CSX - CSX Corporation

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Rail Pins Hopes On Auto Manufacturing As US Carloads Sustain Record Decline

The Class I railroads are closely watching the restart of North American automotive production, hoping that the slow ramp up will not only grow auto volumes but also improve demand for supplies such as steel and plastics, according to executives at recent investor conferences.However, a key unknown variable is whether consumer demand will lift volumes for automobiles and other goods, executives said."Our auto plants reopened this week with very limited production. The sustainability of that production is going to be highly dependent on consumer demand and consumer confidence to go out there and buy automobiles," said Norfolk Southern Corporation (NYSE: NSC) Chief Marketing Officer Alan Shaw during Wolfe Research's virtual conference for investors on Wednesday, May 20.Limited auto production resumed this week among major U.S. automakers, according to various news reports, and production in Mexico is expected to restart on June 1 although the government previously announced it would begin production in mid-May.Shaw added that the slow ramp-up in auto production would also likely result in "puts and takes" for auto suppliers since some supplies, such as steel, are already at the plants. The auto industry's suppliers might not see demand recovery until auto production has been up and running for some time, according to Shaw. While CSX Corporation (NASDAQ: CSX) view on the market remains relatively unchanged since its first-quarter earnings call in April, the reopening of the Big Three automakers might help the railroad get some clarity on merchandise volumes for the remainder of the second quarter and into the third quarter, according to Mark Wallace, CSX's executive vice president of sales and marketing. Wallace also noted during the Wolfe conference how products feeding into auto manufacturing, such as plastics and steel, could benefit from the reopening of the auto manufacturing plants. Meanwhile, Wallace's colleague at CSX, Chief Financial Officer Kevin Boone, said last week that CSX was starting to see some "very small car orders" coming through the auto manufacturing plants. But Boone also noted it would be a couple of weeks before any sizable volumes appeared."This will be a slow ramp-up, and they're focused on protecting their workforce as well," Boone said at the Bank of America Securities Transportation and Industrials conference on May 12. But "certainly going zero to something is helpful."Although revenue ton miles for Canadian Pacific Railway Limited (NYSE: CP) are "at the bottom" for the second quarter, with revenue and volumes ebbing and flowing for the rest of May, the return of automotive production should provide some uplift for the railway, said CP President and CEO Keith Creel at the Wolfe Research conference on May 20."We're experiencing unique growth in the sector given our partners," Creel said, noting that production would restart soon at Toyota, Honda and Chrysler, while shipments are expected to resume at CP's Vancouver automotive compound. Creel also said volumes would be "climbing out" in the third quarter, followed by "flattish" volumes in the fourth quarter and strength in the first quarter of 2021.The standstill in North American automotive production contributed greatly to the decline in rail volumes, with North American traffic for motor vehicles and parts falling 36.4% year-to-date to 335,839 carloads, according to the Association of American Railroads (AAR). The data is for the week ending May 16.On a weekly basis, North American carloads fell 87.9% to 3,467 carloads. North American carloads of motor vehicles and parts tumbled between March and April. (SONAR: RTOMV.USA, RTOMV.CAN, RTOMV.MEX)How the Class I railroads are cutting costsTo counter tumbling rail volumes, the Class I railroads are continuing to apply some of the cost-control measures that they mentioned during their first-quarter earnings calls last month, including cutting their budgets for capital investments to focus on essential projects or maintenance, putting employees on furlough and ceasing operations at smaller rail yards, and storing hundreds of locomotives and railcars until demand improves. Other costs are more variable, such as fuel expenses. Many of the railroads also said they have reserve boards consisting of furloughed employees who can return to work quickly should there be a sudden rebound in volumes. "It gets harder to offset the volume declines as they accelerate," CSX's Boone said. He also said the current environment has prompted CSX to evaluate all its costs. The cost-cutting measures in turn make it harder to provide any guidance on where a company's operating ratio might be for the year, according to Canadian National Railway Company (NYSE: CNI) President and CEO JJ Ruest. There is usually a lag when responding to lower volumes through layoffs and parking rolling stock."The drop in revenue in April and May has been so drastic. It's hard to keep up with the cost reduction without any timeline," Ruest said at the Bank of American conference on May 12.One structural change Union Pacific Corporation (NYSE: UNP) is tackling is how it operates its manifest network, which consists of trains made up with a variety of commodities as compared to a single commodity, like a unit train for grain. The railroad is eyeing running longer trains and making capital investments to sidings to allow for longer trains at its facilities. Running longer trains not only reduces crew starts but it also involves utilizing fewer assets to move the same amount of carloads, which in turn affects UP's productivity, according to UP's Chief Financial Officer Jennifer Hamann."The thing we're very encouraged about is that when we think about that productivity number, it's not just coming from one category," Hamann said May 12 at the Bank of America investor conference.Kansas City Southern (NYSE: KSU) also said it might keep some of the operations changes made as a result of the pandemic, such as reducing train starts and lengthening trains. Both actions "cleansed" the network, enabling velocity to increase because there are fewer trains running on the network, said Sameh Fahmy, KCS executive vice president for precision scheduled railroading, at the May 12 conference."We're not going back to 100 train starts" when everything returns to normal, Fahmy said. "We found the trick; we know how to do it now" with smaller yards.U.S. carloads witness largest weekly declineU.S. weekly carloads experienced their largest percentage decline ever since AAR began collecting rail volume data in 1988.U.S. weekly carloads fell 30.2% to 184,425 carloads. Year-to-date, U.S. carloads were down 13.6% to 4.3 million carloads."The 30.2% decline in total U.S. carloads last week was the biggest year-over-year weekly decline for total carloads since 1988, when our data began. Coal didn't help – last week was the fifth straight week in which coal carloads were down at least 40% from last year," said AAR Senior Vice President John T. Gray. "For many other key rail commodities, including chemicals, petroleum products, and crushed stone and sand, carloads last week were roughly the same as in the previous few weeks, while intermodal originations last week were the most in eight weeks." Meanwhile, U.S. intermodal volumes slipped 14% on a weekly basis to 231,700 intermodal containers and trailers, while year-to-date volumes fell 11.4% to 4.7 million intermodal units.Total U.S. weekly traffic slipped 22% to 416,115 carloads and intermodal units, while year-to-date traffic was down 12.5% to nearly 9.1 million carloads and intermodal units. U.S. rail volumes have been trending lower in recent months. (SONAR: RTOTC.USA, RTOIC.CLASSI, RTOIT.CLASSI)Photo: Flickr/Jerry HuddlestonSee more from Benzinga * Airlines Highlight Hygiene Efforts To Win Back Customers * Bankrupt Celadon Seeks To Auction Off Mexico Trucking Businesses * Class 8 Orders Went Negative In April(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

