CSX Reports Better Than Expected Q1 Earnings and Revenue
Rail transportation company CSX (NYSE: CSX) released its fiscal first-quarter earnings results after the closing bell on Tuesday.
The company reported profit and revenue which were above Wall Street expectations. In late trading, the stock had climbed a little less than 1 percent to $24.30. During the regular session, CSX climbed almost three percent to close at $24.14.
For the first-quarter, the company reported earnings of $459 million or $0.45 per share, compared to $449 million or $0.43 per share, in last year's corresponding quarter. This easily beat analysts' consensus earnings per share estimates of $0.40.
Sales in the period were $2.96 billion, a slight decline versus the $2.97 billion that CSX reported in last year's first-quarter. This also came in ahead of Wall Street consensus revenue estimates of $2.92 billion.
CSX also announced the authorization of a $0.15 per share dividend, payable on June 14 to shareholders of record as of May 31. In addition, the company's board of directors approved a new share buyback program of $1 billion.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.