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Class 1 2017 1st Quarter Earnings & 2nd Quarter Dividends


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#1 CNJRoss

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Posted 25 April 2017 - 11:00 AM

CSX news release:

 
CSX Corporation Announces First Quarter Earnings
 

4/19/2017 4:03:00 PM

 

JACKSONVILLE, Fla., April 19, 2017 (GLOBE NEWSWIRE) -- CSX Corporation (Nasdaq:CSX) today announced first quarter 2017 net earnings of $362 million, or $0.39 per share, up from $356 million, or $0.37 per share, in the same period of last year. Excluding a $173 million restructuring charge in this year's first quarter results, adjusted earnings per share was $0.51 as shown in the table below.

 

Reconciliation of GAAP to Non-GAAP Measures

(Please see online release for Reconciliation Table)

 

Revenue for the quarter increased 10 percent, reflecting volume growth across most markets, overall core pricing gains, increased fuel recovery, and favorable mix. Although the $173 million restructuring charge drove a 13 percent year-over-year increase in expenses for the first quarter, the company delivered strong efficiency savings of $123 million. Looking forward, CSX is making adjustments throughout the company to improve asset utilization, achieve greater operations efficiency and reduce its cost structure.

 

"I am pleased to join the CSX team and working together we are going to make this company the best North American railroad, capable of consistently meeting and exceeding the expectations of our customers and our shareholders," said E. Hunter Harrison, president and chief executive officer. "As the business environment continues to improve and we implement Precision Scheduled Railroading, CSX will realize these objectives while driving volume growth and achieving a new level of financial performance."

 

CSX executives will conduct a quarterly earnings conference call with the investment community on April 20, 2017, from 8:30 a.m. to 9:30 a.m. Eastern time. Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) and asking for the CSX earnings call. Callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.

 

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company's website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

 



#2 CNJRoss

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Posted 25 April 2017 - 11:04 AM

CSX news release:

 
CSX Corporation Announces Dividend Increase, New Share Repurchase Program and Full-Year Guidance
 

4/20/2017 8:00:21 AM

 

JACKSONVILLE, Fla., April 20, 2017 (GLOBE NEWSWIRE) -- CSX Corporation (Nasdaq:CSX) today announced an 11 percent increase in its quarterly dividend, a new $1 billion share repurchase program, and strong financial guidance as it applies the Precision Scheduled Railroading model to its operations.

 

“Although we are just in the beginning phase of making changes to our network, we are off to a great start,” said E. Hunter Harrison, president and chief executive officer. “These changes are critical to driving strong, sustainable service for our customers and superior value for our shareholders.”

 

By focusing on these principles, CSX expects to realize record efficiency gains and a step-function improvement in its key financial measures for the year given continued economic growth and stable coal markets. Adjusting for restructuring charges in 2017, these actions are expected to drive a full-year operating ratio in the mid-60s, earnings per share growth of around 25 percent off the 2016 reported base of $1.81, and free cash flow before dividends of around $1.5 billion (see non-GAAP statements below).

 

Recent changes to the company’s operations have already begun to deliver strong returns and are expected to accelerate in the coming quarters. Given this momentum, the CSX Board of Directors approved an increase in the quarterly dividend from $0.18 to $0.20. The new $0.20 quarterly dividend is payable on June 15, 2017 to shareholders of record at the close of business on May 31, 2017.

 

In addition, the Board also approved a new $1 billion share repurchase program, which management expects to complete by the end of the first quarter of 2018. This follows the successful completion of CSX’s previous repurchase plan, during which the company bought back $2 billion worth of shares since April 2015.

 

In line with the company’s balanced approach in deploying capital, CSX now expects to invest $2.1 billion in 2017, including approximately $270 million for Positive Train Control. Of the 2017 investment, more than half will be used to sustain core infrastructure with the balance allocated to projects supporting profitable growth, efficiency initiatives and service improvements.

 



#3 CNJRoss

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Posted 25 April 2017 - 11:06 AM

CP news release:

 
CP reports first-quarter diluted EPS of $2.93 and adjusted diluted EPS of $2.50
April 19, 2017 Calgary, AB

 

Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced first-quarter revenues of C$1.6 billion, up 1 percent from 2016 and reported diluted earnings per share (EPS) of $2.93, or $2.50 on an adjusted diluted EPS basis. 

 

"Thanks to our hard-working employees, industry-leading operating model and commitment to service, we produced solid results this quarter," said Keith Creel, CP's President and Chief Executive Officer. "We turned a corner in March and are now seeing positive volumes, which makes us cautiously optimistic that the demand environment is improving."

