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Group 1: CSX Corp Performance - CSX Corp reported third-quarter revenue of $3.59 billion, exceeding analyst estimates of $3.58 billion [1] - The company achieved adjusted earnings of 44 cents per share, surpassing analyst expectations of 43 cents per share [1] - Following the earnings report, CSX shares increased by 4.2% to $37.51 in pre-market trading [1] Group 2: Other Stocks in Pre-Market Trading - Artiva Biotherapeutics Inc gained 98.6% to $5.50 after receiving FDA Fast Track Designation for AlloNK [4] - Safe & Green Holdings Corp surged 38.8% to $4.27 after completing Phase 1 of its intelligent wellsite monitoring system [4] - Kezar Life Sciences Inc rose 36% to $5.67 following a regulatory update on its Zetomipzomib program [4] - INVO Fertility Inc tumbled 34.6% to $0.92 after a significant rise of over 85% the previous day [4] - American Battery Technology Co shares dipped 19.8% to $4.55 after a 37% decline on Thursday due to the termination of a grant by the Department of Energy [4]

Core Insights - U.S. stock futures are trading lower, indicating a cautious market sentiment ahead of key earnings reports [1] Company Earnings and Performance - Slb NV (NYSE:SLB) is expected to report quarterly earnings of $0.66 per share on revenue of $8.97 billion [2] - CSX Corp. (NASDAQ:CSX) reported third-quarter revenue of $3.59 billion, exceeding analyst estimates of $3.58 billion, with adjusted earnings of $0.44 per share, beating expectations of $0.43 per share [2] - American Express Co. (NYSE:AXP) is anticipated to post quarterly earnings of $4.00 per share on revenue of $18.05 billion [2] - Truist Financial Corp. (NYSE:TFC) is expected to report quarterly earnings of $1.00 per share on revenue of $5.20 billion [2] Stock Movements - SLB shares fell 0.3% to $32.82 in after-hours trading [2] - CSX shares rose 2.3% to $36.80 in after-hours trading [2] - American Express shares gained 0.5% to $324.58 in after-hours trading [2] - Newsmax Inc. (NYSE:NMAX) shares increased by 1.5% to $10.99 after announcing a $5 million purchase of Bitcoin and Trump Coin [2] - Truist Financial shares gained 0.6% to $41.33 in after-hours trading [2]

Core Insights - CSX's profits declined in Q3 due to an 11% drop in coal revenue, despite improvements in key operating metrics [1][3] - The company remains optimistic about future growth, citing strong customer relationships and ongoing efforts to enhance industrial capacity [2][5] Financial Performance - Adjusted operating income fell 8% to $1.25 billion, with revenue decreasing 1% to $3.58 billion; earnings per share dropped 4% to 44 cents [3] - The adjusted operating ratio increased by 2.5 points to 65.1% [3] Volume and Traffic - Overall quarterly volume increased by 1%, with merchandise traffic down 1%, intermodal traffic up 5%, and coal down 3% [4] - The decline in coal was attributed to an 11% drop in export coal tonnage, while domestic coal volume rose by 8% [4] Operational Metrics - Key operational metrics showed improvement: average train velocity increased by 2%, terminal dwell time decreased by 8%, and intermodal trip plan compliance rose to 93% [6] - Merchandise trip plan compliance improved by three points to 83% [6] Strategic Outlook - CSX anticipates overall volume growth despite mixed business conditions, with challenges from trade policies, commodity prices, interest rates, and a weak trucking market [5] - The completion of major construction projects ahead of schedule contributed to operational efficiency [7]

Core Viewpoint - CSX Transportation reported a slight decline in revenue for Q3, but exceeded analyst expectations in both revenue and adjusted earnings per share [1] Financial Performance - Q3 revenue decreased approximately 1% year-over-year to $3.59 billion, slightly above analyst expectations of $3.57 billion [1] - Adjusted earnings per share were reported at $0.44, surpassing analyst expectations of $0.42 [1] - Coal revenue fell by 11%, and total volume decreased by 3% during the quarter [1] Strategic Outlook - CEO Steve Angel indicated that the company is exploring strategic opportunities and re-evaluating certain aspects of its operations, particularly in collaboration with other companies [1]

