In a report published Thursday, Stifel analyst John Larkin downgraded CSX Corporation CSX to Hold from Buy.
According to the report, CSX reported 4Q13 EPS of $0.42, below the street consensus of $0.43.
“Agricultural products volume grew 16% y/y as the year's harvest was not subjected to the drought conditions present in 2012,” the report noted. “Chemical (including crude by rail) volumes rose 18% y/y, while intermodal units, on the strength of increased highway conversions and stronger international traffic, climbed 11% y/y. On the disappointing side of the ledger, utility coal dropped 13% y/y as high stockpiles in the Southeast and relatively low natural gas prices persisted.”
Some highlights from the report included:
-4Q13 operating ratio rose, unfavorably, from 71.8% in the 4Q12 to 73.2% in the 4Q13.
-The effective tax rate declined from 38.4% in the 4Q12 to 36.8% in the 4Q13
-Balance sheet improved slightly y/y
CSX closed Wednesday at $29.23.
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