FIRST-QUARTER HIGHLIGHTS
  • Revenues increased 1 percent to $1,603 million from $1,591 million 
  • Reported diluted EPS fell 17 percent to $2.93 from $3.51 and adjusted diluted EPS were flat year-over-year at $2.50
  • Reported operating ratio decreased by 80 basis points to 58.1 percent from 58.9 percent. The operating ratio in the first quarter of 2017 includes a $51-million recovery associated with the early departure of the previous CEO
  • Adjusted operating ratio, which excludes this gain, increased by 240 basis points in the first quarter of 2017 to 61.3 percent.

"CP's strong focus on developing its bench strength resulted in a seamless leadership transition and a seasoned executive team that is focused on leveraging CP's proven operating model," Creel said. "Our talented and engaged workforce together with disciplined cost control gives us a great deal of confidence that we'll be able to deliver high single-digit adjusted diluted EPS growth in 2017 and create long-term value for shareholders."

 

"Given the strength of our foundation, rooted in precision scheduled railroading, we are well positioned to write the next chapter of this story – one that focusses on sustainable, profitable growth," Creel said. 

The company will discuss its results with the financial community in a conference call beginning at: 4:30 p.m. eastern time (2:30 p.m. mountain time) on April 19.

 



#4 CNJRoss

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Posted 25 April 2017 - 11:09 AM

CN news release:

 
CN reports Q1-2017 net income of C$884 million, or C$1.16 per diluted share

Record Q1 volumes and revenues lead to a 15 per cent increase in adjusted diluted earnings per share (EPS) (1)

 

 

 

REGINA, April 24, 2017 /CNW/ - CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the first quarter ended March 31, 2017.

 

First-quarter 2017 financial highlights

  • Net income increased 12 per cent to C$884 million, while diluted EPS increased 16 per cent to C$1.16, compared with the first quarter of 2016.
  • Adjusted net income increased 11 per cent to C$879 million, with adjusted diluted EPS increasing 15 per cent to C$1.15. (1)
  • Operating income increased seven per cent to C$1,303 million.
  • Revenues increased by eight per cent to C$3,206 million. Carloadings increased nine per cent and revenue ton-miles increased 14 per cent.
  • Operating expenses increased nine per cent to C$1,903 million.
  • Operating ratio of 59.4 per cent, an increase of 0.5 of a point from the prior-year quarter.
  • Free cash flow (1) was C$848 million in the first quarter of 2017, up from C$584 million for the year-earlier quarter.

 

Luc Jobin, CN president and chief executive officer, said: "I am very proud of the solid response from our team of railroaders in accommodating the strong demand during the quarter. We delivered record first-quarter volumes, including a 14 per cent increase in Western Canadian grain tonnage moved over our network, despite a return to more demanding winter conditions versus last year.

 

"Our ongoing investments in people, equipment and infrastructure continue to position us well to leverage CN's industry-leading operational performance and superior customer service," Jobin continued. "With a strong start in Q1 and an increased volume outlook for the rest of the year, I am pleased to announce an upward revision to our 2017 financial outlook."

 

Revised 2017 financial outlook (2)
Under its revised outlook, CN now aims to deliver 2017 adjusted diluted EPS in the range of C$4.95 to C$5.10, versus last year's adjusted diluted EPS (1) of C$4.59, compared with its Jan. 24, 2017 financial outlook which called for mid-single-digit growth this year.

 

CN has also increased its 2017 capital program by C$100 million to C$2.6 billion, of which C$1.6 billion is still targeted toward track

infrastructure. The additional capital investment will go toward the purchase of 22 high-horsepower locomotives and other projects to support growth.

 

Foreign currency impact on results
Although CN reports its earnings in Canadian dollars, a large portion of its revenues and expenses is denominated in U.S. dollars. The fluctuation of the Canadian dollar relative to the U.S. dollar affects the conversion of the Company's U.S.-dollar-denominated revenues and expenses. On a constant currency basis, (1) CN's net income for the first quarter of 2017 would have been higher by C$22 million, or C$0.03 per diluted share. 

 

First-quarter 2017 revenues, traffic volumes and expenses
Revenues for the first quarter of 2017 were C$3,206 million, an increase of eight per cent, when compared to the same period in 2016. Revenues increased for coal (39 per cent), grain and fertilizers (16 per cent), metals and minerals (16 per cent), automotive (10 per cent), intermodal (seven per cent), and petroleum and chemicals (one per cent). Revenues declined for forest products (three per cent).

