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Class 1 2017 3rd Quarter Earnings; 4th Quarter Dividends


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#1 CNJRoss

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Posted 05 October 2017 - 06:55 PM

CSX news release:

 

CSX Corporation Declares Quarterly Dividend

 

JACKSONVILLE, Fla., Oct. 05, 2017 -- The board of directors of CSX Corporation (Nasdaq:CSX) this week approved a $0.20 per share quarterly dividend on the company's common stock. The dividend is payable on December 15, 2017, to shareholders of record at the close of business on November 30, 2017.

 



#2 CNJRoss

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Posted 17 October 2017 - 07:53 AM

CSX news release:

 

CSX Corporation Announces Third Quarter Earnings

 

 

JACKSONVILLE, Fla. – October 17, 2017 – CSX Corporation (Nasdaq: CSX) today announced third quarter 2017 net earnings of $459 million, or $0.51 per share, up from $455 million, or $0.48 per share, in the same period last year. Excluding a $1 million restructuring charge in this year’s third quarter results, adjusted earnings per share remain at $0.51 as shown in the table below.

 

 

1017%20earnings.jpg

 

 

“The company’s results for the third quarter reflect the resiliency of Precision Scheduled Railroading, even during times of transition,” said E. Hunter Harrison, president and chief executive officer. "With that transition largely behind us, we are now intensely focused on driving superior service for our customers and lasting value for our shareholders.”
 
Revenue for the third quarter increased 1 percent when compared to the previous year, supported by core pricing gains and offset by the impact of unfavorable mix. Expenses declined $2 million year over year with efficiency gains of $95 million more than offsetting the cost of inflation and fuel costs that were 19 percent higher on a per gallon basis when compared to the same quarter last year.

 

Total volume for the quarter was stable, while operating income improved 4 percent to $876 million and the operating ratio improved 90 basis points to 68.1 percent. Given the significant progress made to date, the company has completed the $1.5 billion share repurchase program that was announced in April 2017 and upsized in July 2017, reflecting management’s confidence in the company’s future.

 

As CSX advances the implementation of Precision Scheduled Railroading, it remains on track to achieve record efficiency gains. Adjusting for restructuring charges, CSX expects to deliver a full-year operating ratio around the high end of the mid-60s, earnings per share growth of 20-25 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).

 

CSX executives will conduct a conference call with the investment community this morning, October 17, 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.

 



#3 CNJRoss

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Posted 18 October 2017 - 07:59 AM

CP news release:

CP reports third quarter diluted EPS of $3.50, adjusted diluted EPS of $2.90, raises full-year guidance

 

October 17, 2017 Calgary, AB

 

​Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced third-quarter adjusted diluted earnings per share (EPS) of $2.90, an increase of 6 percent, and revenue grew 3 percent to $1.6 billion. On the strength of its operating model, CP produced an operating ratio of 56.7 percent.

 

"Thanks to the hard work of our CP family and a disciplined, balanced approach in the marketplace and to our operations, we were able to produce another quarter of exceptional results," said Keith Creel, CP President and Chief Executive Officer. "Volume momentum grew over the course of the quarter, setting us up for a strong finish to the year. As a result, we are raising our 2017 guidance."

 

  THIRD-QUARTER HIGHLIGHTS

  • Revenue grew 3 percent to $1.6 billion from $1.55 billion
  • Diluted earnings per share rose 50 percent to $3.50 from $2.34 and adjusted diluted earnings per share advanced 6 percent to $2.90 from $2.73
  • The operating ratio of 56.7 percent improved by 100 basis points from 57.7 percent
  • Operating income increased 5 percent to $690 million from $657 million
  • Cash from operations for the first nine months rose to $1.45 billion from $1.32 billion a year earlier, supporting a gain in free cash flow to $575 million from $488 million in the same period.

 

CP is revising its 2017 guidance upwards, and now expects adjusted diluted EPS to grow in the double-digits from full-year 2016 adjusted diluted EPS of $10.29.

