Saturday, October 19, 2013

CSX 3Q profit grows 2 pct on higher volume, rates

OMAHA, Neb. (AP) — CSX says it delivered a 2 percent profit increase in the third quarter as the railroad operator's overall revenue rose despite disappointing coal revenue.

The results beat Wall Street expectations, and the railroad slightly increased its outlook for the year. Its shares edged up.

The Jacksonville, Fla.-based railroad said Tuesday that it earned $463 million, or 46 cents per share. That's up from $455 million, or 44 cents per share, a year ago.

CSX's revenue grew 4 percent to nearly $3 billion as it hauled 5 percent more carloads of freight and increased some shipping rates.

Analysts surveyed by FactSet expected CSX to report earnings of 42 cents per share on revenue of $2.95 billion.

CSX says it expects slightly higher 2013 earnings per share than in 2012. Previously, the railroad predicted relatively flat earnings.

Associated PressSource:
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