 

The increase in revenues was mainly attributable to higher volumes of Canadian and U.S. grain, frac sand, coal exports, overseas intermodal traffic, and finished vehicles; freight rate increases; and higher applicable fuel surcharge rates. These factors were partly offset by the negative translation impact of a stronger Canadian dollar on U.S.-dollar-denominated revenues.

 

Carloadings for the quarter increased by nine per cent to 1,368 thousand, and rail freight revenue per carload decreased by one per cent.

 

Revenue ton-miles (RTMs), measuring the relative weight and distance of rail freight transported by CN, increased by 14 per cent from the year-earlier quarter. Rail freight revenue per RTM decreased by six per cent over the year-earlier period, mainly driven by an increase in the average length of haul and the negative translation impact of a stronger Canadian dollar, partly offset by freight rate increases and higher applicable fuel surcharge rates.

 

Operating expenses for the first quarter increased by nine per cent to C$1,903 million, mainly due to higher fuel prices and higher costs due to increased volumes of traffic, partly offset by the positive translation impact of a stronger Canadian dollar on U.S.-dollar-denominated expenses.

 

(1) Non-GAAP Measures
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN also uses non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, constant currency, and free cash flow. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.

 

CN's full-year adjusted EPS guidance (2) excludes the expected impact of certain income and expense items, as well as those items noted in the reconciliation tables provided in the attached supplementary schedule, Non-GAAP Measures. However, management cannot individually quantify on a forward-looking basis the impact of these items on its EPS because these items, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its adjusted EPS guidance.

 



#5 CNJRoss

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Posted 25 April 2017 - 11:11 AM

CN news release:

 
CN declares second-quarter 2017 dividend

REGINA, April 24, 2017 /CNW/ - CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved a second-quarter 2017 dividend on the Company's common shares outstanding. A quarterly dividend of forty-one-and-one-quarter cents (C$0.4125) per common share will be paid on June 30, 2017, to shareholders of record at the close of business on June 9, 2017.

 

 



#6 CNJRoss

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Posted 25 April 2017 - 11:15 AM

NS news release:

 
Norfolk Southern declares quarterly dividend

Norfolk, Va. - Apr 25, 2017

Norfolk Southern Corporation (NYSE: NSC) today announced the regular quarterly dividend of 61 cents per share on its common stock, payable on June 10 to stockholders of record on May 5.

 

Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 139 consecutive quarters.

About Norfolk Southern.

 



#7 CNJRoss

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Posted 26 April 2017 - 08:25 AM

KCS news release, 4/21:

 

Kansas City Southern Reports Record First Quarter Revenues, Carloads, Operating Income,  Operating Ratio and Earnings per Share

 

First Quarter 2017 Results

 

  • Record first quarter revenues of $610 million, an increase of 8% over first quarter 2016 on a 6% increase in carloads
  • Operating income of $211 million, a first quarter record and 12% higher than prior year
  • Record first quarter operating ratio of 65.4%, a 1.2 point improvement over first quarter 2016
  • Diluted earnings per share of $1.38, an increase of 39% over first quarter 2016. Adjusted diluted earnings per share of $1.17, an increase of 14% over first quarter 2016. Both diluted and adjusted diluted earnings per share were first quarter records.

 

Kansas City, Mo., April 21, 2017.  Kansas City Southern (KCS) (NYSE:KSU) reported first quarter 2017 revenues of $610 million, an increase of 8% over first quarter 2016. Overall carload volumes were 541 thousand, 6% higher compared to first quarter 2016. Excluding the estimated impact of Mexican peso depreciation, revenue increased by 11% compared to the first quarter of 2016.

 

First quarter 2017 revenues increased in four commodity groups, led by a 64% increase in Energy and a 25% increase in Automotive. Revenues from Chemical & Petroleum and Agriculture & Minerals were also positive with increases of 8% and 6%, respectively, compared to the first quarter of 2016. These increases were partially offset by declines in Intermodal and Industrial & Consumer of 2% and 1%, respectively, compared to the first quarter of 2016.

 

Operating expenses in the first quarter were $399 million, 6% higher than 2016. Excluding the estimated impact of Mexican peso depreciation, operating expenses increased 9% compared to the first quarter of 2016.

 

Operating income for the first quarter of 2017 was $211 million, an increase of 12% from the first quarter 2016. KCS reported a first quarter operating ratio of 65.4%, a 1.2 point improvement over first quarter 2016. Reported net income in the first quarter of 2017 totaled $147 million, or $1.38 per diluted share, compared with $108 million, or $0.99 per diluted share, in the first quarter of 2016. Excluding the impacts of foreign exchange rate fluctuations, adjusted diluted earnings per share for first quarter 2017 was $1.17, compared to $1.03 in first quarter 2016. 

