Deutsche Bank Reports CSX Management Changes

According to a research report published today by Deutsche Bank, CSX Corporation

reported Q4 EPS of $0.43 yesterday, a penny below estimate and the Street. In addition, CSX announced a management change-up. “EPS was aided by a $0.01/share lowerthan-expected tax rate and a penny tailwind from lower D&A expense, but a $0.02/share headwind from higher materials, supplies, and other (MS&O) overwhelmed these tailwinds. CSX also announced the appointments of Oscar Munoz as executive vice president and COO (formerly CFO) and Fredrick J. Eliasson as executive vice president and CFO effective immediately. Oscar Munoz replaces David Brown, who is no longer with the company (an unexpected change),” Deutsche Bank said in the report. Deutsche Bank reiterates its Buy rating and $28.00 PT on CSX Corporation, which closed yesterday at $22.82.