Railroad operator CSX Corp. (CSX), Tuesday reported a profit for the second quarter that rose from a year ago, helped by higher revenues and lower expenses. Earnings for the quarter trumped Wall Street estimates as did revenues.
Jacksonville, Florida-based CSX’s second-quarter profit rose to $877 million or $1.01 per share from $510 million or $0.55 per share last year. On average, 24 analysts polled by Thomson Reuters estimated earnings of $0.87 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenues for the quarter grew 6 percent to $3.10 billion compared to last year’s revenues of $2.93 billion. Analysts had a consensus revenue estimate of $3.0 billion for the quarter.
Total volumes rose 2 percent to 1.65 million units, while revenue per unit rose 4 percent to $1,885 from $1,810 last year.
Total expenses declined 8 percent to $1.82 billion.
“While we remain in the early stages of the transformation I am more confident this exceptional team can deliver on our long-term outlook,” said CEO James Foote.
CSX closed Tuesday’s trading at $64.44, up $0.44 or 0.69% on the Nasdaq. The stock further gained $2.04 or 3.17% in the after-hours trading.
by RTTNews Staff Writer
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