CSX net income, revenue both slip 2 pct. in 3Q as railroad hauls fewer carloads of coal, crops

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CSX net income, revenue both slip 2 pct. in 3Q as railroad hauls fewer carloads of coal, crops

OMAHA, Neb. – CSX Corp. says both its third-quarter profit and revenue slipped 2 per cent because the railroad delivered fewer carloads of coal and crops, and fuel surcharge revenue declined.

CSX says the railroad’s earnings per share actually increased 2 per cent because it had fewer shares outstanding.

The Jacksonville, Fla.-based railroad said Tuesday that it generated $455 million net income, or 44 cents per share. That’s down from $464 million, or 43 cents per share.

Revenue fell 2 per cent to $2.89 billion as the mix of goods it carried changed. Total volume was down about 1 per cent.

Analysts surveyed by FactSet expected CSX to report earnings of 43 cents per share on $2.94 billion revenue.

CSX shares rose nearly 2 per cent to $22 in after-hours trading.

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