Ahead of third quarter financial reports being issued by the big six Class I railroads, Wall Street analysts are releasing their projections of what those reports will say.
The analysts project earnings will fall an average of 8 percent at the six publicly traded Class I systems.
Continued declines in traffic will highlight many reports with carload traffic for the industry having falling 9 percent on average during the third quarter.
However, intermodal traffic is on a growth spurt, rising 1 percent on average.
Coal traffic continues to be dismal with Class 1 railroads losing an average of a quarter of their coal volume.
CSX is expected to show the smallest overall quarterly traffic decline.
Overall traffic at CSX is expected to be down 3.8 percent, but its intermodal traffic has risen by a 6 percent.
Earnings at CSX are expected to be down 14.8 percent when it issues its report on Oct. 22.
Canadian National’s earnings are expected to plunge by 13 percent compared with the third quarter of 2019.
Norfolk Southern is expected to report on Oct. 28 a 4.8 percent fall in earnings.
Tags: Canadian National, Class 1 railroad financial reports, CSX, freight traffic, Norfolk Southern, North American Class 1 railroads, quarterly finacial reports
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