The document summarizes CSX's third quarter 2006 earnings presentation. It reports that CSX had record third quarter revenues of $2.4 billion, up 14% from the previous year. Surface transportation operating income increased 31% to $489 million. Comparable earnings per share increased 50% to $0.54, excluding insurance recoveries and tax benefits. CSX also initiated a $500 million share buyback program and expects to deliver over $300 million in free cash flow for 2006. Overall, CSX's core strategies are sustaining solid momentum and financial performance.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
1. `
Third Quarter 2006
Earnings Presentation
1
1
Forward Looking Disclosure
This presentation and other statements by the company contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and
estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of
management’s plans, strategies and objectives for future operation, and management’s expectations as to
future performance and operations and the time by which objectives will be achieved; statements concerning
proposed new products and services; and statements regarding future economic, industry or market
conditions or performance. Forward-looking statements are typically identified by words or phrases such as
“believe,” “expect,” “anticipate,” “project,” and similar expressions. Forward-looking statements speak only as
of the date they are made, and the company undertakes no obligation to update or revise any forward-looking
statement. If the company does update any forward-looking statement, no inference should be drawn that the
company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or
results could differ materially from that anticipated by these forward-looking statements. Factors that may
cause actual results to differ materially from those contemplated by these forward-looking statements include,
among others: (i) the company’s success in implementing its financial and operational initiatives, (ii) changes
in domestic or international economic or business conditions, including those affecting the rail industry (such
as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety and security; and (v) the outcome of claims
and litigation involving or affecting the company. Other important assumptions and factors that could cause
actual results to differ materially from those in the forward-looking statements are specified in the company’s
SEC reports, accessible on the SEC’s website at www.sec.gov and the company’s website at www.csx.com.
2
2
2. Executive Summary
Michael Ward
Chairman, President and
Chief Executive Officer
3
3
Third quarter overview . . .
Surface Transportation
Third Quarter
produces record results
Earnings Per Share
$0.71
Pricing environment
$0.54
remains strong
$0.36 $0.36
ONE Plan sustains
strong momentum
Economic environment
Reported Comparable
remains positive
2005 2006
Note: Comparable 2006 earnings per share exclude Katrina insurance recoveries and income tax benefits
4
4
3. Sales and Marketing Review
Clarence Gooden
Executive Vice President
Sales and Marketing
5
5
Revenues increased 14%
Record revenues of $2.4 Third Quarter
billion, up $293 million Revenue in Millions
Overall volumes increased
$2,418
nearly 2%
$2,125
Renewed growth in
Intermodal
Yield environment
remains strong
2005 2006
6
6
4. Revenue per unit increased 12%
Third Quarter Revenue Per Unit
2006 versus 2005
Surface Transportation 12%
Merchandise 17%
Coal 9%
Automotive 4%
Intermodal 4%
7
7
Merchandise revenue increased 16%
Pricing remains strong
Third Quarter
2006 versus 2005
Impact of prior phosphate
plant closures continues
17%
16%
Housing market softening
Outlook favorable
(1%)
Revenue Volume RPU
8
8
5. Merchandise volume was mixed
Third Quarter Volume
2006 versus 2005
Agriculture 16%
Metals 3%
Chemicals 2%
Emerging Markets 1%
Food and Consumer (2%)
Forest Products (7%)
Phosphates & Fertilizers (16%)
9
9
Coal revenue increased 18%
Utility demand strong
Third Quarter
2006 versus 2005
Coal production strong
18%
Pricing strength continues
9%
Outlook favorable
7%
Revenue Volume RPU
10
10
6. Automotive revenue decreased 9%
“Big 3” volume down on
Third Quarter
production decline
2006 versus 2005
New Domestics continue
4%
to gain market share
Continued contract
renewal opportunities
(9%)
Outlook unfavorable
(12%)
Revenue Volume RPU
11
11
Intermodal revenue increased 8%
Volume favorable
Third Quarter
2006 versus 2005
Pricing strength continues
8%
Income improvement
for ten quarters
4% 4%
Outlook favorable
Revenue Volume RPU
12
12
10. The network is more fluid
Dwell Time (hours) Cars-On-Line (000)
13 Week 13 Week
Average Average
25.5 hrs 225K
233.9 233.1
29.7 29.7
28.9 230.7
27.7
227.6
26.8 225.8
Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3
2005 2005 2006 2006 2006 2005 2005 2006 2006 2006
Rolling 12-month Averages
19
19
Train velocity is stable
Consistent plan execution
Velocity (mph)