  

“Kansas City Southern is pleased with the return of year-over-year revenue and volume growth in first quarter 2017,” stated Kansas City Southern’s President and Chief Executive Officer Patrick J. Ottensmeyer. “We all remain focused on operational improvements and longer-term growth drivers and are excited to see some of these opportunities, such as refined products movements, materialize in 2017.” 

 

Continue here for GAAP Reconciliation and Consolidated Statements of Income.



#8 CNJRoss

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Posted 26 April 2017 - 08:55 PM

NS news release:
 

Norfolk Southern reports record first-quarter 2017 results

 

Achieved first-quarter record operating ratio, income from operations, and earnings per share

 

NORFOLK, Va., April 26, 2017 – Norfolk Southern Corporation (NYSE: NSC) today reported first-quarter financial results.

 

First-quarter net income was $433 million, up 12 percent year-over-year, a result of a 7 percent rise in income from railway operations, as well as a lower effective income tax rate. Diluted earnings per share were $1.48, up 15 percent year-over-year and a first-quarter record.

 

“Norfolk Southern’s record results for the first quarter demonstrate the efficacy of our strategic plan, under which we are enhancing our service quality and network performance while driving significant efficiency improvements,” said James A. Squires, Norfolk Southern chairman, president and CEO. “Our focus on providing a superior service product has positioned us for growth and, coupled with our cost discipline, has contributed to a solid start to the year. Our strategy provides a strong foundation for growth at low incremental costs, a powerful formula for enhanced shareholder value.”

 

First-quarter summary

 

Railway operating revenues of $2.6 billion increased 6 percent compared with first-quarter 2016, as overall volumes were 5 percent higher, reflecting growth within our major commodity categories of coal, intermodal, and merchandise.

 

Railway operating expenses increased $105 million, or 6 percent, to $1.8 billion as targeted expense reductions and efficiencies were offset by inflation, particularly within fuel expenses, which were higher by $64 million.

 

Income from railway operations was a first-quarter record $773 million, up 7 percent year-over-year.

 

The railway operating ratio, or operating expenses as a percentage of revenues, was 70.0 percent, a first-quarter record.

 



#9 CNJRoss

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Posted 27 April 2017 - 10:34 PM

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Union Pacific Reports First Quarter 2017 Results

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Omaha, Neb., April 27, 2017

 

Union Pacific Corporation (NYSE: UNP) today reported 2017 first quarter net income of nearly $1.1 billion, or a first quarter record $1.32 per diluted share. This compares to about $1.0 billion, or $1.16 per diluted share, in the first quarter 2016.

 

First Quarter Results

  • Diluted earnings per share of $1.32 increased 14 percent.
  • Operating income totaled $1.8 billion, up 6 percent.
  • Operating ratio of 65.1 percent was flat.

"This is a very solid start to the year, especially given the weather challenges we encountered on the Western part of our network earlier in the quarter," said Lance Fritz, Union Pacific chairman, president and chief executive officer.

 

"In keeping with our strategic value tracks, our engaged employees worked safely and productively under very difficult circumstances during the quarter. As a result, operations were restored quickly as we continued to focus on providing an excellent customer experience."

 

First Quarter Summary

Operating revenue of $5.1 billion was up 6 percent in the first quarter 2017 compared to the first quarter 2016. First quarter business volumes, as measured by total revenue carloads, increased 2 percent compared to 2016. Volume increases in coal, agricultural products and industrial products more than offset declines in chemicals and automotive. Intermodal volume was flat compared to 2016 as increases in international intermodal offset declines in domestic shipments. In addition:

  • Quarterly freight revenue improved 6 percent compared to the first quarter 2016, as volume growth, increased fuel surcharge revenue, core pricing gains and positive mix all contributed to the increase.
  • Union Pacific's 65.1 percent operating ratio was flat compared to the first quarter 2016. Higher fuel prices negatively impacted the operating ratio by about 1.3 points.
  • The $1.75 per gallon average quarterly diesel fuel price in the first quarter 2017 was 40 percent higher than the first quarter 2016.
  • Quarterly train speed, as reported to the Association of American Railroads, was 25.7 mph, 6 percent slower than the first quarter 2016.
  • Union Pacific's reportable personal injury rate of 0.89 per 200,000 employee-hours increased from the first quarter record of 0.75 achieved in 2016.
  • The Company repurchased 7.5 million shares in the first quarter 2017 at an aggregate cost of $802 million.