 

"We remain grounded in our foundations of precision railroading and continue to pursue sustainable, profitable growth, which has us well-positioned to finish the year with strong momentum leading into 2018 and beyond," Creel said.

 

CP 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 October 17.

 

  Conference Call Access

 

Toronto participants dial in number: 1-647-427-7450
Operator assisted toll free dial in number: 1-888-231-8191
Callers should dial in 10 minutes prior to the call.

 

  Webcast

 

We encourage you to access the webcast and presentation material at investor.cpr.ca

 

A replay of the third-quarter conference call will be available by phone through to November 17, 2017 at 416-849-0833 or toll free 1-855-859-2056, password 98468121.

 

Access to the webcast and audio file of the presentation will be made available at investor.cpr.ca

 

  Non-GAAP Measures

 

In this news release, CP has provided a forward looking non-GAAP measure. It is not practicable to provide a reconciliation to a forward-looking reported diluted EPS, the most comparable GAAP measure, due to unknown variables and uncertainty related to future results.For further information regarding non-GAAP measures, including reconciliations to the nearest GAAP measures, see the attached supplementary schedule Non-GAAP Measures.

 



#4 CNJRoss

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Posted 20 October 2017 - 08:57 PM

KCS news release 10/20/17:

 

Kansas City Southern Reports Record Third Quarter 2017 Operating Income and Operating Ratio

 

Third Quarter 2017 Results

 

  • Third quarter revenues of $657 million, an increase of 9% from third quarter 2016 on a 3% increase in carloads
  • Record third quarter operating income of $234 million, representing a 17% increase from third quarter 2016      Operating ratio of 64.4%, a third quarter record and an improvement of 2.5 points from third quarter 2016
  • Third quarter diluted earnings per share of $1.23, an increase of 10% compared to third quarter 2016. Adjusted diluted earnings per share of $1.35, a third quarter record and an increase of 21% compared to third quarter 2016

 

Kansas City, Mo., October 20, 2017. Kansas City Southern (KCS) (NYSE:KSU) reported third quarter 2017 revenues of $657 million, representing an overall increase of 9% with year over year growth from all six business units. Carload volumes increased 3% compared to third quarter 2016.

 

Operating expenses in the third quarter were $423 million, 4% higher than 2016. Operating income was a third quarter record at $234 million, an increase of 17% from the third quarter 2016. 

 

KCS reported a record third quarter operating ratio of 64.4%, a 2.5 point improvement over third quarter 2016. Reported net income in the third quarter of 2017 totaled $130 million, or $1.23 per diluted share, compared with $121 million, or $1.12 per diluted share, in the third quarter of 2016. Excluding the impacts of foreign exchange rate fluctuations, adjusted diluted earnings per share for third quarter 2017 was $1.35 compared to $1.12 in third quarter 2016, representing a third quarter record.

  

“KCS’ third quarter financial results were strong, even with the impact of Hurricane Harvey on KCS’ U.S. Gulf Coast and cross-border traffic in August and September,” stated President and Chief Executive Officer Patrick J.

Ottensmeyer. “Despite the severity of the storm and widespread flooding, we recovered quickly from the extended service outage, delivering record third quarter operating income, operating ratio and adjusted earnings per share.  

 

“Our recovery was a testament to KCS’ operations personnel, who worked tirelessly during and after the storm to restore our network. We also want to thank our rail partners for their cooperation, as we worked together during this period to minimize the impact of the outage on our customers.”

 

Continue here for GAAP Reconciliations



#5 CNJRoss

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Posted 24 October 2017 - 09:29 PM

CN news release:

 
CN reports Q3-2017 net income of C$958 million, or C$1.27 per diluted share

 

CN increasing capital investments to meet demand and future growth

 

 

MONTREAL, Oct. 24, 2017 /CNW/ - CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the third quarter ended Sept. 30, 2017.

