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CSX predicts flat earnings this year

Jul. 18, 2013 @ 07:14 AM

OMAHA, Neb. — CSX officials say investors shouldn’t expect much earnings growth this year, even though the railroad beat expectations in the second quarter and coal demand appears to be stabilizing.

But the Jacksonville, Fla.-based railroad is still predicting its earnings will grow 10 to 15 percent in 2014 and 2015, as the economy continues improving and shipments of crude oil and the sand used in shale oil mining keep growing.

CSX executives discussed their outlook Wednesday, one day after the company reported profit of $535 million, or 52 cents per share, on $3.07 billion in revenue for the second quarter. That’s up from $512 million, or 49 cents per share, on $3.01 billion in revenue in last year’s April-June period.

The results were helped by several one-time items, such as $16 million in payments from utilities that didn’t ship as much coal as agreed. Excluding such items, CSX beat Wall Street’s estimate by a penny.

CSX stock gained 44 cents, or 1.8 percent, Wednesday to sell for $25.08 in afternoon trading.

W.Va. jobless rate dips to 6.1 percent in June
CHARLESTON — West Virginia’s seasonally adjusted unemployment rate for June has inched down to 6.1 percent.

That’s down from the May rate of 6.2 percent.

WorkForce West Virginia says the number of unemployed fell by 1,700 to 48,400.

Employment gains were recorded in manufacturing, financial activities and professional and business services. But both the overall goods-producing and service-providing sectors lost jobs.

Through June, total unemployment is down 11,800.

Ky. bourbon distiller Elmer T. Lee dies at 93
FRANKFORT, Ky. — Longtime Kentucky bourbon maker Elmer T. Lee, who introduced a single-barrel bourbon brand that helped spark the industry’s comeback, has died at age 93.

Buffalo Trace Distillery in Frankfort says Lee died Tuesday after a short illness.

He held the title of master distiller emeritus at Buffalo Trace.

Lee’s most notable contribution to the bourbon industry came in 1984, when he introduced Blanton’s, a single-barrel bourbon brand. The introduction sparked a trend toward small-batch bourbons that revived the industry.

Lee retired in 1985 but continued to serve as Buffalo Trace’s ambassador.
 

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