It was a strong quarterly earnings report for CSX Corporation (NASDAQ:CSX) as the company unveiled its results after the bell Tuesday and topped analysts’ expectations.
The company announced that its first-quarter earnings for fiscal 2018 came in at 78 cents per share on an adjusted basis, topping analysts’ consensus estimate of earnings rising 29.4% to 66 cents per share, according to data compiled by Zacks Investment Research.
Operating income was strong for CSX, increasing 36% compared to the year-ago quarter to $1.04 billion as expenses were down by 13% year-over-year, or 8% when excluding its prior-year restructuring charges. The company’s revenue was at $2.88 billion for its first quarter, above the $2.83 billion that Wall Street was calling for, per Zacks.
“Since implementation of scheduled railroading began in March 2017, CSX has taken significant strides to transform the organization and to make CSX more competitive,” CSX CEO James Foote said in a statement. “Our company’s operating model provides substantial opportunities to leverage our service product offering, capture growth and deliver superior financial returns.”
The company is ranked fourth in the Transportation-Rail Industry Group, holding an IBD Composite Rating of 62 and a Relative Strength Rating of 65. The RS Rating is a metric for the stock’s price performance when compared to other stocks in the IBD database, with a 99 rating meaning it has outperformed 99% of all stocks based on 12-month price performance.
CSX stock was up a fraction of a percentage after the bell Tuesday.
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