CSX Q1 Profit Up On Lower Costs

(RTTNews) - Railroad operator CSX Corp. (CSX), Tuesday reported a profit for the first quarter that rose from a year ago, as lower expenses and better prices offset decline in shipments volumes. Earnings for the quarter trumped Wall Street estimates as did revenues.

Jacksonville, Florida-based CSX's first-quarter profit rose to $695 million or $0.78 per share from $362 million or $0.39 per share last year. On average, 23 analysts polled by Thomson Reuters estimated earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter was relatively flat at $2.876 billion compared to last year's revenues of $2.869 billion. Analysts had a consensus revenue estimate of $2.80 billion for the quarter.

Total volumes declined 4 percent to 1.53 million units, while revenue per unit rose 4 percent to $1,877 from $1,802 last year.

"CSX employees did a great job of running the railroad and executing the scheduled railroading model during challenging weather conditions," said James Foote, president and chief executive officer. "We're more confident in our ability to deliver safe, reliable, best-in-class service for our customers and enhanced value for our shareholders."

Total expenses declined 13 percent to $1.83 billion.

CSX closed Tuesday's trading at $56.57, up $0.16 or 0.28% on the Nasdaq. The stock further gained $2.113 or 3.77% in the after-hours trading.