CSX quarterly profit beats view, stock jumps

FAN Editor
File photo of a CSX freight train blasting through high snow at a crossing in Silver Spring
A CSX freight train blasts through high snow at a crossing in Silver Spring, Maryland, in a February 13, 2014 file photo. REUTERS/Gary Cameron/Files/File Photo

April 16, 2019

LOS ANGELES (Reuters) – CSX Corp on Tuesday reported quarterly profit that topped Wall Street’s expectations, after the No. 3 U.S. railroad operator contained costs and pushed through price increases.

Shares in CSX rose 4.1 percent to $78.98 in after-hours trading.

CSX’s first-quarter net profit was $834 million, or $1.02 per share, up from $695 million, or 78 cents per share, a year earlier.

Analysts had expected a profit of 91 cents per share, according to Refinitiv IBES data.

Revenue rose 5 percent to $3.01 billion, driven by merchandise volume growth and broad-based pricing gains, while expenses declined 2 percent from the year earlier to $1.79 billion – yielding income growth of 17 percent for the quarter.

CSX’s operating ratio, a measure of operating expenses as a percentage of revenue and a closely watched gauge of railroad performance, was 59.5 percent versus 63.7 percent in the year-ago quarter. Railroads boost profit by lowering their operating ratio.

(Reporting by Lisa Baertlein in Los Angeles; Editing by Dan Grebler and Susan thomas)

Free America Network Articles

Leave a Reply

Next Post

Minnesota student sues JD.com’s CEO Liu, company over rape allegation

FILE PHOTO: Richard Liu, founder and chief executive officer of e-commerce company JD.com, leaves the Great Hall of the People after the opening session of the National People’s Congress (NPC) in Beijing, China March 5, 2018. REUTERS/Stringer/File Photo April 16, 2019 (Reuters) – A University of Minnesota student who said […]