 

Financial results highlights
 

Third quarter 2017 compared to third quarter 2016

  • Net income decreased by one per cent to C$958 million, while diluted EPS increased by two per cent to C$1.27.
  • Adjusted net income increased by two per cent to C$989 million, with adjusted diluted EPS increasing by five per cent to C$1.31. (1)
  • Operating income increased by four per cent to C$1,459 million.
  • Revenues increased by seven per cent to C$3,221 million.
  • Revenue ton-miles (RTMs) increased by 10 per cent and carloadings increased by 11 per cent.
  • Operating expenses increased by 10 per cent to C$1,762 million.
  • Operating ratio of 54.7 per cent, an increase of 1.4 points.
  • Free cash flow (1) for the first nine months of 2017 was C$2,321 million, compared with C$1,743 million for the year-earlier period.

 

Luc Jobin, president and chief executive officer, said: "CN delivered strong third-quarter financial results as we continued to see increased demand across key business segments such as frac sand, intermodal, coal and Canadian grain. I'm proud of what our team has accomplished given the strength and speed of the volume growth we've experienced this year.   

 

"To meet the needs of an expanding North American economy and new growth opportunities, we are increasing investments in our infrastructure and equipment by C$100 million, for a total capital program of C$2.7 billion in 2017. During the third quarter, and continuing through the rest of the year, we've been hiring across our network, particularly in Western Canada, as we remain focused on delivering superior service to our customers," Jobin continued.

 

"We are reaffirming our 2017 adjusted diluted EPS outlook of C$4.95 to C$5.10, compared to last year's adjusted diluted EPS (1) of C$4.59." (2)   

 

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 third quarter of 2017 would have been higher by C$22 million, or C$0.03 per diluted share. 

 

Third-quarter 2017 revenues, traffic volumes and expenses
Revenues for the third quarter of 2017 were C$3,221 million, an increase of seven per cent, when compared to the same period in 2016. Revenues increased for metals and minerals (31 per cent), coal (23 per cent), intermodal (12 per cent), automotive (four per cent) and other revenues (two per cent). Revenues declined for forest products (two per cent), and grain and fertilizers (one per cent), while petroleum and chemicals revenues remained essentially flat.

 

The increase in revenues was mainly attributable to higher volumes of traffic in overseas intermodal, frac sand, coal and petroleum coke exports, and Canadian grain; freight rate increases; and higher applicable fuel surcharge rates; partly offset by the negative translation impact of a stronger Canadian dollar.

Carloadings for the quarter increased by 11 per cent to 1,484 thousand.

 

RTMs, measuring the relative weight and distance of rail freight transported by CN, increased by 10 per cent from the year-earlier quarter. Rail freight revenue per RTM decreased by three 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 third quarter increased by 10 per cent to C$1,762 million, mainly due to higher costs from increased volumes and higher fuel prices, partly offset by the positive translation impact of a stronger Canadian dollar.

 

 

Continue here for Selected Railroad Statistics



#6 CNJRoss

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Posted 24 October 2017 - 09:33 PM

CN news release:

 
CN announces new normal course issuer bid for repurchase of its shares, declares 4th quarter 2017 cash dividend

 

 

MONTREAL, Oct. 24, 2017 /CNW/ - CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved the repurchase of its shares under a new normal course issuer bid (Bid) and approved a fourth-quarter 2017 dividend.

 

The Bid permits CN to purchase, for cancellation, up to 31 million common shares, representing 4.9 per cent of the 629,138,132 common shares issued and outstanding of the Company not held by insiders on Oct. 16, 2017. On that date, 748,215,232 CN common shares were issued and outstanding.

 

The Bid – starting on Oct. 30, 2017, and ending no later than Oct. 29, 2018 – will be conducted through a combination of discretionary transactions and automatic repurchase plans through the facilities of the Toronto and New York stock exchanges, or alternative trading systems, if eligible, and will conform to their regulations.

 

Toronto Stock Exchange (TSX) rules will permit CN to purchase daily, through TSX facilities, a maximum of 294,618 common shares under the Company's Bid. Purchases under the Bid will be made by means of open market transactions or such other means as the TSX or a securities regulatory authority may permit, including private agreements or share repurchase programs under one or more issuer bid exemption orders issued by securities regulatory authorities in Canada.