CSX Is Set For Recovery In 2021, UBS Says In Upgrade

CSX Corporation (NASDAQ: CSX) Is likely to witness a rebound and strong growth in volume in 2021, while its cost-saving initiatives could limit downside risk, according to UBS.The CSX Analyst Thomas Wadewitz upgraded CSX Corp. from Neutral to Buy and raised the price target from $63 to $80.The CSX Thesis CSX Corp. is likely to gain market share versus trucking in 2021 and achieve stronger volume growth than its rail peers, Wadewitz said in the Wednesday upgrade note. (See his track record here.)The company is resilient and is likely to generate free cash flow of $2.1 billion in 2020 despite the tough backdrop, the analyst said. Wadewitz said he expects the decline in volumes in 2020 versus 2018 to be similar to the 18.6% decline in volumes witnessed in 2009 versus 2007. He further expects a similar rebound in volumes this cycle, with volume growth of 8.8% in 2021.The sharp cyclical decline in volumes gives CSX the opportunity to lower its structural costs, the analyst said."We believe consensus is anticipating a more muted lift in 2021 and our estimate of $4.45/share implies upside vs consensus of $4.14."CSX Price Action Shares of CSX Corp. were trading 5.44% higher at $69.55 at the time of publication Wednesday. Related Links:Benzinga's Top Upgrades, Downgrades For May 20, 2020Rail Analysts Expect A Tough 6 MonthsLatest Ratings for CSX DateFirmActionFromTo May 2020UBSUpgradesNeutralBuy Apr 2020UBSMaintainsBuy Apr 2020Wells FargoMaintainsEqual-Weight View More Analyst Ratings for CSX View the Latest Analyst Ratings See more from Benzinga * Analyst Shares Thoughts On cbdMD's Q2 Earnings: 'Sustainable Ongoing Operation' * Cantor Upgrades Green Thumb Industries On Fundamentals, Relative Valuation * Square Faces Risk From Struggling Smaller Businesses, BofA Says In Double Downgrade(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

A Look At The Fair Value Of CSX Corporation (NASDAQ:CSX)

Does the April share price for CSX Corporation (NASDAQ:CSX) reflect what it's really worth? Today, we will estimate...

