CSX delivers 25% jump in profit as it hauls more goods and cuts expenses
CSX railroad’s profit jumped 25% in the first quarter as the railroad hauled 3% more shipments and cut its expenses
CSX railroad's profit jumped 25% in the first quarter as the railroad hauled 3% more shipments and cut its expenses.
The Jacksonville, Florida-based railroad said Thursday that it earned $807 million, or $0.43 per share, as it continued to improve efficiency. That's up from $646 million, or $0.34 per share, a year ago.
CSX easily topped the expectations of the analysts surveyed by FactSet Research who predicted earnings per share of 39 cents.
The railroad said it cut expenses by 6% to $2.2 billion in the quarter as CEO Steve Angel, who took over last fall, continued to improve operations.
“CSX performed well this quarter by providing reliable and efficient service to our customers through changing market conditions, while improving our expense profile,” Angel said.
The railroad, which is one of the nation's biggest, said it now expects revenue growth in the mid single digits this year. Previously, CSX predicted growth in the low single digits.
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