Summary of First Quarter Freight Revenues

  • Automotive down 1 percent
  • Chemicals up 1 percent
  • Intermodal up 3 percent
  • Agricultural Products up 7 percent
  • Industrial Products up 9 percent
  • Coal up 25 percent

2017 Outlook

"With a solid first quarter performance behind us, we will continue to press ahead with our volume, pricing, and productivity initiatives through the remainder of the year," Fritz said. "Our six-track value strategy will keep us intensely focused on effectively leveraging volume growth, while providing our customers an excellent experience and our shareholders a solid return on investment."

 

First Quarter 2017 Earnings Conference Call

Union Pacific will host its first quarter 2017 earnings release presentation live over the Internet and via teleconference on Thursday, April 27, 2017 at 8:45 a.m. Eastern Time. The presentation will be webcast live over the internet on Union Pacific's website at www.up.com/investor. Alternatively, the webcast can be accessed directly through the following link. Participants may join the conference call by dialing 877/407-8293 (or for international participants, 201/689-8349).

 

View this release online along with any supplemental materials at http://www.up.com/media/releases/170427-1st-qtr-earnings.htm

 

 

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#10 CNJRoss

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Posted 06 May 2017 - 10:04 AM

BNSF Financial Summary (excerpts):
 

BNSF's First-Quarter 2017 Financial Performance:  Volumes, Revenues and Expenses

 

May 5, 2017

Volumes and Revenues

First quarter operating income was $1.6 billion, an increase of $89 million (6 percent) versus 2016. Total revenues for the first quarter 2017 were up 9 percent compared with the same period in 2016 as a result of a 6 percent increase in unit volume and higher revenue per unit.  

 

The increase in average revenue per car/unit in 2017 was primarily due to higher fuel surcharges as well as increased rates per car/unit and business mix changes.

 

Business unit first quarter 2017 volume highlights:

  • Consumer Products volumes were up 6 percent in the first quarter of 2017 compared with the same period in 2016 due to higher domestic intermodal, international intermodal, and automotive volumes. The increases were primarily due to higher market share, improving economic conditions, and normalizing of retail inventories.
  • Industrial Products volumes were up slightly in the first quarter of 2017 compared with the same period in 2016. Increases in minerals and other commodities that support domestic drilling activity were mostly offset by lower petroleum products volume due to pipeline displacement of U.S. crude traffic and lower plastics volumes.
  • Agricultural Products volumes were up 2 percent for the first quarter of 2017 compared with the same period in 2016 primarily driven by higher grain exports, partially offset by lower domestic grain.
  • Coal volumes increased 18 percent for the first quarter of 2017 compared with the same period in 2016 due to mild winter weather in the first quarter of 2016 and higher natural gas prices in the first quarter of 2017, which led to increased utility coal usage, partially offset by the effects of retirements of coal generating facilities.

 

 

Expenses

Operating expenses for the first quarter 2017 were up 10 percent as result of increased volumes and inflation, including higher fuel prices, partially offset by productivity improvements. A significant portion of the increase is due to the following factors:

  • Compensation and benefits increased 6 percent for the first quarter of 2017 compared with the same period in 2016 primarily due to higher health and welfare costs, wage inflation, and increased volumes partially offset by productivity improvements.
  • Fuel expense was up 53 percent in the first quarter compared with the same period in 2016, due to higher average fuel prices and increased volumes, partially offset by improved fuel efficiency of 2 percent. Locomotive fuel price per gallon increased 45 percent for the first quarter of 2017 to $1.71.
  • Depreciation expense increased 10 percent for the first quarter of 2017 compared with the same period in 2016 primarily due to a larger depreciable asset base.

 

 

Capital Activities

BNSF continues to invest in its network, with a focus on ensuring BNSF continues to operate a safe and reliable network that meets our customers’ expectations. Our 2017 planned capital commitments are $3.4 billion compared with $3.9 billion in 2016. 

 

Similar to last year’s plan, the 2017 capital program focus continues to be maintenance and replacement of BNSF’s network and related assets to ensure BNSF continues to operate a safe and reliable network. This year that component is expected to be $2.4 billion. These projects will primarily go toward replacing and upgrading rail, rail ties and ballast and maintaining rolling stock. BNSF will spend $400 million on expansion projects, $200 million for continued implementation of positive train control and $400 million on locomotives, freight cars and other equipment acquisitions.  

 

Additional details.






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