CP reported adjusted 2Q EPS of C$2.77, modestly above Cons. of $2.71 and in line with our estimate. Against easy comps, total revenue, EBIT and EPS increased 13%, 23% and 35% y/y. CP’s OR improved 330bp y/y and was 20bp better than our model. CP also reiterated its guidance of high-single digit EPS growth, but we think guidance is now overly conservative.
Search Coverage List, Models & Reports
Search Results1-10 out of 3794
CHRW reported 2Q EPS of $0.78 vs. Cons. of $0.90 and our estimate of $0.87. Total net revenue, EBIT and EPS declined -3%, -22% and -21% y/y, each much worse than last qtr. Net operating margins declined 770bp y/y and missed our model by 270bp due to higher SG&A including claims and bad debt expense. Gross rev. also missed our model due to lower trucking vols, and gross yields only slightly missed our model by 20bp.
We view CSX’s underlying 2Q EPS as $0.57 excluding $0.09 of restructuring charges, $0.04 of coal liquidated damages, a $0.04 legal settlement and a $0.01 impairment charge. On this basis, CSX missed Cons. by $0.02 and our model by $0.03 with yields 90bp light of our model and margins 150bp worse.
1. Volume Expectations fell slightly from last quarter, but remained stronger than a year ago. Inventory trends were mixed as fewer shippers noted inventory levels above company targets (26% this quarter vs. 40% last quarter), although shippers are still seeing higher y/y total inventory levels.
JBHT reported 2Q EPS of $0.88 vs. Cons. of $0.91 and our estimate of $0.89. JBHT lowered 2H intermodal pricing guidance and materially lowered its Brokerage and TL margin guidance, and we’re lowering our C17 EPS estimate by 2% to $3.85 vs. prior Cons. of $3.94. But the stock rallied 2% on strong July commentary from mgmt and as core Intermodal EBIT inflected positive y/y for the 1st time in 7 qtrs.
The STB released June headcount data for the U.S. rails this afternoon. Total rail headcount declined 2.5% y/y in June vs. -2.4% and -2.6% the prior 2 months. Total rail headcount has now declined y/y for 22 straight months. Total headcount declined 0.3% sequentially from May to June despite stronger sequential volumes.
This morning (7/17/17), FDX filed its 10-K with an update on the recent cyber-attack at TNT last month. FDX is still dealing with widespread customer delays including billing issues. FDX still can’t quantify the impact, but thinks it will likely be material. Last week, we lowered our TNT 1Q EBIT estimate by $20M and our F1Q EPS by $0.05, but we now expect the EPS drag from the cyber-attack will be even bigger. FDX will quantify the impact on its F1Q call in Sept. and we suspect they’ll exclude the impact from adjusted EPS.
JBHT reported 2Q EPS of $0.88 vs. Cons. of $0.91 and our estimate of $0.89. By segment, Intermodal beat our model by $0.01, Dedicated and TL both beat our model by about half a penny each, and Brokerage posted an operating loss in 2Q and missed our model by $0.03. A lower tax rate added $0.01 in 2Q, offset by higher interest expense.
Highlights this week include:
Takeaways from our Quarterly Earnings Lunches
Currency impacts for CNI, CP and KSU
What to expect: JBHT, CSX, CHRW, CP, UNP, KSU
Wolfe Research's Senior Airfreight & Surface Transportation analyst, Scott Group, hosted a webcast on investor poll takeaways with an earnings preview.
- 1 of 380
- next →