CSX Earnings Beat as Cost Cuts Offset Fall in Revenue
Investing.com - CSX (NASDAQ:CSX) reported mixed fourth-quarter results as earnings beat, but revenue fell short of forecasts as efforts to cut costs boosted its bottom line.
The firm reported earnings per share (EPS) of $0.99 on revenue of $2.89 billion. Analysts polled by Investing.com forecast EPS of $0.98 on revenue of $2.94 billion. That compared to EPS of $1.01 on revenue of $3.14 billion in the same period a year earlier. The company had reported EPS of $1.08 on revenue of $2.98 billion in the previous quarter.
The fall in revenue for the fourth quarter was blamed on lower volumes and negative mix from coal market headwinds. But the impact from lower revenue was kept in a check by ongoing efforts to trim expenses, which fell 9% year over year to $1.73 billion.
“The railroad has never run better and we are delivering great service to our customers,” said James M. Foote, president and chief executive officer. “What is really amazing is how our employees stepped up to produce efficiencies during tough economic conditions.”
CSX (NASDAQ:CSX) shares lost 0.33% to trade at $76.50 in after-hours trade following the report.
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