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CSX Seeks To Manage Expenses And Costs

CSX Corporation (NASDAQ: CSX) is seeking areas where it can cut even more costs as a way to counter the anticipated downturn in rail volumes in the second quarter due to the COVID-19 pandemic, according to executives speaking during the company's first-quarter earnings call on April 22."We're focused on taking out structural costs" through measures such as eliminating train starts and keeping labor costs down, said CSX Chief Financial Officer Kevin Boone.As CSX's rail volumes have fallen by over 20% in recent weeks, CSX has adjusted operations to match rail demand, although some initiatives also serve a dual goal of improving network efficiencies, according to Jamie Boychuk, CSX executive vice president of operations. CSX has reduced its use of rail assets, including storing around 400 locomotives in March, and the company has eliminated 50 merchandise trains from its daily plan while keeping the merchandise train length consistent, Boychuk said. CSX has also reduced train delays by 66%, he said."We've started to adjust our network to where we see demand sit," Boychuk said.Although CSX has made these operational changes, executives said they've stayed in close communication with each other and with customers so that CSX can gauge how to modify operations so that customers still have the service they need."We have worked too hard to get this right to go backwards" with service levels, said CSX President and CEO Jim Foote, adding later that "we have worked like dogs to get the service levels of this railroad up to where they belong." But Foote declined to lay out the various scenarios that outline their expectations for rail volumes for the year, citing too many unknowns. The range of how U.S. production and consumer confidence might rebound and recover is too wide to predict, he said. "We've certainly looked at all the alphabet: the V, U, L and W" of possible recovery scenarios, Foote said, referring to the different types of trajectories that graph or model an economic recovery. One reason why CSX's scenarios are so varied is because they have different rail volume inputs, he said.But one constant of sorts is CSX's expectations to spend roughly $1.6 billion to $1.7 billion on capital expenditures so that the railroad can conduct maintenance on its network and prepare it for a volume rebound, Foote said. However, CSX might revisit that total figure later this year as it still looks for potential non-essential spending items that it can defer to next year, he said. When asked about how CSX might benefit from the e-commerce boom that has been fueled even further by the COVID-19 pandemic, Foote said he saw two opportunities. One is that as the U.S. economy is expected to recover sometime in the future, Foote said his personal view is that there might be a focus to have more manufacturing take place in the U.S., which would ultimately benefit the railroads. The other is that e-commerce has transitioned some players in the trucking industry to become large quantity shippers, bringing them on par with the railroads, and "because of our service, as we go forward, I think that will be a big opportunity for us," Foote said.In its April 22 earnings release the company stated its first-quarter net profit fell 7.7% amid lower revenues and a record operating ratio. CSX 2020 Value 2019 Value Y/Y Gross Change Y/Y % Change Freight revenue $2,855.0 $3,013.0 ($158.0) -5.2% Carloads (000s) (incl. intermodal) 1,514 1,531 -17 -1.1% Revenue per carload $1,886 $1,968 -$82 -4.2% Intermodal shipments (000s) 660 657 3 0.5% Intermodal revenue per carload $639 $651 -$12 -1.8% Gross ton miles 95.3 96.7 -1 -1.4% Revenue per ton mile $48.50 $48.60 $0 -0.2% Fuel Expense (millions) $192 $233 -$41 -17.6% Employee counts 20,627 22,194 -1,567 -7.1% Train velocity (mph) 21.2 20.4 1 3.9% Dwell time (hours) 8.3% 8.6% -0.3% -3.5% OR% 58.7% 59.5% -0.8% -1.3% EPS $1.00 $1.02 -$0.02 -2.0%  First-quarter 2020 net income was $770 million, or $1 a share, compared with $834 million, or $1.02 a share in the first quarter of 2019, the company said on April 22. Meanwhile, CSX's first-quarter operating ratio was a record 58.7%, compared with 59.5% for the same period a year ago.More of CSX's first-quarter financial results are available here.Photo credit: Flickr/Birmingham Photographer J.g.See more from Benzinga * Food Supply Chain In Peril As Plants Close Amid COVID-19 Pandemic * Echo Grew Q1 Revenue, But Margins Compressed During Coronavirus Surge * Another Autonomous Trucking Startup Announces Layoffs(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

CSX Tops Q1 Earnings Estimates, Suspends View on Coronavirus Woes

Higher merchandise volumes aid CSX's Q1 performance amid softness in coal. With uncertainty surrounding coronavirus, the company has suspended financial forecast.