 

The price to be paid by CN for its open market purchases of common shares will be the market price at the time of acquisition, plus brokerage fees. Purchases made under issuer bid exemption orders will be at a discount to the prevailing market price as per the terms of the order.

CN believes that the repurchase of its shares represents an appropriate and beneficial use of the Company's funds.

 

Ghislain Houle, CN executive vice-president and chief financial officer, said: "CN has a proven track record of solid financial results that has enabled the company to consistently re-invest in the business and return capital to shareholders. Over the last 10 years, CN invested approximately C$20 billion in the business, while returning over C$13 billion to its shareholders via share buybacks. The Company is well positioned to continue its policy of rewarding shareholders, and we are pleased to make this announcement today."

 

CN's current normal course issuer bid announced in October 2016 for the purchase of up to 33 million common shares expires on Oct. 29, 2017. As at the close of trading on Oct. 23, 2017, CN has repurchased 20,646,546 million common shares at a weighted-average price of C$95.20 per share, excluding brokerage fees, returning C$1.97 billion to its shareholders. Purchases were made on the open market and through share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. CN will continue purchasing shares under this normal course issuer bid until Oct. 29, 2017.

 

CN's Board of Directors also approved a fourth-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 Dec. 29, 2017, to shareholders of record at the close of business on Dec. 8, 2017.

 



#7 CNJRoss

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Posted 24 October 2017 - 09:36 PM

NS news release:
 

Norfolk Southern declares quarterly dividend

 

 

NORFOLK, Va., Oct. 24, 2017 – Norfolk Southern Corporation (NYSE: NSC) today announced the regular quarterly dividend of 61 cents per share on its common stock, payable on Dec. 11 to stockholders of record on Nov. 3.

 

Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 141 consecutive quarters.

 



#8 CNJRoss

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Posted 25 October 2017 - 10:04 AM

NS news release:

Norfolk Southern reports third-quarter 2017 results

 

Achieves record quarterly operating ratio of 65.9 percent

 

 

NORFOLK, Va., Oct. 25, 2017 – Norfolk Southern Corporation (NYSE: NSC) today reported third-quarter financial results.

 

Third-quarter net income was $506 million, up 10 percent year-over-year, driven by an 11 percent increase in income from railway operations – yielding a record quarterly operating ratio of 65.9 percent. Diluted earnings per share were $1.75, up 13 percent year-over-year.

 

“Norfolk Southern continues to deliver strong financial results through execution of our strategic plan. We are unwavering in our commitment to improve productivity as demonstrated by seven consecutive quarters of year-over-year improvement in our operating ratio,” said James A. Squires, Norfolk Southern chairman, president and CEO. “Our balanced approach focuses on increasing efficiency and delivering a strong customer service product, giving us the ability to achieve our goals and deliver sustainable shareholder value.”

 

For the first nine months of 2017, net income was $1.4 billion, up 15 percent compared with the same period of 2016. Record diluted earnings per share of $4.93 were 17 percent higher. The strong results reflected 11 percent growth in income from railway operations and a record nine-month operating ratio of 67.4 percent.

 

Third-quarter summary

  • Railway operating revenues of $2.7 billion increased 6 percent compared with third-quarter 2016, as overall volumes were 4 percent higher, reflecting growth within our major commodity categories of coal and intermodal.
  • Railway operating expenses increased $55 million, or 3 percent, compared with third-quarter 2016, to $1.8 billion as targeted expense reductions and gains from the disposition of operating property helped offset volume and inflation-related expenses and higher incentive compensation.
  • Income from railway operations was $911 million, up 11 percent year-over-year, and the operating ratio, or operating expenses as a percentage of revenues, was 65.9 percent, an all-time quarterly record.

 



#9 CNJRoss

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Posted 26 October 2017 - 07:59 AM

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Union Pacific Reports Third Quarter 2017 Results

 

Omaha, Neb., October 26, 2017

 

Union Pacific Corporation (NYSE: UNP) today reported 2017 third quarter net income of $1.2 billion, or a $1.50 per diluted share. This compares to $1.1 billion, or $1.36 per diluted share, in the third quarter 2016.

