On Tuesday, Shares of CSX Corporation (NYSE:CSX), gained 4.32% to $28.01.
CSX Chief Sales and Marketing Officer Fredrik Eliasson, formerly the company’s Chief Financial Officer, recently reviewed performance to date and updated investors on the company’s third quarter and full-year expectations at the Cowen and Company 8th Annual Global Transportation Conference in Boston, Massachusetts. The company delivered strong financial, service and efficiency improvements in the first six months of 2015, but anticipates the second half of the year to be more challenging given intensifying headwinds in its coal markets.
“In the third quarter, we see strong pricing that reflects the value of our service, and we continue to drive greater asset utilization and reduce costs as we match our resources with demand while improving our service product,” Eliasson said. “At the same time, overall volume to date is down about two percent, with both our domestic coal and merchandise markets tracking slightly below the company’s original third quarter expectations.”
“While we continue to target flat earnings per share for the third quarter, achieving that estimate will be more challenging given the weaker than predictable volumes,” said Eliasson. “In addition, with the volume declines this quarter and ongoing challenges to coal that are predictable to continue in the fourth quarter, CSX now anticipates full-year earnings per share growth in the mid-single digits.”
That earnings growth will be delivered despite domestic coal revenue declines that may exceed $400 million for the year. As CSX continues to focus on its value drivers of growing merchandise and intermodal business, value pricing and efficiency savings, the company still anticipates to drive meaningful full-year margin expansion this year as it progresses towards its longer term aim of a mid-60s operating ratio.
CSX Corporation, together with its auxiliaries, provides rail-based transportation services in the United States and Canada. It offers traditional rail services, and transports intermodal containers and trailers.
Shares of Philip Morris International Inc. (NYSE:PM), inclined 3.20% to $79.76, during its last trading session.
Philip Morris International Inc., Chief Financial Officer, Jacek Olczak, will address investors today at the Barclays Global Consumer Staples Conference in Boston.
The presentation and Q&A session are being webcast live, in a listen-only mode, starting at about 1:30 p.m. ET, at www.pmi.com/webcasts. Highlights of the presentation comprise updates on the company’s July year-to-date performance in key geographies, in addition to the commercialization and clinical assessment of its reduced-risk product, iQOS.
“Our third quarter is off to a positive start, and this augurs well for the balance of the year. Robust fundamentals have driven favorable cigarette volume and share performance,” said Jacek Olczak, Chief Financial Officer. “iQOS is performing at or above our expectations and we are very encouraged by the results of our clinical studies thus far.”
Philip Morris International Inc., through its auxiliaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprise Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White.
Finally, Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), ended its last trade with -20.22% loss, and closed at $0.580.
Yingli Green Energy Holding Company Limited declared its unaudited merged financial results for the quarter ended June 30, 2015 and an predictable non-cash impairment charge on long lived assets in the quarter ending September 30, 2015.
Second Quarter 2015 Merged Financial and Operating Summary:
- Total net revenues were RMB 2,716.1 million (US$438.1 million).
- Total photovoltaic module shipments (counting shipments for PV systems to the Company’s own downstream PV projects) were 727.9 MW.
- Gross profit was RMB171.0 million (US$27.6 million), representing a gross margin of 6.3%. The gross margin on sales of PV modules was 7.9%.
- Operating loss was RMB178.3 million (US$28.8million), representing a negative operating margin of 6.6%.
- On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization were RMB198.8 million (US$32.1 million).
- Net loss was RMB598.1 million (US$96.5 million) and loss per ordinary share and per American depositary share was RMB3.29 (US$0.53). On an adjusted non-GAAP basis, net loss was RMB596.9 million (US$96.3 million) and loss per ordinary share and per ADS was RMB3.28 (US$0.53).
Yingli Green Energy Holding Company Limited, together with its auxiliaries, designs, develops, markets, manufactures, sells, and installs photovoltaic (PV) products in the People’s Republic of China and internationally.
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