CSX see's steep declines in volumes and revenue dips amid Covid-19 pandemic

CSX Corp. experienced a 5 percent decline in revenue during the first quarter of 2020, after volumes rapidly declined in response to Covid-19 related closures. Revenue rang in at $2.86 billion, largely due to declines in both volume and auto volumes: CSX saw a 10 percent decline in automotive volumes, a 6 percent decline in fertilizer volumes and a 15 percent decline in coal volumes. "We will take the necessary steps to ensure sufficient liquidity," CEO Jim Foote said during the earnings call on Wednesday evening.

CSX First-Quarter Net Profit Falls But Operating Ratio Reaches Record

CSX Corporation (NASDAQ: CSX) first-quarter net profit fell 7.7% amid lower revenues and a record operating ratio.First-quarter 2020 net income was $770 million, or $1 a share, compared with $834 million, or $1.02 a share in the first quarter of 2019, the company said Wednesday.Meanwhile, CSX's first-quarter operating ratio was a record 58.7%, compared with 59.5% for the same period a year ago. Operating ratio, a company's operating expenses as a percentage of revenue, can be an indicator of a company's financial health. A lower operating ratio implies improved financial performance.First-quarter revenue decreased 5% to $2.86 billion as gains for merchandise revenue weren't enough to offset declines for coal and other revenue, according to the company. CSX attributed the revenue and volume decline for coal to lower shipments of utility coal and export coal, while the intermodal volumes were under pressure from extended closures in China because of the COVID-19 pandemic.View more earnings on CSXCSX said the "other" revenue was primarily due to a favorable contract settlement with a customer in the prior year and lower revenue for demurrage and intermodal storage in the current year.But first-quarter expenses fell 7% to $1.68 billion on what CSX described as continued efficiency gains. Operating income fell 3% to $1.18 billion.Meanwhile, train velocity in the first quarter rose 4% to 21.2 mph compared with the first quarter of 2019, while terminal dwell, or the amount of time a train spends at a terminal, fell 3% to 8.3 hours."I am extremely proud of our outstanding CSX employees for keeping the railroad running at such a high level during these unprecedented times and enabling the delivery of critical goods across the country," said Jim Foote, CSX president and chief executive officer. "Their hard work and dedication over the past few weeks, and throughout our transformation, have put CSX on the strongest footing it has ever been heading into this period of economic uncertainty."See more from Benzinga * Rail Analysts Expect A Tough 6 Months * Coronavirus Takes Aim At North American Rail Traffic * Norfolk Southern Cautions Feds About Coronavirus Risks(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

CSX (CSX) Beats Q1 Earnings Estimates

CSX (CSX) delivered earnings and revenue surprises of 8.70% and -0.77%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

CSX pulls financial forecasts as profit and U.S. railroad volumes fall

U.S. railroad operator CSX Corp <CSX.O> on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns triggered by the COVID-19 pandemic weigh on the U.S. economy. The company, considered one of the most efficient U.S. railroads, also said profit fell less than expected in the latest quarter as cost controls helped offset revenue declines from shipments of products like coal, automobiles and fertilizer. Lockdowns due to the novel coronavirus are taking a toll on railroad volumes in the United States and Canada, Bernstein analyst David Vernon said in a client note.

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Will CSX Q1 Earnings be a Let Down Due to Coronavirus Woes?

Sluggish volumes due to factors like the coronavirus-induced pandemic are likely to have weighed on CSX's Q1 performance.

Goldman Sachs: 2 S&P 500 Stocks to Buy (And 1 to Avoid)

