CSX Corporation CSX has announced that Joseph R. Hinrichs will be the new president and chief executive officer, effective Sep 26, 2022. Hinrichs will replace James M. Foote, who will retire as the president and chief executive officer from the board of directors on Sep 26. However, Foote will stay at CSX as an advisor till Mar 31, 2023, for a smooth transition.
Jim Foote stated, “Joe’s great strength is operational excellence. He enabled Ford to execute world-class manufacturing on a global scale, including prioritizing exceptional customer service. In addition to leading complex businesses over his 30-year career, he has proven that he understands how to prioritize safety and efficiency in an industry with dynamics that are similar to those we are navigating today in rail.”
Previously, Hinrichs held several executive roles in global manufacturing, material planning and logistics. He served as the president of Ford Motor Company’s automotive business, president of Global Operations, president of the Americas, and president of the Asia Pacific and Africa.
John J. Zillmer, chairman of CSX’s board of directors, stated, “This appointment is the result of a long and deliberate process, in which we identified the strongest candidate to lead CSX through its next phase of growth and transformation.” He added, “The Board believes that Joe is a seasoned leader with the relevant experience to lead CSX forward with our full support.”
With more than 30 years of experience in the global automotive, manufacturing and energy sectors, the latest appointment of Hinrichs is expected to strengthen CSX’s competitive position.
Over the past three months, shares of CSX have gained 4.3% compared with the 7.7% rise of the industry it belongs to.
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The positivity surrounding the stock is evident from the Zacks Consensus Estimate for current-year earnings being revised 3.3% upward over the past 90 days.
Zacks Rank and Stocks to Consider
Currently, CSX carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks from the broader Zacks Transportation sector are GATX Corporation GATX, Triton International Limited TRTN and Teekay Tankers Ltd. TNK,each currently carrying a Zacks Rank #2 (Buy).
GATX Corporation has an expected earnings growth rate of 17.8% for the current year. GATX delivered a trailing four-quarter earnings surprise of 28.9%, on average.
The Zacks Consensus Estimate for GATX’s current-year earnings has improved 2.1% over the past 90 days. Shares of GATX have gained 10.6% over the past year.
Triton has an expected earnings growth rate of 22.4% for the current year. TRTN delivered a trailing four-quarter earnings surprise of 7.5%, on average. The company has a long-term expected growth rate of 10%.
The Zacks Consensus Estimate for TRTN’s current-year earnings has improved 4.2% over the past 90 days. Shares of TRTN have increased 20.7% over the past year.
Teekay Tankers has an expected earnings growth rate of 140.1% for the current year. TNK delivered a trailing four-quarter earnings surprise of 46.1%, on average. Teekay Tankers has a long-term expected growth rate of 3%.
The Zacks Consensus Estimate for TNK’s current-year earnings has improved more than 100% over the past 90 days. Shares of TNK have soared 122.5% over the past year.
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