CSX Rises After Beating Q2 Estimates (CSX)
Railroad operator CSX (NYSE: CSX) released its fiscal second-quarter earnings results after the closing bell on Tuesday.
The company reported both earnings per share and revenue that were ahead of Wall Street estimates. In late trade, the stock was last up better than 2 percent to $25.20.
"CSX continues to drive solid growth in many of its markets and is encouraged by the team's sustained track record of delivering excellent operating performance in a wide range of market conditions," said Michael J. Ward, chairman, president and chief executive officer. "We remain sharply focused on creating strong, sustained value for customers and shareholders, as the economy appears to be slowly gaining strength."
The company reported net income of $535 million or $0.52 per share, compared to $512 million or $0.49 per share, in last year's corresponding period. This easily topped Wall Street analysts' consensus EPS estimates of $0.47.
Total revenue in the period rose 2 percent to $3.07 billion from $3.01 billion a year ago. This also came in ahead of consensus revenue estimates of $3.02 billion.
Looking ahead, CSX said that it continues to expect annual earnings per share growth of 10 percent to 15 percent on average through 2015 compared to fiscal 2013 levels.
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