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CSX Corp.

CSX is a Class I railroad that provides transportation services between ocean/river/lake ports and various population centers in the eastern half of the United States. CSX divides its business into the Merchandise (62% of 2017 revenue), Coal (18%), Intermodal (16%), and Other (4%) categories. The company offers bulk (unrefined commodities such as coal, grain, rocks, and soda ash), manifest (a mix of freight which includes partially refined commodities such as lumber, steel, paper, and food), and more premium business rail transportation (finished automobiles and intermodal). CSX's main competitor is Norfolk Southern Railway who operates throughout much of the company's territory. Rails compete with trucks in all commodity groups but less so with heavy bulk freight. Barges are competitive along waterways for products such as grain and other bulk commodities. In 1997, CSXT and Norfolk Southern Railway jointly acquired the rights to operate Conrail. CSX owns 42% of Conrail, with the remaining 58% owned by NSC. (05 Oct 2018)

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IG Note: CSX in the Market with 10Y and 30Y Notes

IG Note: 07 Nov 2018, 10:59 AM ET - CSX is back in the market for 10Y and 30Y notes, with proceeds to fund share repurchases, capital expenditure, working capital requirements, and other GCP . We maintain our Underperform recommendation on CSX bonds.

CSX 3Q18: Yet Another Record Quarter

Earnings Note: 17 Oct 2018, 7:32 PM ET - CSX’s operational turnaround continued to gather steam as the company made a notable recovery from last years’ service related disruptions by reporting another set of solid quarterly results. 3Q18 OR of 58.7% was another quarterly record.

CSX 2Q18: PSR and Export Coal Aid in Record Print

Earnings Note: 23 Jul 2018, 8:08 PM ET - A favorable pricing environment alongside ongoing cost cuts and efficiency gains helped CSX print solid 2Q18 numbers. Leverage is still elevated for its current ratings and we remain cautious on its future capital allocation policy.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

CSX: Taps the Market with Three-tranche Deal

IG Note: 15 Feb 2018, 10:31 AM ET - CSX is in the market with a 3-part offering and comes just a few days after the company announced a fresh $5 bn share buyback program and a dividend increase. Proceeds will be used to fund GCP, including share repurchases. We maintain U/P.

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

CSX 4Q17: Harvesting the Low Hanging Fruit

Earnings Note: 17 Jan 2018, 10:54 PM ET - The late Mr. Harrison’s PSR strategy is starting to take shape as CSX wrapped up the year on a positive note by reporting operating and fluidity metric improvements. We remain U/P as we await more clarity on its capital structure plans.

CSX: CEO Hunter Harrison Passes Away

Worth Watching: 18 Dec 2017, 7:26 AM ET - CSX (Baa1/BBB+) announced on Saturday that its CEO Hunter Harrison had passed away due to severe complications from a recent illness. Mr. Harrison death comes almost two days after the company announced late Thursday his medical leave, which le ..

CSX: Hunter Harrison Named as New CEO

Worth Watching: 07 Mar 2017, 4:11 PM ET - CSX (Baa1/BBB+) announced its appointment of industry veteran Hunter Harrison as CEO effective immediately. Mr. Harrison will replace Michael Ward, who retired as Chairman and CEO, but will continue to serve in a consultant role to CSX with imm ..

BBB Trade Ideas: Focus on the Belly of the Curve

Strategy Analysis: 01 Feb 2017, 5:59 AM ET - In an effort to provide more trade ideas to our clients, this piece focuses on BBB, 5-10 year trade ideas. We've worked with our analysts to screen the credits, and summarize our views in this piece. 

CSX & CP 4Q16: H. Harrison and CSX Paired Again

Earnings Note: 19 Jan 2017, 3:02 PM ET - Both CSX and CP reported fourth quarter results, but it was news of Hunter Harrison’s early departure from CP and his reported attempts at seeking a senior management position at CSX that made headlines.

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.

CSX 3Q16: Commodity Headwinds Hurt Results

Earnings Note: 13 Oct 2016, 2:30 PM ET - Although CSX’s 3Q16 EPS and revenue came ahead of consensus estimates, its results were weak YoY, reflecting the challenging volume trends in coal, energy, Ag and metals markets.

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 

GATX 1Q16: Downside Pricing Surprise

Earnings Note: 21 Apr 2016, 10:36 PM ET - Revenue and EBITDA continue to grow on prior-period rate increases, but the general price environment weakened.  Management reported acceleration in the rate of decline.

Norfolk Southern 1Q16: Strong Start

Worth Watching: 21 Apr 2016, 10:14 PM ET - Norfolk Southern 1Q16  (Baa1/BBB+/NR) surprised the market with much better than expected margin performance.  Cooperative 1Q16 weather and $10 million of liquidated damages helped, but so did reduced locomotive material, drayage, maintenance, ..

Canadian Pacific: Lower Buybacks To Help Leverage

Worth Watching: 20 Apr 2016, 10:53 PM ET - Canadian Pacific (Baa1/BBB+/NR) announced a new share repurchase program, following its decision to end M&A efforts (see Canadian Pacific: CP Ends M&A Effort, U/P to O/P).  As expected, the buyback program was smaller than the last and appears ..

KSU 1Q16: Outlook Still Uncertain; Tone Improves

Worth Watching: 19 Apr 2016, 8:09 PM ET - KSU 1Q16 - Kansas City Southern's (Baa3/BBB-/BBB-) 1Q16 results reflected continued headwinds in utility coal as well as flooding, but margin performance was very strong, especially considering the weather-related challenges.  1Q16 revenue decr ..

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