CSX Corp (NASDAQ:CSX) reported third-quarter financial results after the market close on Thursday. Here’s a rundown of rail transportation company’s report.
CSX is showing positive momentum. See the full story here.
Q3 Highlights: CSX reported third-quarter revenue of $3.59 billion, beating analyst estimates of $3.58, according to Benzinga Pro. The company reported third-quarter adjusted earnings of 44 cents per share, beating analyst estimates of 43 cents per share.
Total revenue was down 1% on a year-over-year basis, largely due to lower export coal prices and a decline in merchandise volume. Volume totaled 1.61 million units in the quarter, up 1% year-over-year and up 2% sequentially. Revenue declines were partially offset by increases in other revenue, higher pricing in merchandise and intermodal volume growth.
“We are proud that the network is operating well, and we see clear opportunities to leverage that operational strength moving forward. Looking ahead, CSX is well-positioned to build on this momentum to deliver long-term profitable growth and create value for our shareholders,” said Steve Angel, president and CEO of CSX.
CSX executives will further discuss the quarter on an earnings call with investors and analysts at 4:30 p.m. ET.
CSX Price Action: CSX shares were up 3.33% in after-hours, trading at $37.19 at the time of publication on Thursday, according to Benzinga Pro.
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