13 Week
Average
Improved recoverability
19.8 mph
19.7 19.5 19.5
19.4
19.2
Increased asset utilization
Improving service reliability
Q3 Q4 Q1 Q2 Q3
2005 2005 2006 2006 2006
Rolling 12-month Averages
20
20
11. Looking forward . . .
Safety momentum will
be sustained
Continue to build on
Reliable
Reliable
operating improvement Performance
Performance
Service Execution
Service Execution
Capacity projects will
remain on schedule Productivity Discipline
Productivity Discipline
Safety Leadership
Safety Leadership
21
21
Financial Results
Oscar Munoz
Executive Vice President
Chief Financial Officer
22
22
12. CSX reports strong third quarter results
Third Quarter Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 489 $ 361 $ 128
Other Operating Income - (8) 8
Consolidated Operating Income $ 489 $ 353 $ 136
Other Income (net) 25 11 14
Interest Expense (97) (100) 3
Income Taxes (89) (100) 11
Net Earnings $ 328 $ 164 $ 164
Earnings Per Share $ 0.71 $ 0.36 $ 0.35
23
23
Comparable EPS increased 50%
Third Quarter Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 489 $ 361 $ 128
Less Gain on Insurance Recoveries (15) - (15)
Comparable Operating Income $ 474 $ 361 $ 113
Earnings Per Share $ 0.71 $ 0.36 $ 0.35
Less Gain on Insurance Recoveries (0.02) - (0.02)
Less Income Tax Benefit (0.15) - (0.15)
Comparable Earnings Per Share $ 0.54 $ 0.36 $ 0.18
24
24
13. Surface Transportation income up 31%
Third Quarter Results
Dollars in millions 2006 2005 Variance
Revenue $ 2,418 $ 2,125 14%
Expenses
Labor and Fringe 736 725 (2%)
Materials, Supplies and Other 478 455 (5%)
Depreciation 213 204 (4%)
Fuel 300 188 (60%)
Building and Equipment Rent 135 129 (5%)
Inland Transportation 63 54 (17%)
Conrail Rents, Fees and Services 19 9 (111%)
Operating Expenses 1,944 1,764 (10%)
Operating Income $ 474 $ 361 31%
Operating Ratio 80.4% 83.0% 2.6 pts
Note: 2006 results exclude Katrina-related gain on insurance recoveries
25
25
Labor and fringe increased 2%
Primarily due to wage and
Third Quarter
benefit inflation
Dollars in Millions
T&E employees increased
by over 400 primarily due
to advanced hiring
$11 $736
Partially offset by lower
$725
incentive compensation
2005 Variance 2006
26
26
14. MS&O increased 5%
Primarily driven by
Third Quarter
inflation and costs related
Dollars in Millions
to higher business volumes
Partially offset by
continued improvement
$23 $478
in locomotive productivity
$455
2005 Variance 2006
27
27
Fuel increased 60%
Consumed 144 million
Third Quarter
gallons at average gross
Dollars in Millions
price of $2.09 a gallon
$112 $300 Comparison impacted by
$76 million lower hedge
$188
CSX has no hedge
positions going forward
2005 Variance 2006
28
28
15. Rents increased 5%
Current year expenses
Third Quarter
moving with volumes
Dollars in Millions
Year-over-year change
primarily due to prior
year item
$135
$6
$129
2005 Variance 2006
29
29
All other expenses increased 10%
Third Quarter
Dollars in Millions
$28 $295
$267 $19
$9
$63
$54
$213
$204
2005 Variance 2006
Depreciation Inland Transportation Conrail Fees
30
30
16. Looking forward . . .
$500 million share buyback program initiated,
with $272 million repurchased
— Shares repurchased year-to-date total
$422 million, including prior programs
On track to deliver $300+ million Free Cash
Flow in 2006
— Including Katrina insurance recoveries
31
31
Concluding Remarks
Michael Ward
Chairman, President and
Chief Executive Officer
32
32
17. Looking forward . . .
Core strategies sustaining solid momentum
Revenue Operational Performance
Impact Discipline Culture
Team delivering consistent, strong results
Rail and intermodal environment remains strong
Volume growth is building further momentum
33
33
Third Quarter 2006
Earnings Presentation
34
34