Since the virus scare began, and during the economy’s swing from bull to bear, investment bank Goldman Sachs has kept its finger on the pulse of the stock market. Fortunately for investors, the bank predicts that the S&P 500 won’t register new lows, and has been advising clients to ‘buy the dip.’Silvia Ardagna, of the GS Private Wealth Management investment strategy group, noted, “Our own advice to clients is that right now is a good time to get back into markets and take advantage of the decline in equity markets to position for the rebound.”Ardagna and her team see a recession developing for 1H20, caused by the economic impact of coronavirus and the measures taken to combat the epidemic, but remain “positively impressed” by the response from policymakers. Predicting a V-shaped recovery, she believes that a strong recovery is likely in the second half of the year.We’ve looked into Goldman's recent calls, and using the TipRanks database, we’ve chosen two of the firm's recent stock picks, and one that demands more caution from investors. Let’s take a closer look.CSX Corporation (CSX)We’ll start in the transportation industry, where CSX, a holding company, operates through its subsidiaries. The company’s rail transport subsidiaries are located primarily in the eastern US (the company’s name is derived from the old Chesapeake and Ohio Railroad), while other services, including container shipping, barge transport, and contract logistics are provided worldwide.Heading into the coronavirus disruptions, CSX started out with a strong position. The company reported 99 cents EPS in the fourth quarter, beating the estimate by 2%, the $2.9 billion in quarterly revenue was also over the forecast. But what about the current coronavirus quarter?Covering this stock for Goldman Sachs, analyst Jordan Alliger writes, “While the upcoming quarters certainly bring elevated EPS risk … we believe CSX on a 12-month basis offers solid risk/reward… The combination of valuation support, operational strength, and liquidity, plus cyclical positioning for eventual recovery makes overweight exposure to rails desirable upon virus containment.”Alliger backs up his long-term optimism with a rating upgrade, bumping CSX shares from Neutral to Buy. His $75 price target suggests an upside potential of 25% for the coming year. (To watch Alliger’s track record, click here)Overall, CSX holds a Moderate Buy rating from the analyst consensus. This is a based on a 9-8 split among the recent reviews of Buys versus Holds. Shares are selling for $60 now, and the average price target of $69 implies 14.5% upside from current levels. (See CSX stock analysis on TipRanks.)Henry Schein, Inc. (HSIC)Next up, we move to the healthcare industry, a segment that is, in time, sure to see a positive bounce due to the coronavirus. As efforts expand to contain and control the spread of the COVID-19 disease, healthcare and its various support services will be in high demand.Henry Schein distributes healthcare products and services in over 30 countries. The company offers services for business, clinical, technology, and supply chain solutions, especially tailored to the medical and dental industries.Like CSX above, HSIC started 2020 – and faced the coronavirus epidemic – following strong Q4 results. Revenues came in at $2.67 billion, matching the forecast and up 8.1% year-over-year, and the EPS of 97 cents was up 8.9% yoy and beat the forecast by 6.6%. The company’s Medial and Technology/Value-added services led the revenue gains, growing 15% and 20% respectively. Even better, for the current climate, HSIC finished 2019 with $106.1 million in cash on hand, up nearly $50 million from year before.Goldman Sachs analyst Nathan Rich lays out the case for optimism here: “We think HSIC faces lower earnings risk than peers from the COVID n outbreak and its business may be quicker to recover... HSIC’s Medical segment should benefit from the distribution of COVID tests, which could help to mitigate the impact of lower dental/physician office traffic.” In other words, Henry Schein’s leading position in the healthcare industry during a time of pandemic crisis, place it in a strong position for future growth.Rich’s Buy rating on the stock represents an upgrade from Neutral, and his $59 price target implies room for 13% growth in the coming 12 months. (To watch Rich’s track record, click here)Wall Street tends to agree with the analyst's confidence on the healthcare player, considering TipRanks analytics reveal HSIC as a Strong Buy. Out of 4 analysts tracked in the last 3 months, 3 are bullish on Henry Schein stock while 1 remains sidelined. With a return potential of nearly 25%, the stock's consensus target price stands at $65. (See Henry Schein stock analysis onTipRanks.)Xylem, Inc. (XYL)Not all stocks are so well positioned for gains, even if they inhabit essential industries. Xylem is a player in the water and wastewater niche, providing services that address the full water cycle, from collection to distribution to its return to the environment. Xylem’s products include pumps, valves, heat exchangers, dispensing equipment, and treatment and testing equipment.Water is essential to life, and reputable performers in the water industry can usually build a solid niche. Xylem finished 2019 with $5.25 billion in revenues, net income of $401 million, and a strong balance sheet including $1.7 billion on hand in liquid assets and available credit.But in a flashing warning sign for investors, Xylem on March 31 withdrew its 2020 guidance, citing the impact of COVID-19. The company has previously indicated a 1% to 2% revenue loss in Q1 when the virus first began to spread – but as it became an epidemic, and then spread worldwide, Xylem saw the impact on business and supply chains as more disruptive. Revising guidance would make sense in that environment – but Xylem simply withdrew its forecast without replacing it, leaving investors up in the air.Brian Lee, in his coverage of the stock for Goldman Sachs, sees a possible reason for the company’s guidance move – a reason that also prompts him to downgrade this stock from Neutral to Sell. He writes, “Based on our sensitivity analysis framework across our water coverage, we see greater downside risk to XYL’s fundamentals in light of the COVID-19 headwinds, largely given the company’s limited recurring revenue exposure… [this] leaves the company more exposed to the potential downturn in new demand…”Lee’s Sell rating is accompanied by a lower price target of $56, indicating his view that the stock will slip by 16% this year. (To watch Lee’s track record, click here)All in all, Xylem’s Hold rating from the analyst consensus is based on 11 recent reviews, including a single Buy, 8 Holds, and 2 Sells. Wall Street is not sanguine about this stock. Shares are trading at $66.68, while the $68.22 average price target suggests an upside potential of merely 2%. (See Xylem stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Analysts Estimate CSX (CSX) to Report a Decline in Earnings: What to Look Out for

