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Norfolk Southern: New 4-Part Deal to Fund Buybacks

IG Note: 30 Jul 2018, 11:14 AM ET - Norfolk Southern is back in the market for the second time this year, issuing $1.5 bn of new notes across new 7Y, 10-year and 100Y bonds as well as a tap of its existing 30-year bonds. We remain at an Underperform on the credit.

Norfolk Southern: Tapping the Market with 30Y Note

IG Note: 13 Feb 2018, 10:13 AM ET - NSC is in the market with a new 30Y issuance to refinance, in part, its existing 5.75% 2018 notes. We view a 5-10 bp new issue concession as an attractive opportunity to participate in the new issuance.

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.

Norfolk Southern 2Q17: A Work in Progress

Earnings Note: 28 Jul 2017, 12:43 PM ET - NSC reported record operating ratio of 66.3% (-230 bp YoY) for 2Q17 as mgmt’s productivity and efficiency initiatives gain traction. Higher volumes, led by coal also provided a lift this quarter, but 2H17 comps are likely to get tougher.

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.

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. 

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 ..

JB Hunt 1Q16: Revenue & EBITDA Growth Accelerate

Worth Watching: 18 Apr 2016, 7:57 PM ET - JB Hunt 1Q16  revenue and EBITDA exceeded expectations, and the margin strengthened as improved efficiency and stronger pricing more than offset driver wage/recruiting and rail transportation cost growth.  Consolidated revenue increased 6.1% Yo ..

CSX 1Q16: Coal Outlook Weakens

Earnings Note: 13 Apr 2016, 5:46 PM ET - 1Q16 results reflected weakness in coal, energy, and metals, while a less favorable mix and lower fuel surcharges added further pressure to the top line.

Canadian Pacific: CP Ends M&A Effort, U/P to O/P

Company Analysis: 12 Apr 2016, 6:00 AM ET - CP ended its effort to acquire NSC, and Harrison comments suggest a subsequent pursuit of CSX is not forthcoming.  Investors should expect a new share repurchase program.

FedEx: $750 mm 10-year and $1.25 bn 30-year Notes

Worth Watching: 21 Mar 2016, 8:43 PM ET - FedEx - FedEx (Baa1/BBB+) priced $750 million 10-year and $1.25 billion 30-year notes at T+135 bp and T+185 bp respectively.  This represents a 25 bp and 20 bp tightening from initial price talk.  A portion of proceeds will be used to redeem tw ..

Canadian Pac: Approached CSX About Merger (Again)

Worth Watching: 01 Mar 2016, 7:51 PM ET - Canadian Pac (Baa1/BBB+/NR) - CSX rebuffed a takeover offer by Canadian Pacific recently, according to the Wall Street Journal.  CP previously approached CSX in October 2014 (see Canadian Pacific: CP Approaches CSX), prior to its pursuit of Nor ..

Canadian Pac: Asks NSC Shareholders for Engage Vote

Worth Watching: 09 Feb 2016, 9:40 PM ET - Canadian Pac - Canadian Pacific (Baa1/BBB+/BBB+) will submit a resolution to NSC shareholders to ask their board of directors to engage in good faith merger discussions with CP.  NSC's by-laws say that proposals must be submitted no less than 9 ..

Norfolk Southern 4Q15: Details Strategic Plan

Worth Watching: 27 Jan 2016, 10:57 PM ET

FedEx: 25 mm Share Repurchase Program; O/P to M/P

Worth Watching: 26 Jan 2016, 10:02 PM ET

Kansas City Southern 4Q15: Good Cost Control

Worth Watching: 24 Jan 2016, 8:00 PM ET

Freight/Rail/Logistics: 2016 Outlook

Sector Outlook: 05 Jan 2016, 11:26 PM ET - The freight/rail/logistics group is likely to Underperform.  Expect FRL leverage to increase.  Rail pricing power remains intact, but volume is more likely to surprise to the downside than upside.

2016 Outlook: Industrial Sector Recommendations

Strategy Outlook: 21 Dec 2015, 10:33 PM ET - We discuss 2015’s performance and detail our 2016 recommendations in the Industrial sector. 

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