX Corp’s Q4 Revenues Surpass Estimates

CSX Corp. (CSX) has reported better-than-expected revenues for the fourth quarter of 2021. The earnings, however, were in line with analysts’ expectations.

CSX provides rail-based freight transportation services, including traditional rail services and transportation of intermodal containers and trailers.

Revenues rose 21% to $3.43 billion and surpassed analysts’ expectations of $3.32 billion. The upside was driven by growth across all business lines, increases in other revenue, and the addition of Quality Carriers’ results.

The company reported earnings of $0.42 per share, in line with Street’s estimates. Earnings were up 27.3% year-over-year.

Domestic coal volume, however, decreased 10% during the quarter due to an outage at a major coal-producing location. Meanwhile, export coal volume jumped 8%.

The President and CEO of CSX, James M. Foote, said, “As we enter 2022, we remain committed to providing our customers high quality service and creating additional capacity to help them address current supply chain challenges through the increased use of rail.”

Stock Rating

The stock has a Moderate Buy consensus based on 11 Buys, 5 Holds and 1 Sell. The average CSX price target of $39.59 implies 12.3% upside potential from current level. Shares of the company have gained 22% over the past year.

Hedge Fund Trading Activity

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in CSX is currently Very Positive, as the cumulative change in holdings across all 12 hedge funds that were active in the last quarter was an increase of 1.6 million shares.

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