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CSX (NASDAQ:CSX) Shareholders Booked A 86% Gain In The Last Five Years

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St. Pete plans to make an offer to CSX to purchase rail line for bike use

The city of St. Pete is preparing to negotiate an offer with CSX Transportation for a segment of rail to turn it into a bike trail. On April 16, the city council, via a virtual meeting, is scheduled to hear an updated report on the current status and what negotiations would entail on acquiring a segment of a CSX (NASDAQ: CSX) rail line. The property sought extends from the intersection of 1st Avenue South and Dr. Martin Luther King Jr. Street to Interstate 375 just west of 16th Street N. The undisclosed offer amount is based on appraisal of interests owned by CSX, but city documents read that there are budgeted transportation funds available.

Union Pacific, CSX Warn Of Coronavirus' Potential Impacts On Financial Returns

Union Pacific Corporation (NYSE: UNP) and CSX Corporation (NASDAQ: CSX) said the coronavirus pandemic is creating huge uncertainties that could translate into "material" financial impacts on the companies' financial results, according to filings with the Securities and Exchange Commission (SEC).Union Pacific's financial outlook for 2020, which the company gave earlier this year, doesn't include the potential impact of COVID-19, according to UP's March 31 filing to the SEC. Union Pacific  will disclose its first quarter 2020 financial results on April 23."The impact of the COVID-19 pandemic on the company's 2020 financial and operating results, which may be material, is highly uncertain and depends on numerous factors including but not limited to the impact of federal, state and local government regulations; the effect of the pandemic's economic impact on demand for the company's services; and potential disruption to global supply chains," Union Pacific said in its filing. Union Pacific had said during its fourth-quarter 2019 earnings call in January that it was striving to reach an operating ratio below 60% in 2020. Operating ratio (OR), which is calculated by dividing operating expenses by revenue, can be a measure of a company's financial health, with a lower OR implying improving profitability. The railroad serves the U.S. West Coast ports, which were hit hard by the coronavirus outbreak that started in China earlier this year amid an increase in canceled sailings. While Chinese manufacturing has started to return to normal, according to reports, canceled sailings could occur again because of the pandemic's impact on North American demand.Eastern U.S. rail carrier CSX also told the SEC that the coronavirus pandemic could affect CSX's financial results, although the magnitude of the impact is hard to predict."The ultimate magnitude of COVID-19, including the extent of its impact on the company's financial and operating results, which could be material, will be determined by the length of time that the pandemic continues, its effect on the demand for the company's transportation services and the supply chain, as well as the effect of governmental regulations imposed in response to the pandemic," CSX said in a March 26 filing to the SEC. CSX said it was providing an update on CSX's response to the pandemic in connection with a previously announced registered offering of senior notes."Public and private sector policies and initiatives to reduce the transmission of COVID-19, such as the imposition of travel restrictions, the promotion of social distancing and the adoption of work-from-home and online learning by companies and institutions, could adversely affect demand for the commodities and products that the company transports, including import and export volume," CSX said. "In addition, COVID-19 and the related initiatives may result in supply chain disruption, which could have an adverse impact on volumes and make it more difficult for the company to serve its customers." CSX continued, "The extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information, which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. Moreover, our operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness."CSX also said its initial financial outlook for 2020 given in January doesn't reflect the potential impacts of the coronavirus. The company had said in January that it expected 2020 revenue to be flat to 2% lower from 2019. CSX will announce its first-quarter 2020 results on April 22.Photo: Flickr/Chu Shau-LuenSee more from Benzinga * Maritime History Notes: America's Hospital Ships * Commentary: April Fools! Who's The Loser In Phase One? * CMA CGM Marco Polo Crew Member Tested For COVID-19(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.