 

Third Quarter Results

  • Diluted earnings per share of $1.50 increased 10 percent.
  • Operating income totaled $2.0 billion, up 3 percent.
  • Operating ratio of 62.8 percent, up 0.7 points.

"During the quarter, our company faced the unprecedented challenge of Hurricane Harvey," said Lance Fritz, Union Pacific chairman, president and chief executive officer. "I want to thank the men and women of Union Pacific who worked tirelessly and heroically to quickly and safely restore our network and operations from the storm and related flooding. Given these challenges, I am pleased with our results and look forward to continuing to build on the foundation provided by our six-track value strategy."

 

Third Quarter Summary

 

Operating revenue of $5.4 billion was up 5 percent in the third quarter 2017 compared to the third quarter 2016. Third quarter business volumes, as measured by total revenue carloads, declined 1 percent compared to 2016. Volume increases in industrial products were more than offset by declines in agricultural products, automotive, chemicals and coal. Intermodal volume was flat compared to 2016. In addition:

  • Quarterly freight revenue improved 4 percent compared to the third quarter 2016, as increased fuel surcharge revenue, core pricing gains and positive mix of traffic all contributed to the increase.
  • Union Pacific's third quarter operating ratio of 62.8 percent increased 0.7 points compared to the third quarter 2016. Higher fuel prices negatively impacted the operating ratio by 0.3 points.
  • The $1.77 per gallon average quarterly diesel fuel price in the third quarter 2017 was 13 percent higher than the third quarter 2016.
  • Quarterly train speed, as reported to the Association of American Railroads, was 25.4 mph, 2 percent slower than the third quarter 2016.
  • The year-to-date reportable personal injury rate of 0.78 per 200,000 employee-hours increased from the record year-to-date rate of 0.77 achieved in 2016.
  • Union Pacific repurchased 11.8 million shares in the third quarter 2017 at an aggregate cost of nearly $1.3 billion.
  • Included in the third quarter results are the following previously disclosed items:

 

EPS Impact

Favorable / (Unfavorable)

Operating Ratio Impact

Favorable / (Unfavorable)

Workforce Reduction Charge

($0.06)

(1.55) pts

Hurricane Harvey Impact

($0.04)

(0.75) pts

Illinois State Income Tax Adjustment

($0.04)

N/A

Land Sale

$0.04

N/A

Resolution of a Litigation Matter

$0.05

N/A

 

Summary of Third Quarter Freight Revenues 

  • Automotive down 3 percent
  • Agricultural Products down 2 percent
  • Coal down 2 percent
  • Chemicals up 2 percent
  • Intermodal up 3 percent
  • Industrial Products up 26 percent

2017 Outlook

 

"As the economy continues to ebb and flow, we will focus on executing our value strategy. We will use innovation to enhance our customer experience while continuing to drive resource productivity throughout the organization as we progress our G55 + 0 initiatives," Fritz said. "Looking ahead to 2018, our engaged team is laser focused on building upon our recent success. Our goal is to continue creating long-term enterprise value for all of our stakeholders as we improve our top-line and progress toward our margin improvement targets."

 

SNIP

SNIP

 

View this release online along with any supplemental materials at http://www.up.com/media/releases/171026-3q-earnings.htm

 



#10 CNJRoss

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Posted 11 November 2017 - 07:57 AM

KCS news release:

 
Kansas City Southern Declares Dividends on 4 Percent Non-Cumulative Preferred Stock and Common Stock

 

Kansas City, Mo., November 10, 2017.  Kansas City Southern’s (KCS) (NYSE:KSU) Board of Directors on November 10, 2017 declared a regular dividend of $0.25 per share on the outstanding KCS 4% non-cumulative preferred stock.  The dividend is payable on January 16, 2018 to preferred stockholders of record at the close of business on December 29, 2017.

 

The Board of Directors also declared a regular dividend of $0.36 per share on the outstanding KCS common stock.  This dividend is payable on January 17, 2018, to common stockholders of record at the close of business on December 29, 2017.

 

 






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