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CSX Corp. has lowered its earnings guidance for the year as coal volumes continue to fall, Chief Financial Officer Frank Lonegro told investors yesterday at the Credit Suisse Global Industrials Conference in Palm Beach, Fla.“While we continue to expect to move around 30 million tons of export coal for the full year, domestic coal movements have declined more significantly in the fourth quarter than expected,” said Lonegro in a press release. As a result, the company now expects full-year earnings-per-share growth to be about 3 percent, which still includes an anticipated fourth-quarter property sale worth about 5 cents per share, Lonegro said.In October, the company expected full-year EPS growth to be around 4 percent.CSX continues to expect "meaningful margin expansion" for the year and a mid-60s operating ratio over the longer term, company officials said in the press release."That performance is delivered in a dynamic environment in which low commodity prices and the strength of the U.S. dollar have impacted many of the markets served by CSX, especially coal," the release stated. "In this environment, the company continues to focus on driving operations that are ever safer and more efficient, to provide a strong service product for customers that supports pricing to the value of rail service."
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