Rail freight hauler

The Setup
The client is the CEO of a larger company that is currently engaged in the business of Rail Freight Hauling. The business fundamentals continue to be strong, but recently the Company has struggled in generating the strong shareholder return that is characteristic of the Company and its peer group.

Question
What has caused the decline in shareholder return and how should the CEO address the problem?

Additional Info
The industry is very mature
Business has relatively low variable costs
There are four major companies in industry – two in the West and two in the East, all with same national market share
There is a significant consolidation in the industry
Service is non-contiguous between the East and West and transnational service is a small segment of the overall market
Our client competes only in the West

Additional info
25% of revenue comes from agriculture and coal mainly
Revenue growth comes from acquisitions commonly, market shares stay relatively constant