CSX Corporation (NASDAQ:CSX) bounced higher on reporting better-than-expected earnings for its first quarter.
The company, based in Jacksonville, Florida, announced first-quarter 2019 net earnings of $834 million, or $1.02 per share, versus $695 million, or $0.78 per share in the same period last year (an earnings per share increase of 31%). CSX’s operating ratio set a company first quarter record of 59.5%, significantly improved from 63.7% in the prior year.
"The CSX team of exceptional railroaders continues to execute across all aspects of our business, delivering new all-time high service levels," said CEO James M. Foote.
"These results reflect the strength of our Company’s operating model and our commitment to providing a best-in-class service offering to our customers."
Revenue for the first quarter increased 5% over the prior year to $3.01 billion, driven by merchandise volume growth and broad-based pricing gains. Expenses decreased 2% year over year to $1.79 billion, driven by continued efficiency gains. This combination yielded operating income growth of 17% for the quarter to $1.22 billion compared to $1.04 billion in the same period last year.
The company 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.
Shares galloped $3.94, or 5.2%, to $79.84 early Wednesday.
