CSX Corporation (NASDAQ:CSX) climbed after the company’s first-quarter results topped expectations. The transportation company reported 48 cents per share and revenue of $3.71 billion. Analysts polled by Refinitiv had anticipated earnings of 43 cents per share and $3.58 billion in revenue.
Revenue of $3.71B (+8.8% Y/Y) beats by $130M; driven by solid volume growth in merchandise and coal, higher fuel surcharge, and pricing gains.
Operating income of $1.46 billion increased 14% compared to the prior year, with an operating ratio of 60.5%.
“Our ONE CSX initiatives are driving positive engagement among our employees and customers, which is lifting our service performance and providing us with exciting opportunities to win business and move more freight while maintaining our fundamental commitment to safe operations.” said CEO Joe Hinrichs.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.
CSX shares collected 91 cents, or 2.9%, to $31.71.
