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CSX outlines path forward after death of former CEO Harrison [Business News Network (BNN) Energy & Resources (Canada)]

CSX (CSX)  More Company Research Source: Business News Network
Last csx earnings: 7/17 04:02 pm Check Earnings Report
US:NYSE Investor Relations: csx.com/index.cfm/investors/news-releases
PDF CSX outlines path forward after death of former CEO Harrison U.S. railroad operator CSX Corp on Thursday reaffirmed its longer-term plan for boosting profitability and outlined financial targets for the next two years, ahead of its first investor day after the death of former chief executive officer, Hunter Harrison. Harrison, a favorite of investors for leading turnarounds of two Canadian railroads, died in December just eight months into an overhaul that included shutting multiple rail yards, deep job cuts, mothballing locomotives and running trains on tight schedules rather than based on customer needs. The railroad reaffirmed that it would substantially lower its operating ratio - a closely watched measurement of profitability – to 60 per cent by 2020 from 67.9 per cent at year-end 2017. The operating ratio is a measure of operating expenses as a percentage of revenue. Florida-based CSX said it expected revenue growth at a compound annual rate of 4 per cent in 2019 and 2020. The n [Read more]

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