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Core Insights - CSX reported $3.59 billion in revenue for the quarter ended September 2025, reflecting a year-over-year decline of 0.9% and an EPS of $0.44 compared to $0.46 a year ago, with a revenue surprise of -0.22% and an EPS surprise of +4.76% [1] Financial Performance - The operating margin was reported at 30.3%, significantly lower than the estimated 65.7% by analysts [4] - Revenue from intermodal services was $527 million, exceeding the average estimate of $517.94 million, representing a year-over-year increase of +3.5% [4] - Revenue from coal was $490 million, slightly above the average estimate of $488.06 million, but showing a year-over-year decline of -11.4% [4] Volume Metrics - Volume for merchandise chemicals was 164 thousand, slightly below the average estimate of 167.59 thousand [4] - Volume for agricultural and food products was 110 thousand, surpassing the average estimate of 107.91 thousand [4] - Volume for automotive merchandise was 99 thousand, closely matching the average estimate of 99.39 thousand [4] Revenue Breakdown - Revenue from merchandise chemicals was $697 million, below the estimated $722.8 million, reflecting a year-over-year decline of -4.1% [4] - Revenue from agricultural and food products was $382 million, compared to the average estimate of $418.66 million, indicating a year-over-year change of -8.2% [4] - Revenue from automotive merchandise was $306 million, slightly below the average estimate of $310.08 million, but showing a year-over-year increase of +1.7% [4] - Revenue from forest products was $247 million, below the average estimate of $259.2 million, representing a year-over-year decline of -4.6% [4] - Revenue from metals and equipment was $224 million, exceeding the average estimate of $213.13 million, with a year-over-year increase of +7.7% [4] - Revenue from fertilizers was $126 million, below the average estimate of $139.15 million, but showing a year-over-year increase of +6.8% [4] Stock Performance - CSX shares have returned +10.6% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - CSX reported quarterly earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, but down from $0.46 per share a year ago, resulting in an earnings surprise of +4.76% [1][2] - The company generated revenues of $3.59 billion for the quarter ended September 2025, which was 0.22% below the Zacks Consensus Estimate and a decrease from $3.62 billion year-over-year [2] - CSX shares have increased by approximately 12.3% since the beginning of the year, compared to a 13.4% gain in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $3.61 billion, and for the current fiscal year, it is $1.65 on revenues of $14.21 billion [7] - The trend of estimate revisions for CSX was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Transportation - Rail industry, to which CSX belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8] - Another company in the same industry, Norfolk Southern, is expected to report quarterly earnings of $3.18 per share, reflecting a year-over-year decline of 2.2%, with a revenue estimate of $3.09 billion, up 1.3% from the previous year [9][10]

Financial Data and Key Metrics Changes - Reported operating income for Q3 was $1.1 billion, with earnings per share at $0.37, including a $164 million impairment charge [17][18] - Adjusted revenue decreased by approximately $30 million, or 1%, due to unfavorable mix and coal pricing, despite a 1% volume growth [17][18] - Adjusted expenses increased by 3%, with interest and other expenses rising by $19 million compared to the previous year [17][18] Business Line Data and Key Metrics Changes - Merchandise revenue and volume decreased by 1%, with minerals volume and revenue up 8% and 12% respectively [11][12] - Coal revenue declined by 11% on a 3% lower total volume, while utility coal tonnage increased by 22% year over year [13][15] - Intermodal revenue increased by 4% on a 5% volume increase, benefiting from strong growth with key customers [10][15] Market Data and Key Metrics Changes - Business conditions are mixed, with customers facing challenges from shifting trade policies and weak global commodity prices [11] - The domestic coal market shows steady trends, while the chemical and forest product markets are impacted by tariffs and production rationalization [12][13][15] Company Strategy and Development Direction - The company aims to be the best-performing railroad in North America, focusing on financial performance, safety, and customer service [4][5] - Completion of major infrastructure projects like the Howard Street Tunnel and Blue Ridge Subdivision is expected to enhance capacity and resiliency [10][11] - The company is actively pursuing strategic opportunities to create value for shareholders while maintaining strong customer relationships [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational performance and ability to navigate mixed economic conditions [25] - There is optimism regarding the potential for volume growth and improved margins in the upcoming quarters, driven by operational efficiencies [18][25] - The company is focused on building a high-performance culture and capitalizing on strategic opportunities as they arise [25][46] Other Important Information - Year-to-date free cash flow is $1.1 billion, with over $2 billion returned to shareholders [23] - The company maintains a full-year CAPEX guidance of $2.5 billion, excluding the Blue Ridge project [24] Q&A Session Summary Question: How does the company position itself against peers pursuing mergers? - Management emphasized the importance of running the company effectively to create value and be prepared for strategic opportunities when they arise [29][31] Question: How will the completion of infrastructure projects impact the company? - Management noted that the completion of these projects sets the company up well for future growth and cost reductions [34][36] Question: What are the expectations for coal and intermodal markets? - Management expressed optimism about domestic coal demand and intermodal growth, highlighting ongoing discussions with customers [66][83] Question: What are the cash priorities for 2026? - Management indicated a focus on shareholder returns and potential investments in projects that enhance operational efficiency [90]