Csx Corp Stock Price, News & Analysis

CSX Corp. (NASDAQ: CSX) announced that Executive Vice President and CFO Sean Pelkey, along with Executive Vice President and COO Mike Cory, will speak at the 2024 Baird Global Industrial Conference in Chicago. The presentation is scheduled for November 13 at 8:55 a.m. Eastern Time. The event will be available via live webcast on CSX's investor relations website, with a replay option available after the presentation.

CSX announced that the 500+ acre RailPort Logistics Mobile in Mobile, Alabama, has received a Platinum CSX Select Site designation. The development-ready property will feature nine industrial buildings, with four having CSX rail service. Scannell Properties plans to invest $15 million in transportation infrastructure upgrades, with 390 acres for development and 149 acres for conservation.

The site meets rigorous criteria including infrastructure availability, environmental reviews, and strategic location less than three miles from Interstate 10. Since 2012, CSX Select Sites have attracted manufacturers with projected capital investments of $17.7 billion and nearly 14,000 new jobs. This is the fourth site in Alabama to receive this designation.

CSX Corp announced that the Rickenbacker South Industrial Rail Park in Harrison Township, Ohio has received a Platinum CSX Select Site designation. The 671-acre property, located adjacent to CSX's mainline in Columbus, features significant electric capacity potential exceeding 100 MW and quick access to major highways. The site is the third in Ohio to receive this designation since 2012. CSX Select Sites have attracted manufacturers with projected capital investments of $17.7 billion and nearly 14,000 new jobs. The program, launched in 2012, identifies development-ready properties along the CSX network that meet rigorous criteria including infrastructure availability, environmental reviews, and rail serviceability.

CSX (NASDAQ: CSX) has announced new five-year tentative collective bargaining agreements with the International Brotherhood of Electrical Workers (IBEW) and National Conference of Firemen & Oilers (NCFO). Additionally, CSX has ratified a labor agreement with the SMART-TD yardmasters.

These agreements, pending ratification by union members, were reached before the current agreements became amendable under the federal Railway Labor Act. CSX has now secured proactive agreements with 13 labor unions, covering 17 work groups, representing nearly 60 percent of its unionized workforce.

The agreements offer improved wages, health care, and paid time off benefits. CSX aims to continue partnering with other unions to reach similar agreements, focusing on enhancing workplace conditions and employee satisfaction.

The Surface Transportation Board (STB) has approved CSX (NASDAQ: CSX) and Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) applications to acquire rail lines operated by Genesee & Wyoming Inc.'s Meridian & Bigbee Railroad (MNBR). This approval creates a new direct CPKC-CSX interchange connection in Alabama, linking Mexico, Texas, and the U.S. Southeast.

Key points:

• CPKC will acquire and operate the 52-mile segment between Meridian, Miss., and Myrtlewood, Ala.
• CSX will operate MNBR lines east of Myrtlewood
• A direct Class I-to-Class I interchange will be established near Myrtlewood
• MNBR will continue local service between Meridian and Myrtlewood

The transaction aims to create a new Class I corridor, enhancing service efficiency and introducing competitive shipping options. The STB approval is effective Nov. 16, 2024.

The Surface Transportation Board (STB) has approved a transaction involving Canadian Pacific Kansas City (CPKC), CSX , and Genesee & Wyoming Inc. (G&W) to create a new direct CPKC-CSX interchange connection in Alabama. This approval, effective November 16, 2024, allows CPKC to acquire and operate a 52-mile segment between Meridian, Miss., and Myrtlewood, Ala., while CSX will operate lines east of Myrtlewood.

The transaction will establish a direct Class I-to-Class I interchange near Myrtlewood, connecting shippers in Mexico, Texas, and the Southeast U.S. This new east-west Class I route aims to create competition, reduce truck traffic, and expand rail transportation markets across the southern U.S., from Dallas to Atlanta and beyond. The Meridian & Bigbee Railroad (MNBR) will continue to provide local service between Meridian and Myrtlewood.

CSX Corp. (NASDAQ: CSX) reported strong third quarter 2024 results, with operating income rising to $1.35 billion, up 7% from the previous year. Net earnings increased to $894 million, or $0.46 per diluted share, compared to $828 million, or $0.41 per share, in Q3 2023. Total volume grew by 3% to 1.59 million units. Revenue reached $3.62 billion, a 1% year-over-year increase, driven by growth in merchandise and intermodal volume, and merchandise pricing gains. These gains were partially offset by declines in coal revenue and fuel surcharges. The company's operating margin improved to 37.4%, an increase of 180 basis points from the previous year.

CSX Corp. (NASDAQ: CSX) has announced plans to webcast its 2024 Investor Day on Thursday, November 7, 2024. The event will feature presentations from CSX's leadership team, highlighting how the company is utilizing ONE CSX to implement their proven model and build momentum for profitable growth.

The webcast is scheduled to begin at 8 a.m. ET and will conclude around 11:30 a.m. ET. Interested parties can register for the event through a provided link. Additional information about the Investor Day will be available on the company's investor relations website. Following the live presentation, a replay of the webcast will be archived on CSX's website for future reference.

CSX (NASDAQ: CSX) has announced a quarterly dividend of $0.12 per share on its common stock. The dividend was approved by the company's Board of Directors and will be payable on December 13, 2024. Shareholders of record at the close of business on November 29, 2024, will be eligible to receive the dividend. This announcement demonstrates CSX's commitment to returning value to its shareholders through regular dividend payments.