Tear Sheet: CSX Corp.

While management didn?t quantify the revenue impact of the three-day port strike, it estimates Hurricane Helene will lower revenue about $40 million-$45 million. We expect 2024 revenue growth to be roughly flat, with lower fuel surcharges contributing a 150-basis-point headwind. We estimate CSX?s intermodal segment will be flat to down 1% from excess trucking capacity contributing to low rates despite carloads increasing about 3%. We expect coal revenue to decline about 7%, from lower pricing and demand as stockpiles remain high and natural gas prices low. CSX?s merchandise segment is performing well, with revenue expected to increase about 3%-4%, with carloads and pricing both growing about 2%. Lastly, we expect ?other? revenue to decline $85 million primarily from lower railcar

...October 29, 2024 We expect CSX Corp.'s 2024 revenue to be only slightly constrained by Hurricane Helene and labor strikes at ports. While management didn't quantify the revenue impact of the three-day port strike, it estimates Hurricane Helene will lower revenue about $40 million-$45 million. We expect 2024 revenue growth to be roughly flat, with lower fuel surcharges contributing a 150- basis-point headwind. We estimate CSX's intermodal segment will be flat to down 1% from excess trucking capacity contributing to low rates despite carloads increasing about 3%. We expect coal revenue to decline about 7%, from lower pricing and demand as stockpiles remain high and natural gas prices low. CSX's merchandise segment is performing well, with revenue expected to increase about 3%-4%, with carloads and pricing both growing about 2%. Lastly, we expect "other" revenue to decline $85 million primarily from lower railcar demurrage. We expect 2025 revenue growth to be about 1%-2% (2%-3% excluding fuel...

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