Year-to-date carloads are down 3.9% compared to 2015 due to significant declines experienced in crude, metals, minerals, consumer products and coal; we assume a similar decrease in revenue for the quarter. Our 1Q16e fully diluted adjusted EPS of $2.45/share was lowered from $2.57/share after adjusting for a higher compensation and benefits expense, though partially offset due to the $55 mm land sale of the Arbutus Corridor. EPS guidance remains at double digit growth for FY2016. Due to commodity ....
